----

 

 **UNITEDSTATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington****, D.C. 20549**

**Form 10-K**

**(Mark one)**

| þ |   | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE  SECURITIES EXCHANGE ACT OF 1934** |
|--------|--------|-------------------------------------------------------------------------------------------|

 

|                                          |
|-----------------------------------------------|
| **For the fiscal year ended August 29, 2009** |
| **or**                                        |

 

|   |   |                                                                                          |
|--------|--------|-----------------------------------------------------------------------------------------------|
| o |   | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF  THE SECURITIES EXCHANGE ACT OF 1934** |

 

|                                                                                                                                                              |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **For the transition period from             to           .** |
| ** **                                                                                                                                                        |

**Commissionfile number 333-115164**

 

**U.S.****PREMIUM BEEF, LLC***(Exact name of registrant as specified in its charter)*

 

| **DELAWARE**                                                    |   | **20-1576986**                        |
|-----------------------------------------------------------------|--------|---------------------------------------|
| (State  or other jurisdiction ofincorporation  or organization) |   | (I.R.S.  EmployerIdentification  No.) |

 

**12200 North Ambassador Drive****, Kansas City, MO 64163******(Addressof principal executive offices) 

 **Registrant’s telephone number,including area code: (866) 877-2525**

** **Securitiesregistered pursuant to Section 12(b) of the Act:  NoneSecuritiesregistered pursuant to Section 12(g) of the Act:  None

* *

  Indicate by checkmark if the registrant is a well-known seasoned issuer, as defined in Rule 405of the Securities Act.  Yes o Noþ

 

  Indicate by checkmark if the registrant is not required to file reports pursuant to Section 13or Section 15(d) of the Act.  Yes þ Noo

 

  Indicate by check markwhether the registrant (1) has filed all reports required to be filed bySection 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant wasrequired to file such reports), and (2) has been subject to such filingrequirements for the past 90 days. Yes þ Noo

 

  Indicate by checkmark whether the registrant has submitted electronically and posted on itscorporate Web site, if any, every Interactive Data File required to besubmitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of thischapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit and post such files).   Yes o Noo

 

 Indicate by checkmark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-Kis not contained herein, and will not be contained, to the best of registrant’sknowledge, in definitive proxy or information statements incorporated byreference in Part III of this Form 10-K or any amendment to this Form 10-K. þ

 

  Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer,a non-accelerated filer, or a smaller reporting company.  See the definitionsof “large accelerated filer,” “accelerated filer” and “smaller reportingcompany” in Rule 12b-2 of the Exchange Act.           Large AcceleratedFiler o      Accelerated Filero     Non-Accelerated Filer þSmaller reporting company o

 

  Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2of the Exchange Act). Yes o Noþ

The registrant’sequity is not traded on any exchange or other public market; however, therehave been private transactions.  As of October 31, 2009, there were 735,385Class A units and 755,385 Class B units outstanding.    

   

**DOCUMENTS INCORPORATED BY REFERENCE**

None

 

----

 

 

 

 

 

** **

| ** **  | **TABLE OF  CONTENTS**                                                                                               | ** **   |
|-------------|----------------------------------------------------------------------------------------------------------------------|--------------|
| ** **  | **PART I.**                                                                                                          | ** **   |
|        |                                                                                                                 | **Page No.** |
| Item 1.     | Business.                                                                                                            | 4            |
| Item 1A.    | Risk Factors                                                                                                         | 14           |
| Item 1B.    | Unresolved Staff Comments                                                                                            | 22           |
| Item 2.     | Properties.                                                                                                          | 22           |
| Item 3.     | Legal Proceedings.                                                                                                   | 23           |
| Item 4.     | Submission of Matters to a Vote of Security Holders.                                                                 | 23           |
| ** **  | ** **                                                                                                           | ** **   |
| ** **  | **PART II.**                                                                                                         | ** **   |
| Item 5.     | Market for Registrant’s Common  Equity, Related Stockholder Matters And Issuer Purchases of Equity  Securities. | 24           |
| Item 6.     | Selected Financial Data.                                                                                             | 24           |
| Item 7.     | Management’s Discussion and  Analysis of Financial Condition and Results of Operations.                         | 26           |
| Item 7A.    | Quantitative and Qualitative Disclosures About Market  Risk.                                                         | 39           |
| Item 8.     | Financial Statements and Supplementary Data.                                                                         | 41           |
| Item 9.     | Changes in and Disagreements  with Accountants on Accounting and Financial Disclosure.                               | 41           |
| Item 9A(T). | Controls and Procedures.                                                                                             | 41           |
| Item 9B.    | Other Information.                                                                                                   | 42           |
|        |                                                                                                                 |         |
| ** **  | **PART III.**                                                                                                        | ** **   |
| Item 10.    | Directors, Executive Officers and Corporate Governance.                                                              | 42           |
| Item 11.    | Executive Compensation.                                                                                              | 45           |
| Item 12.    | Security Ownership of Certain  Beneficial Owners and Management and Related Unitholder Matters.                      | 54           |
| Item 13.    | Certain Relationships and Related Transactions, and  Director Independence.                                          | 56           |
| Item 14.    | Principal Accounting Fees and Services.                                                                              | 58           |
|        |                                                                                                                 |         |
| ** **  | **PART IV.**                                                                                                         | ** **   |
| Item 15.    | Exhibits, Financial Statement Schedules.                                                                             | 60           |
|        | Signatures                                                                                                           | 69           |

| 2 |
|---|

 

----

 

 

 

 

 

**MARKET AND INDUSTRY DATA AND FORECASTS**

Market data and certain industry forecasts usedthroughout this report were obtained from internal surveys, market research,consultant surveys, publicly available information and industry publicationsand surveys. Industry surveys, publications, consultant surveys and forecastsgenerally state that the information contained therein has been obtained fromsources believed to be reliable, but that the accuracy and completeness of suchinformation is not guaranteed. We have not independently verified any of thedata from third-party sources nor have we ascertained the underlying economicassumptions relied upon therein. Similarly, internal surveys, industryforecasts and market research, which we believe to be reliable, based upon ourmanagement’s knowledge of the industry, have not been independently verified.Forecasts are particularly likely to be inaccurate, especially over longperiods of time. In addition, we do not know what assumptions regarding generaleconomic growth were used in preparing the forecasts we cite.

**DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS**

This report contains“forward-looking statements,” which are subject to a number of risks anduncertainties, many of which are beyond our control. Forward-looking statementsare typically identified by the words “believe,” “expect,” “anticipate,”“intend,” “estimate” and similar expressions. Actual results could differmaterially from those contemplated by these forward-looking statements as aresult of many factors, including the economic conditions generally and in ourprincipal markets, the availability and prices of live cattle and commodities,food safety, livestock disease, including the identification of cattle with BovineSpongiform Encephalopathy (BSE), competitive practices and consolidation in thecattle production and processing industries, actions of domestic or foreigngovernments, hedging risk, changes in interest rates and foreign currencyexchange rates, consumer demand and preferences, the cost of compliance with environmentaland health laws, loss of key customers or suppliers, loss of key employees,labor relations, and consolidation among our customers.

In light of these risks anduncertainties, there can be no assurance that the results and eventscontemplated by the forward-looking information contained in this report willin fact transpire. Readers are cautioned not to place undue reliance on theseforward-looking statements. We do not undertake any obligation to update orrevise any forward-looking statements. All subsequent written or oralforward-looking statements attributable to us or persons acting on our behalfare expressly qualified in their entirety by these factors.  Please review Item1A. *Risk Factors* in this report, for other important factors that couldcause actual results to differ materially from those in any suchforward-looking statements.

Unless the context indicates orotherwise requires, the terms “the Company”, “we”, “our” and “us” refer to U.S.Premium Beef, LLC (formerly known as U.S. Premium Beef, Ltd.) and itsconsolidated subsidiaries. As used in this report, the term “NBP” refers toNational Beef Packing Company, LLC (formerly known as Farmland National BeefPacking Company, LP (FNB)), a Delaware limited liability company and “USPB” refersto U.S. Premium Beef, LLC (formerly known U.S. Premium Beef, Ltd.) prior toconsolidation.  As used in this report, the terms “fiscal year” or “fiscal yearended” refers to our fiscal year, which ends on the last Saturday in August.

| 3 |
|---|

 

----

 

 

 

 

 

**PART I**

**ITEM 1.                  BUSINESS  **

**BUSINESS OF U.S. PREMIUM BEEF, LLC**

**Overview**

U.S. Premium Beef, LLC (USPB) wasorganized in July 1996 as a Kansas cooperative by a steering committee ofcattle producers. USPB’s goal is to provide market access and improve themarketing and processing of beef products requiring higher quality cattle forwholesale and retail customers and consumers while providing higher returns tocattle producers. USPB operates an integrated cattle processing and beefmarketing enterprise where consumer and processor demands and requirements areimplemented through changes in genetics, feeding, and management. USPB’sunitholders benefit from its supplier alliance with National Beef Packing Co.,LLC (NBP) through (i) premiums received in excess of cash market prices forhigher quality cattle, (ii) allocations of profits and potential distributions,(iii) potential unit price appreciation, and (iv) information that permitsunitholders to make informed production decisions.  

On June 12, 2003, USPB enteredinto an agreement with Farmland Industries, Inc. (Farmland) to acquire all ofthe partnership interests in Farmland National Beef Packing Company (FNB) heldby Farmland. USPB formed NB Acquisition, LLC (NB Acquisition) to consummate theacquisition. To finance the acquisition, USPB, NBPCo Holdings, LLC (NBPCoHoldings) and certain members of FNB’s management team purchased equity in NBAcquisition for $46.0 million in cash.  FNB issued $160.0 million of senior notes,amended its credit facility and transferred a portion of the proceeds of theoffering of the senior notes and borrowings under its amended credit facilityto NB Acquisition.  Subsequently, NB Acquisition merged into FNB, and FNB thenconverted into a limited liability company under Delaware law and became knownas National Beef Packing Company, LLC.  These transactions closed on August 6, 2003. 

Effective August 29, 2004, the cooperativerestructured into a limited liability company (LLC) under Delaware law(Conversion). The business of USPB, the cooperative, is being continued in the limitedliability company form of business organization.

USPB holdsapproximately 68.5997% of the Class B interests, as well as Class A and ClassA1 interests with an aggregate face amount of approximately $150.5 million,NBPCo Holdings owns approximately 24.5083% of the Class B interests, aswell as Class A and Class A1 interests with an aggregate face amount ofapproximately $51.2 million, and affiliates of Timothy M. Klein ownapproximately 6.8920% of the Class B interests, as well as Class A interestswith an aggregate face amount of approximately $2.3 million.

**Products and Production**

USPB provides an integrated cattle production,processing and marketing system for the benefit of its unitholders andassociates. As the basis of that system, USPB’s unitholders have a guaranteedright plus**an obligation (on a one head per Class A unit per year basis)to deliver cattle to USPB, pursuant to the Uniform Cattle Delivery and MarketingAgreement (see *Cattle Delivery Arrangements*). USPB facilitates thedelivery of cattle to NBP for processing and subsequent product distributionand marketing. Shortly after the cattle are processed, cattle suppliersreceive, at no extra charge, individual animal carcass data previouslyconsidered proprietary by many processors. This carcass data assists producersin refining production methodologies, thereby improving the product quality andsubsequently enhancing the return to the producer. 

We believe the primary advantage of USPB’sownership in NBP centers around USPB’s ability to provide NBP with a consistentsupply of quality beef from a verified source, allowing NBP to target highermargin value-added markets. Consumers have historically demonstrated theirwillingness and desire to buy branded products that offer better value in otherconsumer product markets, with the Certified Angus Beef® productline being an example in the beef industry. 

**Cattle Producers’ Uniform Cattle Delivery and Marketing Agreements**

USPB facilitates the delivery ofcattle from its unitholders and associates to NBP. Under the cooperativestructure, each share of common stock held by a shareholder entitled andobligated that shareholder to deliver one head of cattle per year to thecooperative. Each shareholder was required to enter into a Uniform Delivery andMarketing Agreement with the cooperative whereby the shareholder was committedto supply a designated number of cattle on an annual basis to be deliveredduring the delivery periods set forth in the delivery agreement. In the LLCstructure, each Class A unit held by a unitholder entitles and obligates thatunitholder to deliver one head of cattle per year to USPB.  The initialdelivery agreement was for a term of 10 years, with the term of thecooperative’s agreements continuing following the Conversion. Subsequent renewalsof the delivery agreement are for a term of 5 years with an evergreen renewalprovision. These arrangements are described in greater detail in *CattleDelivery Arrangements*. 

 

| 4 |
|---|

 

----

 

 

 

 

 

**Company Background**

USPB was originally organized asa tax exempt cooperative within the meaning of Section 521(b)(l) of theInternal Revenue Code. The cooperative began operations on December 1, 1997, when the cooperative acquired its initial interest in Farmland National Beef,now known as National Beef Packing Company, LLC. In connection with thecooperative’s purchase of its interest in Farmland National Beef, thecooperative owned the right and was subject to the obligation to deliver cattleannually to NBP relative to: (i) USPB’s ownership in NBP and (ii) the number ofcattle processed annually by NBP.  That arrangement continues following the Conversion. Under that arrangement, USPB has delivered more than 7.6 million head ofcattle to NBP for processing since it commenced deliveries.   

On August 6, 2003, USPB became the majority owner in NBP.

On August 18, 2004, the shareholders of U.S. Premium Beef, Ltd. approved the conversion of the cooperativeinto a Delaware LLC.  Under the new ownership structure, each share of commonstock of the cooperative was converted to one unit of Class A interest and oneunit of Class B interest.  Immediately following the Conversion, there were691,845 units of Class A interests and 691,845 units of Class B interests.  Fora period to be determined by the board of directors, each Class A unit will belinked to its corresponding Class B unit and each pair of linked units must, iftransferred, be transferred together.  Patronage Refunds for Reinvestment inthe cooperative were carried over at their face amount into the LLC asPatronage Notices.  

On June 1, 2006, U.S. Premium Beef’s majority ownedsubsidiary, NBP, completed the acquisition of substantially all of the assetsof Brawley Beef.  As a result of the acquisition, USPB issued 44,160 new ClassA units and 44,160 new Class B units to Brawley Beef in exchange for 44,160limited partnership units in National Beef California (NBC), a subsidiary of NBP. USPB then exchanged the limited partnership units with NBP for a higher ownershippercentage in NBP.  After the acquisition, Brawley Beef, LLC changed its nameto Desert Beef, LLC.

On April 14, 2009, NBP, USPB’s majority ownedsubsidiary, redeemed all of the membership interests in NBP that were owned orcontrolled by its former Chief Executive Officer, John R. Miller, and anaffiliate of its former General Counsel, Scott H. Smith, as well as 25% ofthe membership interests in NBP that were owned by affiliates of its current Presidentand Chief Executive Officer, Timothy M. Klein.  In order to partiallyfinance such redemptions, USPB contributed cash of approximately $55.8 millionin exchange for a higher ownership percentage in NBP.  

Holders of USPB Class A unitsare entitled to a pro rata share of 33% of the profits and losses; to receivedistributions of USPB’s net cash flow when declared by the board of directors;to participate in the distribution of USPB’s assets if it dissolves orliquidates after payment of the Patronage Notices, and to vote on matterssubmitted to a vote of USPB’s unitholders.  Holders of USPB Class A units arecommitted under Uniform Cattle Delivery and Marketing Agreements to deliver onehead of cattle to USPB annually for each unit held.  

Holders of USPB Class B units areentitled to a pro rata share of 67% of the profits and losses; to receivedistributions of USPB’s net cash flow when declared by the board of directors;to participate in the distribution of USPB’s assets if it dissolves orliquidates after the payment of the Patronage Notices, and to vote on matterssubmitted to a vote of USPB’s unitholders.  Holders of USPB Class B units haveno cattle delivery commitment.

Patronage Notices do notconstitute units or membership interests in USPB, and holders will not beunitholders or associates of USPB by virtue of holding Patronage Notices.  Aswas the case in the cooperative, Patronage Notices will be paid by USPB at suchtime and in such amounts as may be determined by the board of directors in itssole and absolute discretion.  Upon liquidation, holders of Patronage Noticeswill be paid before holders of Class A and Class B units.  Patronage Noticescarry no other or additional rights.

** **

| 5 |
|---|

 

----

 

 

 

 

 

**Employees**

USPB has nine employees. USPB’s governance andstrategic oversight responsibilities with NBP and the complexity of USPB’s obligationsunder its various contracts with NBP require USPB to retain the services of keysenior management personnel with the experience, skill and expertise necessaryto manage an enterprise competitive with other sophisticated participants inthe beef and meat industries. Each employee is compensated through the paymentof a base salary with management being eligible for incentive and discretionarybonuses. In addition, each employee is eligible to participate in benefitsprograms maintained by USPB. These programs include group medical insurance,accidental death and dismemberment insurance and similar programs. 

USPB’s employees are notunionized and USPB believes that its relationship with its employees is good.

**Governmental Regulation and Environmental Matters**

The Company is subject to federal and stateregulations relating to grading of animals, quality control, labeling, sanitarycontrol and waste disposal. However, as many of the Company’s operationalactivities are conducted through its majority-owned subsidiary, NBP, and asUSPB does not directly operate any processing facilities itself, thesignificant efforts with respect to governmental and environmental regulationare conducted by NBP. See *Business of National Beef Packing Company,LLC - Government Regulation and Environmental Matters*. 

**Sales, Marketing, and Customers**

USPB’s sole customer is its majority-ownedsubsidiary, NBP. The ultimate customers of and the market for the productsresulting from the processing of cattle supplied by USPB’s unitholders and associatesare described in *Business of National Beef Packing Company, LLC – General*. 

**Beef Industry, Markets, and Competition**

As indicated above, USPB’s business activitiesare focused on facilitating the delivery of cattle produced by its unitholders andassociates to USPB’s majority-owned subsidiary, NBP. Information regarding thebeef industry, the market for beef and beef products and competition within thebeef industry are described in *Business of National Beef Packing Company,LLC - Industry Overview*. 

**Intellectual Property**

USPB owns little intellectual property becauseUSPB’s sales are transacted through NBP. However, USPB maintains a trademark ona U.S. Premium Beef logo that it uses periodically on certain, selectedproducts. 

**Research and Development**

USPB does not conduct any research anddevelopment activities independent of the activities of NBP. 

**CATTLEDELIVERY ARRANGEMENTS**

**Cattle Producers’ Uniform Cattle Delivery and Marketing Agreements andPayments to Unitholders and Associates for Cattle**

USPB facilitates the delivery of cattlefrom its unitholders and associates to NBP. Under the cooperative structure,each share of common stock held by a shareholder entitled and obligated thatshareholder to deliver one head of cattle per year to the cooperative. Eachshareholder was required to enter into a Uniform Delivery and Marketing Agreementwith the cooperative whereby the shareholder was committed to supply adesignated number of cattle on an annual basis to be delivered during thedelivery periods set forth in the delivery agreement.  In the LLC structure, followingthe conversion from a cooperative, each Class A unit held by a unitholderentitles and obligates that unitholder to deliver one head of cattle per yearto USPB.  The initial delivery agreement was for a term of 10 years, withthe term of the cooperative’s agreements continuing following the Conversion. Atthe termination of the initial delivery agreement, unitholders are required toenter into a Uniform Cattle Delivery and Marketing Agreement.  The newagreement is for a term of 5 years with an evergreen renewal provision.

 

Cattle delivered to USPB by its unitholdersand associates are delivered by USPB to NBP for processing (with the effectthat NBP is USPB’s sole customer). The resulting beef and beef products aremarketed by NBP. Each unitholder or associate is paid for the cattle deliveredto USPB based on a market-based purchase price that is subject to theagreements between USPB and NBP. 

 

| 6 |
|---|

 

----

 

 

 

 

 

Pursuant to the Uniform Cattle Deliveryand Marketing Agreement, payment for cattle is based on the individual carcassquality of cattle delivered to the Company. In addition to the paymentsdescribed in this section, the cooperative paid patronage dividends from itstaxable income, in accordance with its bylaws. Such patronage dividends werebased on the cooperative’s taxable income and were distributed to thecooperative’s shareholders and associate members in proportion to the number ofcattle delivered to the cooperative by its shareholders and associate members.As a result, the patronage dividends received by the cooperative’s shareholdersand associate members reflected the benefits and profits, if any, obtained fromvalue-added marketing of the beef and beef products created from the cattledelivered to the cooperative for processing. As a limited liability company,allocations of profits and losses and potential distributions are not tied tocattle delivery, but rather to the number of Class A and Class B units held andthe respective rights of those units.

**BUSINESS OF NATIONAL BEEF PACKING COMPANY, LLC******

**General**

NBP is one ofthe largest beef processing companies in the United States (U.S.), accountingfor approximately 14.1% of the federally inspected steer and heifer slaughterduring fiscal year ended August 29, 2009, as reported by the United States Departmentof Agriculture (USDA).  During the fiscal year ended August 29, 2009, NBPgenerated approximately $5.4 billion in total net sales and had net income ofapproximately $142.9 million.

           

On October 13,2009, National Beef, Inc. (“NBI”) a Delaware corporation incorporated onOctober 6, 2009, filed a registration statement on Form S-1 with the U.S.Securities and Exchange Commission regarding a proposed initial public offeringof shares of its Class A common stock.  In connection with this offering, NBIwill become a member of NBP and will correspondingly own an equity interest inNBP.  It is expected that NBI will pay a portion of the net proceeds from theoffering to USPB and the other members of NBP in exchange for a portion oftheir ownership interests in NBP and that the remainder of the net proceedswill be used to purchase from NBP new equity ownership interests in NBP.  NBP expectsto use the net proceeds from its sale of new equity ownership interests torepay a portion of NBP’s outstanding indebtedness.

 

Led by anentrepreneurial management team, NBP began operations in 1992 with a singlefacility in Dodge City, Kansas.  Since then, it has successfully grownthrough internal expansion, selective facility acquisitions, processimprovements and a focus on increasing its value-added product offeringsconsisting of branded boxedbeef, case ready beef, portion control beef and further processed hides.  NBPhas invested more than $360.4 million from the beginning of fiscal year 2001through the end of fiscal year 2009 to expand its operations, modernize andincrease the capacity of its facilities, and increase its ability to produceand sell higher margin, value-added products.  In 1997, USPB entered into astrategic relationship with NBP.  In fiscal year 2009, USPB members supplied NBPwith approximately 20% of the cattle that NBP processed pursuant to itscontractual arrangement with USPB.  NBP believes its relationship with USPB providesit with a competitive advantage through a consistent and dependable supply ofhigh-quality cattle, including for processing in NBP’s value-added and otherprograms. 

 

NBP processes,packages and delivers fresh and frozen beef and beef by-products for sale tocustomers in the U.S. and international markets. NBP’s products include boxedbeef, ground beef, hides, tallow, and other beef and beef by-products.  NBP’semphasizes the sale of higher-margin, value-added beef products includingbranded boxed beef, case-ready beef, portion control beef, and furtherprocessed hides.  NBP markets its branded products under several trade namesincluding *Black Canyon*® *Angus Beef ,Black Canyon*® *PremiumReserve, Certified Premium Beef®, Naturewell® Natural Beef, NatureSource®Natural Angus Beef, Vintage Natural Beef®*and *Imperial Valley PremiumBeef®. *Also part of its value-added product line are *Certified AngusBeef®*, a registered trademark (used with permission) of Certified AngusBeef, LLC, a wholly-owned subsidiary of the American Angus Association; and*Certified Hereford Beef®*, * and Nuestro Rancho®,*registeredtrademarks (used with permission) of Certified Hereford Beef, LLC.  Inaddition, NBP is a majority owner of Kansas City Steak Company, LLC (KansasCity Steak), which sells portioned beef and other products directly tocustomers in the food service and retail channels as well as direct toconsumers through the internet, direct mail and QVC.

NBP markets its products to retailers, foodservice providers, distributors, further processors, and the U.S. military.  Value-addedproducts represented approximately 31.5% of NBP’s total net sales, and asubstantially higher proportion of its operating profit, during fiscal year2009.  NBP currently exports its products to more than 30 countries and has dedicatedsales offices in Japan, South Korea and China.  NBP’s export sales representedapproximately 11.2% of its net sales for the fiscal year ended August 29, 2009. According to export data from PIERS, NBP is currently the largest exporter of chilled beef produced in the U.S. toJapan.

 

| 7 |
|---|

 

----

 

 

 

 

 

NBP believes that its Dodge City, Kansas andLiberal, Kansas beef processing facilities are among the highest capacity andmost efficient plants in the country.  In addition, NBP believes that its beefprocessing facility in Brawley, California is among the newest in theindustry.  These three beef processing facilities are located to provideefficient access to a ready supply of high-quality cattle.  NBP’s twocase-ready facilities, which take primal cuts and further process and packagemeat to customer specifications, are located in Hummels Wharf, Pennsylvania andMoultrie, Georgia and service key customers in readily accessible high densitypopulation centers.  NBP also owns and operates a refrigerated and livestocktransportation company, National Carriers, Inc. (National Carriers), as part ofits commitment to provide high service levels to its customers and suppliers.

**Competitive Strengths**

*SignificantValue-Added Product Portfolio.*  NBP is a leading producer ofvalue-added beef products. Its customers market these products under its brandsas well as through their own premium private label programs. NBP’s believes its value-addedproducts are able to command higher prices because of its ability toconsistently meet product specifications, based on quality, trim,weight, size, breed or other factors, tailored to the needs of its customers.  NBPalso provides marketing support for its value-added programs.  NBP believes itsvalue-added products and programs not only provide higher profitability, butalso improve customer acquisition and retention.

In March2009, NBP expanded its value-added product portfolio through its acquisition ofa wet blue tanning facility in Saint Joseph, Missouri.  NBP sells its wet bluetanned hides to tanners that produce finished leather for high qualityapplications in industries such as automotive, luxury goods, apparel, andfurniture.  NBP believes supplementing its value-added product portfoliothrough further processing of a portion of its hides will generate additionalprofit for NBP.  

NBP’s totalvalue-added sales in fiscal year 2009 were approximately $1,717.0 million,comprising approximately 31.5% of its total net sales. This represents acompound annual growth rate of 16.3% from approximately $595.2 million of totalvalue-added sales in fiscal year 2002.  NBP believes that its value-added productswill continue to be an important contributor to its profitability.  Margins on NBP’svalue-added products historically have been less volatile than margins on itscommodity products. 

*DifferentiatedCattle Supply.  *USPB is contractually obligated to deliver approximately735,000 head of cattle per year to NBP.  NBP believes that the cattle itreceives from USPB members are of high quality, which is important for NBP’svalue-added programs.  In fiscal year 2009, pursuant to the contractualarrangement with NBP, USPB members provided NBP with approximately 20% of thetotal cattle that NBP processed.  NBP believes this supply relationship with USPBprovides it with significant competitive advantages, including: (i) the abilityto consistently provide NBP’s customers with higher margin, value-addedproducts and (ii) a predictable supply of cattle that enhances productionefficiencies.

NBP’s twolargest beef processing facilities, which represent approximately 85.7% of itsslaughter capacity, are located in southwest Kansas.  The primary market areafor the purchase of cattle for those facilities includes Kansas, Texas andOklahoma.  According to information from the USDA, cattle on feed in theKansas, Texas and Oklahoma area represented approximately 48.4% of the cattleon feed in the U.S. during fiscal year 2009.  A significant portion of USPB’smembers are located in this area.  NBP’s third beef processing facility islocated in southeastern California.  An important source of cattle for thisfacility is an alliance of cattle producers in Arizona and California with whomNBP has long-term cattle supply agreements.

The closeproximity of NBP’s facilities to large supplies of cattle gives its buyers theability to visit feedlots on a regular basis, which enables NBP to developstrong working relationships with its suppliers. Additionally, the closeproximity of NBP’s facilities to large supplies of cattle reduces its relianceon any one cattle supplier and lowers in-bound transportation costs.

*Modern andEfficient Facilities.*NBP invested more than $360.4 million from thebeginning of fiscal year 2001 through the end of fiscal year 2009 to expand itsoperations, modernize and increase the capacity of its facilities, and increaseits ability to produce and sell higher margin, value-added products. NBPbelieves that its beef processing facilities in Dodge City, Kansas and Liberal,Kansas are among the largest, most modern and efficient processing facilitiesin the U.S. With the acquisition of the Brawley, California plant in June 2006,NBP expanded its daily processing capacity to approximately 14,000 cattle perday and gained a strategic location to access more efficiently Western U.S. andAsian export markets. NBP’s two case-ready facilities in Hummels Wharf,Pennsylvania and Moultrie, Georgia, which began operating in 2001, areoutfitted with state-of-the-art processing and packaging equipment that allows NBPto serve key customers in high density population centers in the Eastern U.S.

 

| 8 |
|---|

 

----

 

 

 

 

 

*Customerand Channel Diversification.*NBP has a diversified sales mix acrossdistribution channels and customers.  This approach provides multiple avenuesof potential growth and reduces its dependence on any one market or customer.  NBPsells its products to retailers, food service providers, distributors, furtherprocessors, the U.S. military and through other channels.  Across thesechannels, NBP serves over 900 customers, which represent most major retailersand food service providers in the U.S.  In fiscal year 2009, no one customerrepresented more than 4.0% of its total net sales, other than Wal-Mart and itsaffiliate Sam’s Club, which together represented approximately 9.6% of itstotal net sales.  NBP’s top 10 customers represented approximately 32.9% ofits total net sales in fiscal year 2009.  

 

Exportproducts provide NBP with geographic diversification and reduce its reliance onthe U.S. market.   Of  NBP’s export sales for fiscal year 2009, approximately72.9% were meat and offal products.  The balance was hides and other by-products,which are not generally subject to animal health, food safety or politicalrisks.

*Experienced Management Team and Workforce withEntrepreneu**rial CompanyCulture.*NBP is led by anexperienced management team. Timothy M. Klein, its Chief Executive Officer, hasmore than 29 years of experience in the beef processing industry and is afounding member and significant owner of NBP. The rest of NBP’s executivemanagement team has, on average, over 23 years of industry experience and over11 years with NBP. NBP believes its entrepreneurial company culture,advancement opportunities, benefits, training programs and employee safetypolicies contribute to relatively low employee turnover rates. Itsentrepreneurial culture is evidenced by its record of growth, emphasis onindividual employee accountability and company-wide focus on profitability. NBPhas never experienced a work stoppage at any of its facilities.

**NBP’s Business Strategy**

*ExpandSales of Value-Added Products.*NBP’s value-added sales grew toapproximately $1,717.0 million in fiscal year 2009 from approximately $595.2million in fiscal year 2002, representing a compound annual growth rate of 16.3%.NBP intends to continue expanding sales of value-added products by increasing itspenetration with existing customers, targeting new customers that arewell-suited for its value-added programs and expanding the number ofvalue-added products that NBP offers. NBP believes that the investments it hasalready made in its value-added business, including in retail merchandisingexpertise, customer service and fulfillment capabilities andoperational/processing technologies, along with its differentiated cattlesupply chain, position NBP well to capitalize on this strategy. For example, NBPhas been a leader in establishing the case-ready market, and believes itsexperience will enable it to benefit from increased customer interest in theadvantages that case-ready products provide, such as reducing labor costs andworkplace injuries associated with slicing beef, reducing food safety risks andshifting the square footage currently used by ‘‘back-of-the-store’’ portioningand packaging to higher profit uses. In addition to beef products, NBP’svalue-added initiatives also include its wet blue tanning business. NBP plansto expand its tanning operation in order to devote an increasing percentage of itshide supply to value-added sales.

*PursueAdditional Export Opportunities.*NBP believes that international marketspresent a significant growth and profit opportunity. NBP believes proteindemand will increase in the long term due to rising living standards and agrowing middle class in developing countries. As a leading producer of beefproducts, NBP believes it is well-positioned to serve this growing globaldemand. According to export data from PIERS, NBP is currently the largest exporter of chilled beef produced in the U.S.toJapan.  South Korea is another significantmarket for U.S. beef, and NBP believes it can leverage its existingrelationships to grow its business there. Although the margins NBP realizes onexport sales can vary significantly by product and market, on average NBPcurrently realize higher margins on export sales than on domestic sales.

*MaintainHighly Disciplined Approach to Acquisitions and Capital Expenditures.*NBP’smanagement team has a history of following a disciplined approach to capitalinvestment. NBP has effectively executed and integrated several acquisitions incore and complementary businesses, as well as numerous capital expenditureinitiatives. NBP believes the success of these activities is reflected in its ratesof return on invested capital. NBP plans to continue to pursue opportunitiesthat generate attractive returns on invested capital.

| 9 |
|---|

 

----

 

 

 

 

 

*ContinuingFocus on Margin Expansion.*NBP’s operating philosophy is to seek tomaximize the profits on all cattle that its processes regardless of prevailingcommodity prices or stage of the cattle cycle. NBP endeavors to accomplish thisthrough management actions, such as reduction of operating costs, increasingprice realization across the entire carcass and improving product yields. NBPbelieves its proprietary management information systems allow it to moreaccurately measure costs and yields against relevant benchmarks and to makebetter processing decisions with respect to the cattle it procures in order toincrease profitability.

**Industry Overview**

Beef productsrepresent the largest segment of the U.S. meat industry based on retail salesand the U.S. is the largest producer of beef in the world, producingapproximately 26.0 billion pounds of beef in calendar year 2008. According tothe USDA, beef consumption in the U.S. increased from approximately 24.1billion pounds in 1992 to approximately 27.3 billion pounds in calendar year 2008,representing a compound annual growth rate of 0.8%.

Beefproduction, from the birth of the animal through the delivery of beef productsto the end customer, is comprised of two primary segments: production andprocessing.  The production segment raises cattle for slaughter and the processingsegment slaughters cattle and packages beef for delivery to customers.  Beefprocessors seek to procure cattle through multiple methods, including spotmarket purchases and a variety of contractual arrangements. The owners of thecattle bear the cost of feeding the cattle to the appropriate market weightsand have direct financial exposure to the volatility in grain and other inputcosts. Beef processors are primarily ‘‘spread’’ operators, earning marginbetween the price they realize for their products and the cost of procuring andprocessing the cattle. 

The domesticbeef industry is characterized by prices that change daily based on seasonalconsumption patterns and overall supply and demand for beef and other proteinsin the U.S. and abroad.  In general, domestic and worldwide consumer demand forbeef products determines beef processors’ long-term demand for cattle.  Inorder to operate profitably, beef processors seek to acquire cattle at thelowest possible cost and to minimize processing costs by optimizing plantutilization and minimizing the cost of packaging and other input costs.  Cattleprices vary seasonally and are affected by cattle inventory levels, weather andother factors.  In addition to seasonal factors, cattle prices are impacted bythe longer term nature of the cattle cycle.  Cattle supply in the beef industrytypically follows a ten to twelve year cycle, consisting of about six to sevenyears of expansion followed by one to two years of consolidation and three tofour years of contraction. This cycle is unique to cattle among major proteinsources as other animals (such as hogs and chickens) can generate multipleoffspring and have shorter incubation periods.

            During the past fewdecades, consumer demand for beef products in the U.S. has generally grown inline with population growth, which is a key driver of aggregate demand.  Webelieve that consumer demand for U.S. exports in international markets isdriven not only by population growth, but also by economic growth. Asinternational consumers’ economic circumstances improve, they increasinglyshift their diets to protein.  The ability of the U.S. beef industry to supplythe growing international demand has been hindered in certain internationalmarkets following the discovery of isolated cases of Bovine SpongiformEncephalopathy, or BSE (also commonly referred to as mad cow disease), in 2003and 2004, that resulted in the temporary closing of those markets to U.S. beef. Industry-wide export sales, however, have been increasing from 2004 throughmid-2009, trending toward their pre-2003 levels. 

In recent years, one U.S. beef processoreliminated approximately two million head per year of slaughter capacity infour plants.  These eliminations represented a reduction of approximately 6.8%of total U.S. industry-wide capacity based on information from Cattle BuyersWeekly, and industry publication, and have helped improve the supply/demandbalance of beef in the U.S. and export markets.  We currently do not expect theindustry to experience a material increase in capacity for the foreseeablefuture.  

**Competition**

The beef processing industry is highlycompetitive. Competition exists both in the purchase of live cattle, as well asin the sale of beef products. NBP’s products compete with a large number ofother protein sources, including pork and poultry, but NBP’s principalcompetition comes from other beef processors, including Tyson Foods, Inc.,Cargill Incorporated, and JBS USA LLC.  NBP management believes that theprincipal competitive factors in the beef processing industry are price,quality, food safety, customer service, product distribution, technological innovationsand brand loyalty.  In particular, NBP focuses on quality, food safety,customer service and the offering of value-added programs on an ongoing basis.Some of NBP’s competitors have substantially larger beef operations, greaterfinancial and other resources and wider recognition for their consumer brandedproducts than NBP does.

 

| 10 |
|----|

 

----

 

 

 

 

 

**Regulation**

NBP’s operations are subject to extensiveregulation by the USDA, the Grain Inspection Packers and StockyardsAdministration (GIPSA), the Food and Drug Administration (FDA), the U.S. EnvironmentalProtection Agency (EPA) and other state, local and foreign authoritiesregarding the processing, packaging, storage, distribution, advertising andlabeling of its products, including food safety standards.  Recently, the foodsafety practices and procedures in the beef processing industry have beensubject to more intense scrutiny and oversight by the USDA.  For example, onJanuary 12, 2004, Food Safety and Inspection Service (FSIS) published aninterim final rule on Specified Risk Materials (SRMs) and requirements fornon-ambulatory disabled cattle due to the finding of BSE in routine testing.  NBPimmediately implemented the appropriate programs/policies to ensure compliancewith FSIS rules. FSIS published a final rule on July 13, 2007, making permanentthe interim regulations issued in January 2004 that prohibits the slaughter ofnon-ambulatory disabled cattle, requires the description and removal of SRMsthat are considered to be inedible, and restricts the use of captive boltstunners that deliberately inject compressed air into the cranium of ananimal.  NBP works closely with the USDA and other regulatory agencies to help ensurethat its operations comply with all applicable food safety laws andregulations.

NBP’s DodgeCity, Kansas and Liberal, Kansas facilities are subject to Title V permittingpursuant to the federal Clean Air Act and the Kansas Air Quality Act andimplementing regulations.  The current permits expire on January 25, 2010 andrenewal applications have been filed.  NBP’s Brawley, California and St.Joseph, Missouri facilities are subject to secondary air permits which are inplace.  The Moultrie and Hummels Wharf plants are subject only to certainreporting requirements. NBP’s Dodge City, Liberal, Hummels Wharf, Moultrie andBrawley, facilities are subject to Clean Air Act Risk Management Planrequirements relating to its use of ammonia as a refrigerant. In December 2008,Region 7 of the EPA issued to the Liberal and Dodge City plants a Clean Air Actinformation request seeking information related to an enforcement referral fromthe Kansas Department of Health and Environment for alleged violations of CleanAir Act prevention of significant deterioration permitting requirements for theinstallation of equipment prior to the 1993 purchase of the Liberal plant. Theinformation request sought additional information regarding more recentequipment changes at both plants. NBP has responded to the information requestand, in the course of those responses, have communicated a summary of its defensesto the allegations that are the subject of the referral.

All of NBP’splants are indirect dischargers of wastewater to publicly-owned treatment worksand are subject to requirements under the federal Clean Water Act andcorresponding state laws and implementing municipal laws as well as agreementsor permits with municipal or county authorities. NBP has an agreement with theCity of Liberal for wastewater and storm water treatment and are working withthe City regarding expansion of the City’s treatment facilities to address newand more stringent discharge requirements that will apply to the City’sdischarge in the context of the renewal of the City’s discharge permit.Depending upon the ultimate cost of the required upgrade, there may besignificant expenditures associated with the expansion of the City’s treatmentfacilities. NBP has an agreement with the City of Moultrie and The JointDevelopment Authority of Brooks, Colquitt, Grady, Mitchell and Thomas Countiesfor treatment of wastewater from the Moultrie plant and has a pretreatmentpermit from the City of Moultrie for treatment of wastewater from the Moultrieplant. NBP appealed certain terms in a reissuance of the permit and is workingwith the City to achieve issuance of a new permit. NBP is making the capitalimprovements needed to meet new phosphorus limits that are in the appealedpermit and will be in the reissued permit. Estimated capital expendituresassociated with the treatment of phosphorus in the wastewater at Moultrie areestimated at approximately $3.2 million and have been included in the 2010capital expenditure budget. The Eastern Snyder County Regional Authority hasinformed NBP that it will need to reduce nutrients in its wastewater in thefuture at the Hummels Wharf plant. NBP expects to construct additionalwastewater treatment facilities at the plant to respond to such request at afuture date. NBP has upgraded its treatment facilities at the Brawley plant toprovide treatment that meets the ammonia requirements of the Brawley CityOrdinance and is in the process of making improvements that will allow it toconsistently meet the total suspended solids limits in such Ordinance. The Cityof Brawley is in the process of upgrading its publicly-owned treatment works inorder to comply with its direct discharge permit, including requirements forammonia and nutrient controls. The City has increased sewer rates to theBrawley Plant and has suggested that a capacity charge may also be needed inconnection with the required upgrades. Such charges may significantly increase NBP’soperational costs at Brawley.

| 11 |
|----|

 

----

 

 

 

 

 

Storm waterdischarges from NBP’s plants are regulated pursuant to general permits issuedby the respective states with the exception of Missouri which does not have ageneral permit program available to the St. Joseph tannery. The MissouriDepartment of Natural Resources made a comprehensive storm water inspection atthe tannery in April-May 2009 and in an inspection report and Notice ofViolation requested that the plant submit an application for storm waterdischarges which previously had been determined to be discharged to the Citypublicly-owned treatment works and, thus, not requiring a permit. NBP is in theprocess of submitting the requested permit application.

NBP’s DodgeCity, Liberal, Hummels Wharf, and St. Joseph plants are supplied by water from supplywells on its property. NBP purchases water from the City of Moultrie and theCity of Brawley and some water is purchased from the City of St. Joseph, allpursuant to municipal water rate structures. NBP purchased irrigation waterrights for the majority of water needed at the Dodge City plant and are in theprocess of converting the existing renewable term permits governing itsexercise of the irrigation rights to certificates of appropriation formunicipal use for a majority of the Dodge City plant water supply. NBP holdspublic water supply permits allowing it to supply potable water to its employeesat its Dodge City, Kansas and Liberal, Kansas facilities. The public watersupply permits do not have expiration dates.

All of NBP’sfacilities generate solid wastestreams, including small quantities of hazardouswastes. While NBP is subject to laws that provide for strict, and in certaincircumstances joint and several, liability for remediation of hazardoussubstances at contaminated sites, which could include current or formerfacilities or other sites where wastes NBP generated have been disposed, NBP hasnot received any demands nor are they aware that they have any liability atsuch sites under the Comprehensive Environmental Response, Compensation andLiability Act, or Superfund, or state counterparts.

NBP’s NationalBeef Leathers, LLC (NBL) subsidiary, is cooperating with governmental investigationsrelated to the St. Joseph tannery.  NBL’s operations at this facility began inMarch 2009.  Region 7 EPA, in cooperation with the Missouri Department ofNatural Resources, or MDNR, is investigating the land application of sludgefrom the tannery wastewater treatment facility to numerous parcels of farmlandin a four county area in Northwest Missouri over many years. The sludge wasclassified as a fertilizer in Missouri.  NBP has cooperated with theinvestigations in providing records of land application prepared by the priorowner/operator of the tannery, Prime Tanning, and have provided assistance ininterpreting those records. For a six and one-half week period of timefollowing NBP’s purchase of certain assets of Prime Tanning, NBP land appliedwastewater treatment sludge. In April-May, 2009, Region 7 EPA and MDNRconducted a multi-media inspection of the St. Joseph tannery.  Following thatinspection, EPA issued one information request pursuant to the ComprehensiveEnvironmental Response, Compensation, and Liability Act, the ResourceConservation and Recovery Act, the Clean Water Act, and the Clean Air Act; asecond information request pursuant to the Resource Conservation and RecoveryAct, and one Notice of Violation under the Resource Conservation and RecoveryAct. The Missouri Department of Natural Resources has issued a Storm WaterNotice of Violation (discussed above). NBP has responded to the informationrequests and to the Notices of Violation. The Assistant U.S. Attorney for theWestern District of Missouri issued a subpoena on June 29, 2009 requestingcategories of documents related to the handling and land application of thewastewater treatment sludge. NBP has responded to the subpoena by providing therequested documents to the Assistant US Attorney and to the Special Assistant U.S.Attorney in EPA’s criminal division.  NBP is working with all the relevantagencies to resolve questions and allegations. At this time, NBP cannot predictthe agency’s response to the information it is providing or whether additionalNotices of Violation or other enforcement will be forthcoming.  

NBP’s plantsare subject to community right to know reporting requirements under the SuperfundAmendments and Reauthorization Act of 1986, which requires yearly filings as tothe substances used on the plant premises. NBP also reports accidental releasesof hazardous substances pursuant to the Superfund law and amendments and statelaw counterparts.

In fiscal year 2009,NBP incurred expenses of approximately $4.9 million in environmentally-relatedcapital expenditures.  NBP anticipates environmentally-related capital expenditures of approximately$4.9 million in fiscal year 2010, of which approximately $3.2 million isbudgeted for wastewater improvements at NBP’s Moultrie plant.

NBP’s domestic operations are subject to thePackers and Stockyards Act of 1921 (PSA). This statute generally prohibits meatpackers in the livestock industry from engaging in certain anti-competitivepractices. In addition, this statute requires NBP to make payment for itslivestock purchases before the close of the next business day following thepurchase and transfer of possession of the livestock it purchases, unlessotherwise agreed to by its livestock suppliers. Any delay or attempt to delaypayment will be deemed an unfair practice in violation of the statute. Underthe PSA, NBP must hold its cash livestock purchases in trust for its livestocksuppliers until they have received full payment of the cash purchase price. Asof August 29, 2009, NBP has secured a bond of $35.9 million to satisfy theserequirements.  The bond is supported by a $10.6 million letter of credit.

 

| 12 |
|----|

 

----

 

 

 

 

 

In additionto the environmental matters discussed above, from time to time NBP receivesnotices from regulatory authorities and others asserting that it are not incompliance with some laws and regulations. In some instances, litigationensues.

**Employees**

As of August 29, 2009, NBPhad approximately 8,900 employees, of which approximately 44.8% are representedby collective bargaining agreements.  Approximately 2,850 employees at theLiberal, Kansas facility are represented by the United Food and CommercialWorkers International Union under a collective bargaining agreement scheduled toexpire on December 16, 2012. Approximately 1,100 employees at the Brawley,California facility are jointly represented by the United Food and CommercialWorkers International Union and the Teamsters International Union under acollective bargaining agreement scheduled to expire December 8, 2013. Approximately 80 of NBP’s employees at the St. Joseph, Missouri facility arerepresented by the United Cereal Workers of the United Food and CommercialWorkers International Union under a collective bargaining agreement scheduledto expire on May 18, 2014.  

The United Food and Commercial Workers Union, or theUFCWU, on November 3, 2009 filed a petition with the Regional Office of theNational Labor Relations Board, or the NLRB, in Kansas City, Missouri seeking torepresent 2,200 employees who work at NBP’s Dodge City, Kansas facility.  The UFCWUdoes not currently represent any employees at this location.  There areapproximately 2,800 employees at NBP’s Dodge City facility that are potentiallyeligible to vote in a NLRB conducted election to decide if they desire to berepresented by the UFCWU.  The NLRB has set a hearing for November 18, 2009 todetermine which employee classifications should be eligible to vote.  No electiondate has yet been set.

NBPconsiders its relations with its employees and the United Food and CommercialWorkers International Union, the Teamsters InternationalUnion and the United Cereal Workers of the United Food and Commercial WorkersInternational Union to be good.

**Food Safety**

Food safetyis one of NBP’s top priorities. NBP believes its food safety process utilizesmany of the industry’s most effective intervention technologies. Theseintervention technologies are coupled with NBP’s ongoing efforts to incorporateand promote ‘‘best practices’’ throughout NBP’s production process to enhanceproduct quality and to produce safe, wholesome beef products. NBP’s food safetysystem incorporates a multiple hurdle strategy that includes multiple hot waterthermal pasteurization cabinets, anti-microbial washes, organic rinses, in-linesteam vacuums, specific carcass trimming procedures, detailed carcass andproduct monitoring standard operating procedures, and a rigorous cold chainmanagement system. NBP supports its food safety process in each of its majorprocessing facilities with on-site microbiological laboratories. These on-sitelaboratories conduct microbial tests, monitor facility processes, testintervention efficacies, and validate that all of NBP’s processes are meetingdesign parameters.

**Intellectual Property**

NBP holds anumber of trademarks and domain names that it believes are material to itsbusiness and which are registered with the United States Patent and TrademarkOffice, including *National Beef®, BioLogic® Food Safety System, BlackCanyon® Angus Beef, Black Canyon® Premium Reserve, Certified Premium Beef®, Naturewell®Natural Beef, NatureSource® Natural Angus Beef, Vintage Natural Beef®, ImperialValley® Premium Beef, and Leading the Way in Quality BeefTM, Royal BlueLeather®, Regal Blue Leather®*, and *Radiant Blue Leather®*.  NBP hasalso registered the *National Beef®*trade name and trademark in most of the foreign countries to which NBP sells itsproducts. Currently, NBP has a number of trademark registrations pending in theU.S. and in foreign countries. In addition to trademark protection, NBP attemptsto protect its unregistered marks and other proprietary information under tradesecret laws, employee and third-party non-disclosure agreements and other lawsand methods of protection. All other trademarks or trade names referred to in thisreport are the property of their respective owners.****

 

**Management InformationSystems**

 

NBP hasdeveloped proprietary management information systems tailored to its business processeswhich help enable it to make coordinated, data driven decisions and enable itto operate more profitably.  For example, NBP uses individual carcass data(including information on weight, grade and breed as well as historicalinformation with respect to similar animals) to make decisions regarding theappropriate products to process from each carcass, taking into account currentsupply and demand.  Furthermore, coordinated information systems help theprocurement department to anticipate the quality and quantity of cattle itneeds to procure to fill sales orders in the short term, and the sales departmentto tailor its sales efforts to take into account changes in available supply.  NBP’ssophisticated systems also permit its sales force to readily compare orders bylocation to trailer capacity to reduce transportation costs by better usingtrailer capacity.  In addition, its management information systems at the plantshave been developed to fit its operating and maintenance needs, therebyreducing training time for NBP’s employees and simplifying the work orderprocess.

 

| 13 |
|----|

 

----

 

 

 

 

 

**Legal Proceedings**

 

NBL has been namedas a defendant in eleven currently pending lawsuits involving NBL’s tannerylocated in St. Joseph, Missouri.  NBL purchased certain assets of the tanneryfrom Prime Tanning Corp. (Prime Tanning), in March 2009.  The lawsuits arepending in the Circuit Courts of Buchanan County, Clinton County and DeKalb County,Missouri and in the U.S. District Court for the Western District of Missouriand were filed between April 22, 2009 and August 21, 2009.  The lawsuits allegethat Prime and NBL spread wastewater sludge containing hexavalent chromium infour counties in northwest Missouri.  The lawsuits currently include nineactions filed by individuals and two purported class actions.  The plaintiffsare seeking an unspecified amount of damages for wrongful death, personalinjury, pain and suffering, economic damages, punitive damages, diminishedproperty values and medical monitoring.  NBL is vigorously defending the cases. 

NBP is a party to a number of lawsuits and claimsarising out of the operation of its business. NBP’s management believes theultimate resolution of such matters should not have a material adverse effecton its financial condition, results of operations or liquidity.

**ITEM 1A.               RISK FACTORS**

As described throughout this document, USPB’sbusiness involves the operation of an integrated cattle processing and beefmarketing enterprise in which USPB’s unitholders and associates supply cattlethat are processed at the facilities owned and operated by USPB’smajority-owned subsidiary, National Beef Packing Co, LLC.  NBP markets anddistributes the beef and beef products produced from both cattle supplied byUSPB’s unitholders and associates and other cattle purchased by NBP from othersources.  The financial results of NBP’s operations therefore are the singlelargest influence on USPB’s financial performance.  Consequently, those factorsand risks that impact the performance of NBP’s business have a direct andimmediate influence on USPB’s performance.  However, there are also some risksthat are unique to USPB.  This *Risk Factors* section is divided into twoparts, with one subsection focusing on the risk factors that influence theperformance of NBP and another subsection discussing certain risk factors thatare directly applicable to USPB. ** **

USPB’s business operations and the implementationof our business strategy are subject to significant risks inherent in ourbusiness, including, without limitation, the risks and uncertainties describedbelow.  The occurrence of any one or more of the risks or uncertaintiesdescribed below could have a material adverse effect on our financialcondition, results of operations, and cash flows.  While we believe we haveidentified and discussed below the key risk factors affecting our business, theremay be additional risks and uncertainties that are not presently known or thatare not currently believed to be significant that may adversely affect ourbusiness, operations, industry, financial position, and financial performancein the future.

**Risk Factors Associated With Operations of NBP**

***Outbreaks of diseaseaffecting livestock can adversely affect demand for NBP’s products and thesupply of cattle and thereby adversely affect its business.***

NBP issubject to risks relating to animal health and disease control. An outbreak ofdisease affecting livestock, such as BSE (also commonly referred to as mad cowdisease) or foot-and-mouth disease could result in restrictions on sales ofproducts to NBP’s customers or purchases of livestock from its suppliers. Also,outbreaks of these diseases, or the perception by the public that such anoutbreak has occurred or other concerns regarding such disease, whether or notresulting in regulatory action, can lead to cancellation of orders by NBP’scustomers and create adverse publicity that may have a material adverse effecton consumer demand and, as a result, on NBP’s results of operations.Furthermore, an outbreak of disease could lead to widespread destruction ofcattle, which could have a negative impact on NBP.

***If NBP’s products orproducts made by others using NBP’s products become contaminated or are allegedto be contaminated, NBP may be subject to product liability claims and productrecalls that would adversely affect its business.***

NBP may besubject to significant liability potentially in excess of applicable liabilityinsurance policy limits if the consumption of any of its products or productsmade by others using its products causes injury, illness or death due tocontamination or otherwise, and NBP may in the future recall products in theevent its products are or may be contaminated, spoiled or inappropriatelylabeled. Contamination of NBP’s products or those of its competitors also maycreate adverse publicity or cause consumers to lose confidence in the safetyand quality of NBP’s products that could negatively affect its business. NBPmay encounter the same risks of contamination or negative publicity if a thirdparty tampers with NBP’s products. Allegations of contamination of NBP’sproducts may also be harmful to NBP even if such allegations are untrue. Theoccurrence of any of these risks may increase NBP’s costs and decrease demandfor its products, which could negatively affect its business, financialcondition, results of operations and cash flows. Organisms producing food borneillnesses are generally found in the environment and there is a risk that as aresult of food processing they could be present in NBP’s products. For example,*E. coli*is one of many food borne bacteria commonly associated with beefproducts. Once contaminated products have been shipped for distribution andconsumption, illness or death may result if pathogens are present, increase dueto handling or temperatures, and are not otherwise eliminated at the furtherprocessing, food service or consumer level. NBP cannot assure you that it willnot be required to perform product recalls, or that product liability claimswill not be asserted against NBP, in the future.

 

| 14 |
|----|

 

----

 

 

 

 

 

***NBP’s margins may be negatively impacted byfluctuating raw material and utility costs, selling prices, changes in itsrelationships with its suppliers and other factors that are outside of NBP’scontrol.***

NBP’s margins are dependent on the price at whichits beef products can be sold and the price it pays for raw materials, amongother factors. These prices can vary significantly over a relatively shortperiod of time as a result of a number of factors, including the relativesupply and demand for live cattle and beef products, as well as the market forcompeting or complimentary products, such as pork and poultry.  In addition,closure of international markets to U.S. beef product exports as a result ofthe December 23, 2003 BSE discovery negatively affected U.S. beef productmargins, as certain by-products, classified as SRMs, have been banned from usein feedstocks and the human food chain.  Some of these products previouslyenjoyed a market in foreign countries.

The supply and market price of the livestock thatconstitute NBP’s principal raw material and represent the substantial majorityof its cost of goods sold are dependent upon a variety of factors over which NBPhas little or no control, including fluctuations in the size of herdsmaintained by producers, the relative cost of feed and energy, weather andlivestock diseases.  Additionally, the closure of the U.S. border to Canadianlivestock from May 2003 until July 2005 constrained the supply of cattle in theU.S. which resulted in higher overall cattle prices in the U.S. compared toCanada, and the closure prompted Canada to increase its processingcapabilities, which may also have an adverse impact on NBP’s future margins. In addition, NBP purchases approximately 49.9% of the cattle it processes onthe open market.  If NBP does not attract and maintain acceptable relationshipswith growers, the quantity, quality or pricing of its supply of cattle could benegatively affected.

Severe price swings in raw materials, and theresulting impact on the prices NBP charges for its products, have at times had,and may in the future have, a material adverse effect on NBP’s financialcondition, results of operations and cash flows.  If NBP experiences increasedcosts, it may not be able to pass them along to its customers.  In addition, thecosts for utilities, such as energy and water may fluctuate over time.  

***NBP’s international operations expose it topolitical and economic risks in foreign countries, as well as to risks relatedto currency fluctuations and could negatively affect NBP’s sales to customersin foreign countries and its operations and assets in such countries.***

In fiscal year 2009, exports, primarily toMexico, Japan, South Korea, Canada, China (for hides), Hong Kong, Egypt, andTaiwan accounted for approximately 11.2% of NBP’s total net sales and thesesales on average had a higher margin than its sales generally.   A reduction inits international sales would likely adversely affect its margins.  Inaddition, NBP’s international activities expose it to risks not faced bycompanies that limit themselves to the domestic market.  One significant riskis that the international operations may be affected by tariffs, other tradeprotection or food safety measures and import or export licensingrequirements.  

An example ofa risk related to NBP’s international operations is BSE, as discussed above in*Item1, Business – Industry Overview – Beef Export Markets*.  

Other risks associated with NBP’sinternational activities include:

-  changes in foreign currency exchange rates and inflation ordeflation in the foreign countries in which NBP operates;

| 15 |
|----|

 

----

 

 

 

 

 

-  the closing of borders by foreign countries to the import of NBP’sproducts due to disease or other perceived health or food safety issues; 
-  exchange controls; 
-  changes in tariffs; 
-  changes in political or economic conditions in a specific countryor region, particularly in emerging markets;
-  trade restrictions imposed by countries with respect to theimportation of NBP’s products, including actions taken in connection with tradedisputes;
-  potentially negative consequences from changes in regulatoryrequirements; and
-  international conflict, including terrorist acts, which couldsignificantly impact NBP’s financial condition and results of operations. 

The occurrence of any of these events couldincrease NBP’s costs, lower demand for its products or limit its operations,which could have a material adverse effect on NBP’s business, financialcondition, results of operations or prospects.

***Compliance with environmental regulationscould result in significant costs and failure to comply with environmentalregulations and the use of hazardous substances, including at National BeefLeather’s tannery facility, could result in civil as well as criminalpenalties, liability for damages and negative publicity.***

NBP’s operations are subject to extensive andincreasingly stringent regulations, including those relating to wastewater andstormwater discharges, air emissions, waste handling and disposal andremediation of soil and groundwater contamination that are administered by theU.S. Environmental Protection Agency (EPA) and state, local and otherauthorities.  In many areas, these laws and regulations are becomingincreasingly stringent.  Failure to comply with these laws and regulations canhave serious consequences for NBP, including criminal as well as civil andadministrative penalties and negative publicity. NBP has incurred and willcontinue to incur significant capital and operating expenditures to adapt tomore stringent regulations and to avoid violations of these laws andregulations. Additional environmental requirements imposed in the future couldresult in currently unanticipated investigations, assessments or expenditures,and may require NBP to incur significant additional costs. Because the natureof these potential future charges is unknown, management is not able toestimate the magnitude of any future costs and NBP has not accrued any reservefor any potential future costs.

Some of NBP’s facilities have been in operationfor many years. During that time, NBP and previous owners of these facilitieshave generated and disposed of wastes that are or may be considered hazardousor may have polluted the soil or groundwater at NBP’s facilities, includingadjacent properties. The discovery of previously unknown contamination ofproperty underlying or in the vicinity of NBP’s present or former properties ormanufacturing facilities and/or waste disposal sites could require NBP to incurmaterial unforeseen expenses. Occurrences of any of these events may have amaterial adverse effect on NBP’s business, financial condition, results ofoperations and cash flows. 

In mostlocations, NBP’s processing facilities rely on municipal or other regionalgovernmental agencies for its water supply and for the treatment of itswastewater discharges. These entities themselves are subject to environmentallaws regarding the quality of their water discharges, and must meet permitlimits. If permit limits become more stringent, upgrades and capitalimprovements to these municipal treatment facilities are likely. In thoselocations where NBP is a significant volume discharger, it is possible that itmay be asked to contribute toward the costs of such upgrades, or NBP may becomesubject to significant increases in water or sewer charges in order for suchupgrade costs to be recouped.

As describedin *Item 1, Business – Legal Proceedings*, NBL has been named as adefendant in eleven currently pending lawsuits involving NBL’s tannery locatedin St. Joseph, Missouri.  NBL purchased certain assets of the tannery fromPrime Tanning in March 2009.  The lawsuits allege that Prime Tanning and NBLspread wastewater sludge containing hexavalent chromium in four counties innorthwest Missouri.  The plaintiffs are seeking an unspecified amount ofdamages for wrongful death, personal injury, pain and suffering, economicdamages, punitive damages, diminished property values and medical monitoring. NBL is vigorously defending the cases.

***NBP’s indebtedness could adversely affect itsbusiness and liquidity position.***

As of August 29, 2009, NBP had $298.8 million oflong-term debt, of which $11.5 million was classified as a current liability. As of August 29, 2009, NBP’s Credit Facility consisted of an outstanding $176.9million term loan (which is expected to be increased by $75.0 million inNovember 2009), a $225.0 million revolving line of credit loan, which hadoutstanding borrowings of $29.2 million (which are expected to be substantiallyor fully paid down with a portion of the proceeds of the expected increase inthe term loan), outstanding letters of credit of $38.5 million and availableborrowings of $143.6 million, based on the most restrictive financial covenantcalculations.  In addition, as of August 29, 2009, NBP had outstandingindustrial revenue bonds of $16.3 million, senior notes of $66.9 million andcapital leases and other obligations of $9.5 million. 

 

| 16 |
|----|

 

----

 

 

 

 

 

NBP’s indebtedness mayincrease from time to time in the future for various reasons, includingfluctuations in operating results, capital expenditures and potentialacquisitions.

NBP’s indebtedness, togetherwith additional future indebtedness that it may incur, and restrictivecovenants contained in the Credit Facility could:

-  make it difficult for NBP to satisfy its obligations, includingmaking interest payments on its debt obligations;
-  limit NBP’s ability to obtain additional financing to operate itsbusiness;
-  require NBP to dedicate a substantial portion of its cash flow topayments on its debt, reducing its ability to use cash flows to fund capitalexpenditures and working capital and other general operational requirements; 
-  limit NBP’s flexibility to plan for and react to changes in itsbusiness and the beef processing industry;
-  place NBP at a competitive disadvantage relative to some of itscompetitors that have less debt than NBP; 
-  limit NBP’s ability to pursue acquisitions; and 
-  increase NBP’s vulnerability to general adverse economic andindustry conditions, including changes in interest rates, changes in cattleprices or a downturn in NBP’s business or the economy.

The occurrence of any one of these events couldhave a material adverse effect on NBP’s business, financial condition andresults of operations or cause a significant decrease in its liquidity andimpair its ability to pay amounts due on its indebtedness.

The Credit Facility contains,among other things, restrictive covenants that will limit NBP’s and itssubsidiaries’ ability to finance future operations or capital needs or to engagein other business activities.  The Credit Facility restricts, among otherthings, its ability and the ability of its subsidiaries to:

-  incur additional indebtedness or issue guarantees; 
-  create liens on NBP’s assets; 
-  make distributions on or redeem equity interests; 
-  make investments; 
-  transfer or sell properties or other assets; and 
-  engage in mergers, consolidations or acquisitions. 

In addition, the CreditFacility requires NBP to meet specified financial ratios and tests undercertain circumstances.

            If NBP’s cash flowand capital resources are insufficient to fund its debt service obligations, NBPmay be forced to reduce or delay capital expenditures, sell material assets oroperations, obtain additional capital or restructure debt. NBP’s ability togenerate cash and make scheduled payments or refinance NBP’s obligationsdepends on its successful financial and operating performance, which dependupon prevailing economic conditions and other factors, many of which are beyondits control. 

***NBP’s operating resultscould be negatively impacted by its hedging and derivative positions.***

NBP usesderivative financial instruments and other hedging strategies in an attempt toreduce its exposure to various market risks, including changes in commodityprices. NBP holds certain positions that do not qualify as hedges for financialreporting purposes. These positions are marked to fair value, and theunrealized gains and losses are reported in earnings at each reporting date.Therefore, losses on these contracts will adversely affect NBP’s reportedoperating results. The use of such instruments may ultimately limit NBP’sability to benefit from favorable commodity price movements, which mayadversely affect reported operating results.

*** ***

*** ***

| 17 |
|----|

 

----

 

 

 

 

 

***NBP generally does not have long-termcontracts with its customers, and, as a result, the prices at which it sells itsbeef products are subject to market forces.***

NBP generally does not have long-term salesarrangements with its customers and, as a result, the prices at which it sellsproducts to them are determined in large part by market forces. NBP’scustomers, mostly excluding those with which NBP has long-term contracts, placeorders for products on an as-needed basis and, as a result, their order levelshave varied from period to period in the past and may vary significantly in thefuture. The loss of one or more of NBP’s key customers, a significant declinein the number of orders from one or more of its key customers or a significantdecrease in beef product prices for a sustained period of time could have amaterial adverse effect on NBP’s business, financial condition or results ofoperations.

***Wal-Mart’s failure to continue purchasingfrom NBP could have a material adverse effect on its sales.***

Sales to Wal-Mart Stores, Inc., or Wal-Mart,which does not cover its sales to Wal-Mart’s affiliate, Sam’s Club, representedapproximately 5.5% of total net sales in fiscal year 2009.  NBP’s contractualagreement with Wal-Mart expired on January 31, 2004, and NBP has not enteredinto a new agreement.  If Wal-Mart does not continue to purchase from NBP, itcould have a material adverse effect on NBP’s sales, financial position,results of operations and cash flows.

***NBP is subject to extensive governmentalregulation and its noncompliance with or changes in applicable requirementscould adversely affect its business, financial condition, results of operationsand cash flows.***

In addition to the environmental regulationsdiscussed above, NBP’s operations are subject to extensive regulation andoversight by the USDA, the GIPSA, the FDA, and other state, local and foreignauthorities regarding the processing, packaging, storage, distribution,advertising and labeling of NBP’s products, including food safety standards.  NBP’sdomestic operations are subject to the PSA.  This statute generally prohibitsmeat packers in the livestock industry from engaging in certainanti-competitive practices.  In addition, this statute requires NBP to makepayment for its livestock purchases before the close of the next business dayfollowing the purchase and transfer of possession of the livestock NBP purchases,unless otherwise agreed to by its livestock suppliers.  Recently, the foodsafety practices and procedures in the meat processing industry have beensubject to more intense scrutiny and oversight by the USDA. Food safetystandards, processes and procedures are subject to the USDA Hazard AnalysisCritical Control Point program, which includes compliance with the PublicHealth Security and Bioterrorism Preparedness and Response Act of 2002.  Inhopes of reducing the development and spread to humans of dangerousantibiotic-resistant bacteria, the Obama administration announced in July 2009that it would seek to ban routine use of antibiotics, which are fed to farm animalsto encourage growth.

NBP is also subject to a variety of immigration,labor and worker safety laws and regulations, including those relating to thehiring and retention of employees.  NBP’s failure to comply with applicablelaws and regulations could subject it to administrative penalties andinjunctive relief, civil remedies, including fines, injunctions, interruptionof its operations, recalls of its products or seizures of its properties, aswell as potential criminal sanctions or personal injury or other damage claims.These remedies, changes in the applicable laws and regulations or discovery ofcurrently unknown conditions could increase NBP’s costs and limit its businessoperations. 

***Failure to successfully implement NBP’sbusiness strategy may impede its plans to increase revenues, margins and cashflow.***

NBP’s revenues, margins and cash flows will notincrease as planned if it fails to implement the key elements of its strategy,and its ability to successfully implement this strategy is dependent at leastin part on factors beyond NBP’s control.  For example, the willingness ofconsumers to purchase value-added products depends in part on economicconditions.  In periods of economic uncertainty, consumers tend to purchasemore private label or less-expensive products.  Thus, if NBP encounters periodsof economic uncertainty, the sales volume for its value-added products couldsuffer.  Also, NBP may not be successful in identifying favorable internationalexpansion opportunities. 

***Changes in consumer preferences couldadversely affect NBP’s business.***

The food industry in general is subject tochanging consumer trends, demands and preferences. NBP’s products compete withother protein sources, such as pork and poultry, and other foods. Trends withinthe food industry change often and the failure to anticipate, identify or reactto changes in these trends could lead to, among other things, reduced demandand price reductions for NBP’s products, and could have a material adverseeffect on NBP’s business, financial condition, results of operations and cashflows. In addition, NBP does not have any other material lines of business orother sources of revenue to rely upon if it is unable to efficiently processand sell beef products or if the market for beef declines. This lack ofdiversification means that NBP may not be able to adapt to changing marketconditions or withstand any significant decline in the beef industry.

 

| 18 |
|----|

 

----

 

 

 

 

 

***The beef processing industry is highlycompetitive and NBP’s customers might not continue to purchase its products orprices it receives for its products could fluctuate or be adversely impaired byactions taken by NBP’s competitors.***

The beef processing industry is highlycompetitive. Competition exists both in the purchase of live cattle and in thesale of beef products. In addition, NBP’s products compete with a number ofother protein sources, including pork and poultry.

NBP’s principal competition arises from otherbeef processors, including Tyson Foods, Inc., Cargill Meat Solutions and JBSUSA LLC. The principal competitive factors in the beef processing industry areprice, quality, food safety, product distribution, technological innovationsand brand loyalty. NBP’s ability to be an effective competitor will depend on itsability to compete on the basis of these characteristics. Some of itscompetitors have substantially larger beef operations, greater financial andother resources and wider recognition for their consumer branded products than NBPdoes. NBP cannot assure you that it will be able to compete effectively withthese companies and its ability to compete could be adversely affected by NBP’ssignificant debt levels.

***Extreme weather or otherforces beyond NBP’s control could negatively impact its business.***

Naturaldisasters, fire, bioterrorism, pandemic or extreme weather, including droughts,floods, excessive cold or heat, hurricanes or other storms, could impair thehealth or growth of livestock or interfere with NBP’s operations due to poweroutages, fuel shortages, water shortages, damage to its production andprocessing facilities or disruption of transportation channels, among otherthings.  Any of these factors, as well as disruptions in its informationsystems, could have an adverse effect on NBP’s financial results.

***The sales of NBP’s beef products aresubject to seasonal variations and, as a result, NBP’s quarterly operatingresults may fluctuate.***

The beef industry is characterized by prices thatchange based on seasonal consumption patterns. The highest period of demand forNBP’s products is usually the summer barbecue season. As a result of theseseasonal fluctuations, NBP’s operating results may vary substantially betweenfiscal quarters.

***NBP depends on the service of keyindividuals, the loss of whom could materially harm its business.***

NBP’s success will depend, in part, on theefforts of its officers and other key employees.  In addition, the market forqualified personnel is competitive and NBP’s future success will depend on itsability to attract and retain these personnel. With the exception of its ChiefExecutive Officer, NBP does not have long-term employment agreements with itsofficers or maintain key-person insurance on any officer.  The loss of the servicesof any of NBP’s key employees or the failure to attract and retain employeescould have a material adverse effect on its business, results of operations andfinancial condition. 

***NBP’s performance depends on favorablelabor relations with its employees. Any deterioration of those relations orincrease in labor costs could adversely affect NBP’s business.***

NBP has approximately 8,900 employees worldwide. Approximately 2,850 employees at its Liberal, Kansas facility are representedby the United Food and Commercial Workers International Union under acollective bargaining agreement that expires on December 16, 2012. Approximately 1,100 employees at its Brawley, California facility are jointlyrepresented by the United Food and Commercial Workers International Union andTeamsters International Union under a collective bargaining agreement thatexpires on December 8, 2013.  Approximately 80 of NBP’s employees at the St.Joseph, Missouri facility are represented by the United Cereal Workers of theUnited Food and Commercial Workers International Union under a collectivebargaining agreement scheduled to expire May 18, 2014.  

 

| 19 |
|----|

 

----

 

 

 

The United Food and Commercial Workers Union, orthe UFCWU, on November 3, 2009 filed a petition with the Regional Office of theNational Labor Relations Board, or the NLRB, in Kansas City, Missouri seekingto represent 2,200 employees who work at NBP’s Dodge City, Kansas facility. The UFCWU does not currently represent any employees at this location.  Thereare approximately 2,800 employees at NBP’s Dodge City facility that arepotentially eligible to vote in a NLRB conducted election to decide if theydesire to be represented by the UFCWU.  The NLRB has set a hearing for November18, 2009 to determine which employee classifications should be eligible tovote.  No election date has yet been set.

 

A labor-related work stoppage by NBP’s unionizedemployees could limit NBP’s ability to process and ship its products orincrease its costs, which could adversely affect its results of operations andfinancial condition.  In addition, it is possible that any labor union effortsto organize employees at NBP’s non-unionized facilities might be successful andthat any labor-related work stoppages at these non-unionized facilities in thefuture could adversely affect NBP’s results of operations and financial condition. In general, any significant increase in labor costs, deterioration of employeerelations, slowdowns or work stoppages at any of NBP’s locations, whether dueto union activities, employee turnover or otherwise, could have a materialadverse effect on its business, financial condition, results of operations andcash flows. 

***The consolidation of NBP’s retail and food servicecustomers may put pressures on NBP’s operating margins.***

In recent years, the trend among retail and food servicecustomers, such as supermarkets, warehouse clubs and food service distributors,has been towards consolidation.  These consolidations, along with the entry ofmass merchants into the grocery industry, have resulted in customers withincreasing negotiating strength who tend to exert pressure on NBP with respectto pricing terms, product quality and new products.  As the customer basecontinues to consolidate, competition for the business of fewer customers isexpected to intensify.  If NBP does not negotiate favorable terms of sale with itscustomers and implement appropriate pricing to respond to these trends, or if NBPloses its existing large customers, NBP’s profitability could decrease.

***NBP may not be able to successfullycomplete acquisitions, affecting its ability to grow, or integrate completedand future acquisitions, which could result in failure to achieve its expectedacquisition benefits, the disruption of NBP’s business and an increase in itscosts.***

NBP continually explores opportunities to acquirerelated businesses, some of which could be material to it. NBP’s ability tocontinue to grow may depend upon identifying and successfully acquiringattractive companies, effectively integrating these companies, achieving costefficiencies and managing these businesses as part of NBP.  

NBP may not be able to effectively execute onacquisitions or integrate acquired companies and successfully implementappropriate operational, financial and management systems and controls toachieve the benefits expected to result from these acquisitions.  NBP’s effortsto integrate these businesses could be affected by a number of factors beyond itscontrol, such as regulatory developments, general economic conditions andincreased competition. In addition, the process of integrating these businessescould cause the interruption of, or loss of momentum in, the activities of itsexisting business. The diversion of management’s attention and any delays ordifficulties encountered in connection with the integration of these businessesor relating to legacy liabilities of businesses acquired by NBP couldnegatively impact its business and results of operations.  Further, thebenefits that NBP anticipates from acquisitions may not develop.

***NBP’s operations aresubject to the general risks of litigation.***

NBP isinvolved on an ongoing basis in litigation arising in the ordinary course ofbusiness or otherwise. Trends in litigation may include class actions involvingconsumers, stockholders, employees or injured persons, and claims related tocommercial, labor, employment, antitrust, securities or environmental matters.These actions could also divert the attention of NBP’s management team andexpose it to significant liability and adverse publicity, which might adverselyaffect its brands, reputation and/or customer preference for its products.  Dueto the unpredictable nature of litigation, it is not possible to predict theultimate outcome of any potential lawsuits, and NBP may be held liable forsignificant judgments, or other losses, that are not fully covered by itsinsurance, which could have a material adverse effect on NBP’s business.

***Deterioration of economicconditions could negatively impact NBP’s business.***

NBP’sbusiness may be adversely affected by changes in national or global economicconditions, including inflation, interest rates, availability of capitalmarkets, consumer spending rates, energy availability and costs (including fuelsurcharges) and the effects of governmental initiatives to manage economicconditions. Any such changes could adversely affect the demand for NBP’sproducts or the cost and availability of its needed raw materials and packagingmaterials, thereby negatively affecting NBP’s financial results.

| 20 |
|----|

 

----

 

 

 

 

 

The downturnin the U.S. economy may result in reduced demand for certain of NBP’s products,downward pressure on prices and shifts to less profitable private labelproducts. Moreover, any material reduction in demand for NBP’s products in itskey export markets (Japan and South Korea) could have an adverse effect on itsresults of operations.  

            The recentdisruptions and instability in credit and other financial markets anddeterioration of national and global economic conditions, could, among otherthings: 

-  make it more difficult or costly for NBP to obtain financing for itsoperations or investments or to refinance its debt in the future;
-  cause NBP’s lenders to depart from prior credit industry practice andmake more difficult or expensive the granting of any technical or other waiversunder NBP’s credit agreements to the extent it may seek them in the future; 
-  impair the financial condition of some of NBP’s customers, suppliers orcounterparties to its derivative instruments, thereby increasing customer baddebts, non-performance by suppliers or counterparty failures negativelyimpacting NBP’s treasury operations; 
-  and negatively impact global demand for beef products, which couldresult in a reduction of sales, operating income and cash flows.

**Risk Factors Associated with USPB**

**USPB facilitates the delivery of the cattle providedby its unitholders and associates to NBP and does not have arrangements foralternative markets for its unitholders and associates cattle.**

USPB’s sole customer for thecattle provided by its unitholders and associates is NBP.  Given USPB’sownership of a majority interest in NBP, USPB has not developed alternativecustomers for the cattle provided by USPB’s unitholders and associates.  Ifevents were to occur which would prevent NBP from purchasing and processing thecattle supplied by USPB’s unitholders and associates, USPB would need toexercise provisions in its agreements with both NBP and USPB’s unitholders thatwould permit USPB to reduce the number of cattle acquired from unitholders andsold to NBP.  While such provisions would mitigate harm to USPB, it is likelythat the value of the linked Class A and Class B units and the associateddelivery rights held by USPB’s unitholders would be impaired.

***The other members of NBP do not deliver cattle toNBP for processing, creating the possibility that the interests of those othermembers of NBP could conflict with the interests of USPB and its unitholders. ***

The other members of NBP do notdeliver cattle to NBP for processing and marketing.  As a result, conflicts ofinterest may arise between USPB and NBP relating to cattle purchases.  If adispute were to arise, the settlement of any such dispute may not be on termsas favorable to USPB as would be expected if all of the members of NBP wereinvolved in the delivery of cattle to NBP for processing.  

***The Internal Revenue Service could assert that USPBshould be treated as a corporation for federal income tax purposes.***

Under applicable regulations,an unincorporated entity such as a limited liability company is treated as apartnership for federal income tax purposes unless the entity is considered a“publicly traded partnership” or the entity affirmatively elects to be taxed asa corporation.  USPB has not elected to be taxed as a corporation, and USPBbelieves that it should be treated as a partnership not taxable as acorporation for federal income tax purposes.  USPB has not requested and willnot request any ruling from the IRS, however, with respect to itsclassification as a partnership for federal income tax purposes.  If the IRSwere to assert successfully that USPB were taxable as a corporation for federalincome tax purposes in any taxable year, holders of linked Class A units andClass B units would not be required to report on their federal income taxreturns their allocable share of USPB’s items of income, gain, deduction, andloss for that year and USPB would be subject to tax on its net income for thatyear at corporate tax rates.  In addition, any distributions would be taxableto holders of linked Class A units and Class B units as dividend income. Taxation of USPB as a corporation could materially reduce the after−taxreturn on an investment in units and could substantially reduce the value ofyour units.

*** ***

| 21 |
|----|

 

----

 

 

 

 

 

***Failure to achieve and maintain effective internalcontrols could have a material adverse effect on USPB’s business, operatingresults and financial condition.***

USPB is in the process ofdocumenting and testing its internal control procedures in order to satisfy therequirements of Section 404 of the Sarbanes-Oxley Act, which requires annualmanagement assessments of the effectiveness of its internal controls overfinancial reporting and a report by its independent auditors addressing theseassessments. This process is both costly and challenging.  During the course oftesting, USPB may identify deficiencies which it may not be able to remediatein time to meet the deadline imposed by the Sarbanes-Oxley Act for compliancewith the requirements of Section 404. In addition, if USPB fails to achieve andmaintain the adequacy of its internal controls, as such standards are modified,supplemented or amended from time to time, it may not be able to ensure that itcan conclude on an ongoing basis that it has effective internal controls overfinancial reporting in accordance with Section 404 of the Sarbanes-Oxley Act.Moreover, effective internal controls are necessary for USPB to producereliable financial reports and are important to helping prevent financialfraud.  If USPB cannot provide reliable financial reports or prevent fraud, itsbusiness and operating results could be harmed, investors could lose confidencein its reported financial information, and its business, results of operationand financial condition could be adversely affected.  

***USPB depends on theservice of key senior management personnel, the loss of which could materiallyharm its business.***

USPB’s success will depend, inpart, on the efforts of its key senior management personnel. The market forqualified personnel is competitive and USPB’s future success will depend on itsability to attract and retain these personnel. USPB does not have long-termemployment agreements with most of its senior management. USPB may not be ableto negotiate either new contracts or renewals of any existing long-termemployment agreements on terms favorable to USPB or at all. The loss of theservices of any of USPB’s key senior management personnel or the failure toattract and retain highly skilled personnel in the future could have a materialadverse effect on USPB’s business, results of operations and financialcondition. 

**ITEM 1B.               UNRESOLVED STAFF COMMENTS**

Not applicable.

**ITEM 2.                  PROPERTIES**

USPB’s corporate office is located at 12200 Ambassador Drive, Suite 501, Kansas City, Missouri, in proximity to thecorporate offices of NBP.  The Company leases its office space from the KansasCity Aviation Department, with offices at 601 Brasilia Avenue, Kansas City, Missouri 64153.

NBP owns its Liberal, Kansas, Dodge City, Kansas,Brawley, California, Hummels Wharf, Pennsylvania, Moultrie, Georgia, and St. Joseph,Missouri facilities. It leases its headquarters facility in Kansas City,Missouri and its Kansas City Steak processing facility in Kansas City, Kansas. NBPalso has short-term leases in place for its offices in Chicago, Illinois,Denison, Iowa, Dallas, Texas, Springdale, Arkansas, Tokyo, Japan, Seoul, South Korea,and Beijing, China.  The Credit Facility is secured by a first priority lien onsubstantially all of NBP’s real and personal property.  The table belowprovides additional information regarding NBP’s primary facilities:

| 22 |
|----|

 

----

 

 

 

 

 

| **Location**                               |                                  | **Daily Processing Capacity**  |
|--------------------------------------------|---------------------------------------|------------------------------------------|
| Processing Facilities:                |                                  |                                     |
|                                       | Liberal, Kansas                  |                                     | 6,000 head |
|                                       | Dodge City, Kansas          |                                     | 6,000 head |
|                                       | Brawley, California              |                                     | 2,000 head |
|                                       |                                  |                                     |   |
| **Location**                               |                                  | **Approximate Square Footage** |
| Case Ready Facilities:           |                                  |                                     |
|                                       | Hummels Wharf, Pennsylvania |                                     | 79,000 square feet |
|                                       | Moultrie, Georgia                |                                     | 114,000 square feet |
| Tannery Facility:                     |                                  |                                     |
|                                       | St. Joseph, Missouri        |                                     | 221,000 square feet |
| Kansas City Steak Facility: |                                  |                                     |
|                                       | Kansas City, Kansas         |                                     | 63,000 square feet |
|                                       |                                  |                                     |   |

 

**ITEM 3.                  LEGAL PROCEEDINGS**

For information regardinglegal proceedings, see Note 14. *Legal Proceedings* to our consolidatedfinancial statements included in Item 8 of this report.****In addition, seeItem 1, *Business – Government Regulation and Environmental Matters*forinformation regarding information requests, investigations and proceedingspertaining to environmental matters.

** **

**ITEM 4.                  SUBMISSION OF MATTERS TO A VOTE OF SECURITYHOLDERS**

No matters were submitted to a vote of the unitholdersduring the last quarter of the fiscal year covered by this report.  However, onNovember 2, 2009, a special meeting of the members of USPB was held in KansasCity, Missouri.  At the special meeting the members were asked to consider andvote on proposals to amend and restate certain provisions of the Company’sLimited Liability Company Agreement (LLC Agreement).  The proposed amendmentswere described in a proxy statement mailed to members on October 21, 2009; that proxy statement was included as Exhibit 20.1 to a report on Form 8-K filedby the Company on October 21, 2009.  (Although the Company is required to filequarterly and annual reports pursuant to the Securities Act of 1933, asamended, the Company is not required to be and is not registered under theSecurities and Exchange Act of 1934, as amended (Exchange Act).   Asa result, the Company’s distribution of  the proxy statement to itsmembers is not subject to the portions of the Exchange Act governingsolicitation of proxies.) 

At the special meeting, USPB’s members approvedboth sets of amendments, including one set of amendments that modified theallocation of profits, losses, other allocation items and distributions betweenthe Company’s Class A units and its Class B units.  The other set ofamendments clarified the authority of the Company to conduct redemptions ofClass B units in certain circumstances.  Members delivered 333 validballots to the company; ballots that were not delivered to the company wereconsidered a no vote.  Out of a potential of 449 Class A unit votes, 327voted for the amendments modifying allocations between the Class A units andthe Class B units and 326 voted for the amendments regarding the Company’sauthority to redeem units.  Regarding Class B units, out of 755,385 potentialvotes, 651,586 voted for the amendments modifying allocations between the ClassA units and the Class B units and 650,578 voted for the amendments regardingthe Company’s authority to redeem units.

** **

** **

23

----

 

** **

** **

**PART II**

**ITEM 5.                  MARKET FOR THE REGISTRANT’S COMMON EQUITY,RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES**

There is no established publictrading market for any class of common equity of U.S. Premium Beef, LLC.  As ofOctober 31, 2009, there were 449 record holders of Class A units and 450 recordholders of Class B units.  The sales prices by quarter and since the end of thefiscal year were as follows:

 

|                                              |                        | **Affiliated Sales** |         | **Third Party Sales** |
|---------------------------------------------------|-----------------------------|---------------------------|--------------|---------------------------------|
|                                              |                        | **Low**                   |         | **High**                        |   | **Low** |   | **High** |
| **Fiscal Year 2009**                    |                        |                      |         |                            |   |   |   |
| Quarter ending:                              |                        |                      |         |                            |   |   |   |
|                                              | November 29, 2008 | $                         | 110.00  |                            | $ | 200.00  |   | $ | -  |   | $ | -  |
|                                              | February 28, 2009 | $                         | 55.00   |                            | $ | 120.00  |   | $ | -  |   | $ | -  |
|                                              | May 30, 2009      | $                         | 60.00   |                            | $ | 60.00  |   | $ | 135.00  |   | $ | 150.00  |
|                                              | August 29, 2009   | $                         | 43.55   |                            | $ | 235.00  |   | $ | 135.00  |   | $ | 140.00  |
| Subsequent to August 29, 2009 | $                           | 60.00                |         | $                               | 60.00  |   | $ | 140.00  |   | $ | 155.00  |
|                                              |                        |                      |         |                            |   |   |   |   |
| **Fiscal Year 2008**                    |                        |                      |         |                            |   |   |   |
| Quarter ending:                              |                        |                      |         |                            |   |   |   |
|                                              | November 24, 2007 | $                         | 81.44   |                            | $ | 100.00  |   | $ | 110.00  |   | $ | 130.00  |
|                                              | February 23, 2008 | $                         | 110.00  |                            | $ | 110.00  |   | $ | 120.00  |   | $ | 120.00  |
|                                              | May 31, 2008      | $                         | 60.00   |                            | $ | 122.90  |   | $ | -  |   | $ | -  |
|                                              | August 30, 2008   | $                         | 100.00  |                            | $ | 130.00  |   | $ | -  |   | $ | -  |
| Subsequent to August 30, 2008 | $                           | 100.00               |         | $                               | 200.00  |   | $ | -  |   | $ | -  |
|                                              |                        |                      |         |                            |   |   |   |   |

 

 The affiliated sales representsales that were not at arms length and, therefore, the sales priceranges disclosed above are not necessarily indicative of the marketvalue of the linked Class A and Class B units during the periods inquestion. 

On February 20, 2009, May 22, 2009, July 17,2009, and October 9, 2009 USPB made cash distributions to each of its unitholdersin the amount of $44.25, $12.98, $14.62, and $16.27, respectively, for each linkedClass A unit and Class B unit held by its unitholders.  On October 9,2009, USPB made a cash distribution in the amount of $10.81 to one unitholderthat only owns Class B units.

The payment of cash distributions are made onlyfrom assets legally available for that purpose and depend on the Company’sfinancial condition, results of operations, and other factors then deemedrelevant by USPB’s board of directors.  Cash distributions are paid to theholders of Class A and Class B units at the discretion of the board ofdirectors and to the extent permitted by USPB’s senior lenders.  

For a discussion of equity compensation plans, seeItem 12*. Security Ownership of Certain Beneficial Owners and Management andRelated Unitholder Matters*.

**ITEM 6.                  SELECTED FINANCIAL DATA**

The following table sets forth selectedconsolidated financial and other data for, and as of the end of, each of theyears in the five-year period ended August 29, 2009.  The selected Statement ofOperations Data and Selected Balance Sheet Data for the five fiscal years endedAugust 29, 2009 were derived from our audited consolidated financial statements. Our fiscal year ends on the last Saturday in August.

| 24 |
|----|

 

----

 

The following table should be read in conjunctionwith Item 7. *Management’s Discussion and Analysis of Financial Condition andResults of Operations* and Item 8. *Financial Statements and SupplementaryData* (including the accompanying notes) contained elsewhere in this report.

| ** **                          |                                                                                                                        |          |          | **Fiscal Years Ended (1)**                               |
|-------------------------------------|-----------------------------------------------------------------------------------------------------------------------------|---------------|---------------|----------------------------------------------------------|
|                                |                                                                                                                        |          |          | **August 29,		2009**                                     | ** ** | **August 30,		2008** | ** ** | **August 25,		2007** | ** ** | **August 26,		2006** | ** ** | **August 27,		2005** |
|                                |                                                                                                                        |          |          | **(In millions, except unit, share, and per unit data)** |
| **Statement of Operations  Data:**  |                                                                                                                        |          |          |                                                     |   |   |   |   |   | ** ** |
| Net sales                           |                                                                                                                        |  $       | 5,449.3  |                                                     |  $ | 5,847.3  |   |  $ | 5,578.5  |   |  $ | 4,636.0  |   |  $ | 4,338.9  |
| Costs and expenses:                 |                                                                                                                        |          |          |                                                     |   |   |   |   |   |   |
|                                | Cost of sales                                                                                                               |          | 5,187.1  |                                                     | 5,612.4  |   | 5,444.0  |   | 4,503.8  |   | 4,229.9  |
|                                | Selling, general, and  administrative                                                                                       | 49.1     |          | 51.7                                                |   | 46.1  |   | 37.6  |   | 34.0  |
|                                | Depreciation and  amortization                                                                                              |          | 45.7     |                                                     | 36.4  |   | 32.4  |   | 28.7  |   | 24.4  |
| Operating income                    |                                                                                                                        | 167.4    |          | 146.8                                               |   | 56.0  |   | 65.9  |   | 50.6  |
| Other income (expense):             |                                                                                                                        |          |          |                                                     |   |   |   |   |   |   |
|                                | Minority owners' interest  in net income of National Beef Packing Co., LLC                                                  | (50.0)        |          | (55.1)                                                   |   | (7.8) |   | (16.6) |   | (8.5) |
|                                | Interest income                                                                                                             |          | 0.3      |                                                     | 1.4  |   | 2.1  |   | 1.3  |   | 0.7  |
|                                | Interest expense                                                                                                            |          | (23.6)        |                                                     | (34.2) |   | (39.8) |   | (32.4) |   | (29.0) |
|                                | Interest rate exchange  agreement                                                                                           | -   |          | -                                              |   | -   |   | -   |   | 0.1  |
|                                | Termination Fee                                                                                                             |          | 14.6     |                                                     | -   |   | -   |   | -   |   | -   |
|                                | Other, net                                                                                                                  |          | (7.7)         |                                                     | 5.1  |   | 1.0  |   | 3.1  |   | (3.2) |
| Total other expense                 |                                                                                                                        | (66.4)        |          | (82.8)                                                   |   | (44.5) |   | (44.6) |   | (39.9) |
|                                | Income tax expense                                                                                                          |          | (1.0)         |                                                     | (1.8) |   | (1.9) |   | (1.6) |   | (2.1) |
| Net income                          |                                                                                                                        |  $       | 100.0    |                                                     |  $ | 62.2  |   |  $ | 9.6  |   |  $ | 19.7  |   |  $ | 8.6  |
|                                |                                                                                                                        |          |          |                                                     |   |   |   |   |   |   |   |   |
| **Selected Balance Sheet  Data:**   |                                                                                                                        |          |          |                                                     |   |   |   |   |   |   |
|                                | Cash and cash equivalents                                                                                                   |          |  $       | 18.9                                                |   |  $ | 77.4  |   |  $ | 62.9  |   |  $ | 54.4  |   |  $ | 50.5  |
|                                | Total assets                                                                                                                |          |  $       | 872.9                                               |   |  $ | 927.1  |   |  $ | 848.6  |   |  $ | 784.8  |   |  $ | 656.1  |
|                                | Long-term debt, less  current maturities                                                                                    |  $       | 293.4    |                                                     |  $ | 376.3  |   |  $ | 438.5  |   |  $ | 380.5  |   |  $ | 314.0  |
|                                | Minority interest                                                                                                           |          |  $       | 185.8                                               |   |  $ | 188.0  |   |  $ | 77.9  |   |  $ | 73.0  |   |  $ | 65.0  |
|                                | Capital shares and equities                                                                                                 |          |  $       | 159.8                                               |   |  $ | 126.5  |   |  $ | 153.2  |   |  $ | 148.8  |   |  $ | 124.0  |
|                                |                                                                                                                        |          |          |                                                     |   |   |   |   |   |   |   |   |
|                                | Units outstanding                                                                                                           |          |          |                                                     |   |   |   |   |   |   |   |
|                                |                                                                                                                        | Class A units |          | 735,385                                             |   | 735,385  |   | 735,385  |   | 735,505  |   | 691,845  |
|                                |                                                                                                                        | Class B units |          | 755,385                                             |   | 735,385  |   | 735,385  |   | 735,505  |   | 691,845  |
|                                |                                                                                                                        |          |          |                                                     |   |   |   |   |   |   |   |   |
| **Per Unit Data:**                  |                                                                                                                        |          |          |                                                     |   |   |   |   |   | ** ** |
| Earnings Per Unit                   |                                                                                                                        | ** **    | ** **    | ** **                                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|                                | Basic                                                                                                                       |          |          |                                                     |   |   |   |   |   |   |   |
|                                |                                                                                                                        | Class A Units |          |  $                                                  | 44.87  |   |  $ | 27.92  |   |  $ | 4.33  |   |  $ | 9.28  |   |  $ | 4.16  |
|                                |                                                                                                                        | Class B Units |          |  $                                                  | 90.89  |   |  $ | 56.68  |   |  $ | 8.79  |   |  $ | 18.78  |   |  $ | 8.33  |
|                                | Diluted                                                                                                                     |          |          |                                                     |   |   |   |   |   |   |   |
|                                |                                                                                                                        | Class A Units |          |  $                                                  | 44.35  |   |  $ | 27.51  |   |  $ | 4.26  |   |  $ | 9.11  |   |  $ | 4.08  |
|                                |                                                                                                                        | Class B Units |          |  $                                                  | 90.89  |   |  $ | 55.86  |   |  $ | 8.65  |   |  $ | 18.45  |   |  $ | 8.17  |
|                                |                                                                                                                        |          |          | ** **                                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| Outstanding  weighted-average units |                                                                                                                        | ** **    | ** **    | ** **                                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|                                | Basic                                                                                                                       |          |          |                                                     |   |   |   |   |   |   |   |
|                                |                                                                                                                        | Class A Units |          | 735,385                                             |   | 735,385  |   | 735,455  |   | 702,843  |   | 691,845  |
|                                |                                                                                                                        | Class B Units |          | 737,052                                             |   | 735,385  |   | 735,455  |   | 702,843  |   | 691,845  |
|                                | Diluted                                                                                                                     |          |          |                                                     |   |   |   |   |   |   |   |
|                                |                                                                                                                        | Class A Units |          | 744,039                                             |   | 746,176  |   | 747,067  |   | 715,385  |   | 705,063  |
|                                |                                                                                                                        | Class B Units |          | 737,052                                             |   | 746,176  |   | 747,067  |   | 715,385  |   | 705,063  |
|                                |                                                                                                                        |          |          | ** **                                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| ** **                          |                                                                                                                        |          |          | ** **                                               | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
| (1)                                 | Our fiscal year ends on the  last Saturday in August.  Fiscal year 2009 consisted of a 52 week year;  fiscal year 2008 |          |          |
|                                | consisted of a 53 week  year; and 2005 - 2007 each consisted of a 52 week year.                                             |          |          |                                                     |   |   |   |
|                                |                                                                                                                        |          |          |                                                     |   |   |   |   |   |   |   |   |

| 25 |
|----|

 

----

 

 

 

 

 

**ITEM 7.                  MANAGEMENT’S DISCUSSION AND ANALYSIS OFFINANCIAL CONDITION AND RESULTS OF OPERATIONS**

The following discussion should be read inconjunction with our consolidated financial statements and related notes andother financial information appearing elsewhere in this report. In addition to historical information, the followingdiscussion and other parts of this report contain forward-looking informationthat involves risks and uncertainties. Our actual results could differmaterially from those anticipated by such forward-looking information due tothe factors discussed under *Disclosure Regarding Forward-Looking Statements*,Item 1A. *Risk Factors*, and elsewhere in this report.

**Overview**

USPB was formed as a closed marketing cooperativeon July 1, 1996. Its mission is to increase the quality of beef andlong-term profitability of cattle producers by creating a fully integratedproducer-owned beef processing system that is a global supplier of highquality, value-added beef products responsive to consumer desires. 

On December 1, 1997, the cooperative became operational by acquiring 25.4966% of FNB, a partnership owned by thecooperative and Farmland Industries, Inc. (Farmland). The cooperative acquiredan additional 3.29% partnership interest in February 1998, bringing itsownership to 28.7866% of FNB. Farmland then owned the remaining 71.2134%.

 In December 1997, FNB acquired what becamea 75% interest in Kansas City Steak Company, LLC (Kansas City Steak), aportion control steak cutting operation.  In March 2003, FNB acquiredNational Carriers, Inc. (National Carriers), a refrigerated and livestocktransportation company from Farmland.  

On May 31, 2002, Farmland and four of its subsidiaries filed voluntary petitions to reorganize under Chapter 11 ofthe United States Bankruptcy Code. FNB was not a party of these filings.Provisions of FNB’s operating agreement and its financing agreement restrictedpartners’ access to FNB’s assets. In the fourth quarter of fiscal year 2003, asa result of the acquisition of Farmland’s interest by the cooperative andothers, as more fully described below, the cooperative acquired a controllinginterest in the former FNB, now NBP, and the assets, liabilities and operatingresults of NBP are consolidated with those of USPB effective August 7,2003. Prior to the acquisition date, the cooperative accounted for its 28.7866%non-controlling interest in FNB under the equity method of accounting. 

In connection with the cooperative’s purchase ofits interest in FNB, the cooperative owned the right and was subject to theobligation to deliver cattle annually to NBP relative to: (i) USPB’s ownershipin NBP and (ii) the number of cattle processed annually by NBP.  Thatarrangement continues following the conversion of the cooperative into theLLC.   The price received for cattle is based upon a price grid determined by USPBand NBP, which reflects current market conditions. The cattle purchaseagreement is effective as long as USPB is an owner in NBP. Cattle delivered by USPBare processed in NBP’s three processing plants. 

USPB acquires all its cattle requirements fromits unitholders and associates. Under Uniform Cattle Delivery and MarketingAgreements, unitholders are obligated to deliver a designated number of cattleto USPB during specified delivery periods, as defined. The original agreementswere for a term of ten years; the renewal agreements carry a term of five yearsand have an evergreen renewal provision.  Both agreements provide for minimumquality standards, delivery variances, and termination provisions, as defined.Cattle acquired pursuant to the agreements are delivered to NBP pursuant to thecattle purchase agreement. Sales transactions are based upon prevailing cash marketprices, and purchases are on terms no less favorable to NBP than would beobtained from an unaffiliated party. 

On June 12, 2003, the cooperative entered into an agreement with Farmland to acquire all of the partnership interestsin FNB held by Farmland, which approximated 71.2%. As a result of thisacquisition, the cooperative gained voting control of FNB and converted it to alimited liability company, National Beef Packing Company, LLC, under Delaware law. These transactions (Acquisition) closed on August 6, 2003. NBP assumed both the Uniform Delivery and Marketing Agreements and the cattle purchaseagreement. NBP continues to hold all of the same assets its predecessor heldbefore the consummation of the transactions, including equity in subsidiaries,except that Farmland retained a 49% interest in a NBP subsidiary National Beef aLF,LLC, which holds a 47.5% interest in aLF Ventures, LLC. After the Acquisition,NBP holds a 24.2% interest in aLF Ventures, LLC through its 51% interestretained in National Beef aLF, LLC.  

| 26 |
|----|

 

----

 

 

 

 

 

On August 18, 2004, the shareholders of U.S. Premium Beef, Ltd. approved the merger of the cooperative into awholly-owned subsidiary, U.S. Premium Beef, Inc., a Delaware corporation. The merger was effective on August 29, 2004. The Delaware corporation then, ina statutory conversion authorized under Delaware law, converted into a Delaware limited liability company.  Following the effective date of the merger andthe statutory conversion, the business of the cooperative was continued in thelimited liability company form of business organization.  The Company wassubsequently renamed U.S. Premium Beef, LLC.

Effective May 30, 2006, USPB’s majority owned subsidiary, NBP, completed the acquisition of substantially all of the assets of Brawley Beef, LLC (Brawley Beef), consisting of a state-of-the-art beef processing facility in Brawley, California pursuant to the Contribution Agreement with Brawley Beef and National Beef California, LP (NBC). NBC is a limited partnership formed with National Carriers, Inc., a wholly-owned subsidiary of NBP, acting as its general partner. Brawley Beef was an alliance of cattle producers in Arizona and California who supplied the beef processing facility. The facility commenced operations in December 2001.

National Beef Leathers, LLC, a wholly‐owned subsidiary of NBP, purchased certain assets of a wet blue tannery located in St. Joseph, Missouri from Prime Tanning in March 2009.

NBP is one of the largest beef processingcompanies in the U.S., accounting for approximately 14.1% of the federallyinspected steer and heifer slaughter during our fiscal year ended August 29,2009 as reported by the USDA.  NBP processes, packages and delivers fresh andfrozen beef and beef by-products for sale to customers in the United States andinternational markets.  NBP’s products include boxed beef, ground beef, hides,tallow and other beef and beef by-products.  In addition, NBP sells value-addedbeef products including branded boxed beef, case-ready beef, portion controlbeef, and further processed hides.  NBP markets its products to retailers, foodservice providers, distributors, further processors and the U.S. military.  USPBbelieves that its relationship with NBP is a competitive advantage within theindustry and provides NBP with a consistent and dependable supply of high-qualitycattle, including for processing in value-added and other programs. 

**NBP Results ofOperations**

The following table presents the historicalconsolidated statements of operations data for NBP for the periods indicated:   

|                                    |                                                |          | **52 weeks**   |   |                   | **53 weeks**   |          | **52 weeks**   |
|-----------------------------------------|-----------------------------------------------------|---------------|---------------------|--------|------------------------|---------------------|---------------|---------------------|
|                                    |                                                |          | **ended**           |   |                   | **ended**           |          | **ended**           |
|                                    |                                                |          | **August 29,** |   |                   | **August 30,** |          | **August 25,** |
|                                    |                                                |          | **2009**            |   | **2008**               |                | **2007**      |
|                                    |                                                |          |                |   | **(in millions)** |                |          |
| Net sales                          | $                                                   | 5,449.3  |                |   | $                      | 5,847.3        |          | $                   | 5,578.5  |
|                                    |                                                |          |                |   |                   |                |          |                |
| Costs and expenses:           |                                                |          |                |   |                   |                |
|                                    | Cost of sales                             | 5,187.1  |                |   | 5,612.4           |                | 5,443.9  |
|                                    | Selling, general, and administrative | 43.1     |                |   | 43.7              |                | 42.5     |
|                                    | Depreciation and amortization             | 44.4     |                |   | 36.4              |                | 32.4     |
|                                    | Operating income                               | 174.7    |                |   | 154.8             |                | 59.7     |
|                                    |                                                |          |                |   |                   |                |          |                |
| Other income (expense):       |                                                |          |                |   |                   |                |
|                                    | Interest income                                | 0.2      |                |   | 0.5               |                | 0.6      |
|                                    | Interest expense                               | (23.3)        |                |   | (34.0)                 |                | (39.4)        |
|                                    | Other, net                                     | (7.8)         |                |   | 5.0               |                | 1.0      |
| Total other expense, net | (30.9)                                              |          |                | (28.5) |                   | (37.8)              |
|                                    | Income tax expense                        | (0.9)         |                |   | (1.8)                  |                | (1.9)         |
| Net income                         | $                                                   | 142.9    |                |   | $                      | 124.5          |          | $                   | 20.0  |

 

 

| 27 |
|----|

 

----

 

 

 

 

 

NBP’s netincome for the fiscal year 2009 was $142.9 million compared to $124.5 millionfor the fiscal year 2008, an increase of $18.4 million. The improvement inoperating income during the fiscal year ended August 29, 2009 resultedprimarily from increased profitability from sales of NBP’s commodity beefproducts, exports and value-added product offerings as compared to fiscal yearended August 30, 2008.  Sales were lower, due in part to an approximate 2.5%decrease in the average volume of cattle processed per week and in part to theextra week in the prior reporting period as compared to this year.  The averagebeef sales prices per head decreased approximately 2.3% during this reportingperiod as the demand for beef products during fiscal year 2009 was not asstrong compared to fiscal year 2008.  Cost of sales were lower partially due toa decrease of approximately 2.5% in the number of live cattle purchased on aper week basis in addition to the additional week in the same period of lastyear.  Also contributing to this decrease was a decrease in live cattle pricesof approximately 7.4%.  Partially offsetting these decreases was an increase inthe average cattle weights by approximately 0.8% during this fiscal year endedAugust 29, 2009 as compared to the fiscal year ended August 30, 2008.  Operatingincome increased $19.9 million over the prior year.  As a percent ofsales, operating income was 3.2% and 2.6% for fiscal years 2009 and 2008,respectively.

NBP’s net income for the fiscal year 2008 was$124.5 million compared to $20.0 million for the fiscal year 2007, anincrease of $104.5 million. This is attributed to increased operating incomedue primarily to increased margins and lower interest expense, partially offsetby increased selling, general and administrative expenses.  Sales were higher,principally due to an average increase in beef sales prices per head of 8.5% infiscal year 2008 as compared to the prior year.  Also contributing to theincrease in net sales was an approximate 20.2% increase in export sales duringfiscal year 2008 as compared to fiscal year 2007.  Export sales in fiscal year2008 were aided by improved conditions in the Asian markets.  In addition, fiscalyear 2008 reflects an extra week of sales activity as compared to the sameperiod of the prior year.  Partially offsetting these increases in net saleswas an approximate 2.6% decrease in the volume of cattle processed duringfiscal year 2008 as compared to fiscal year 2007.  Cost of sales were higher,principally due to an extra week of costs in fiscal year 2008 as compared tothe same period of the prior year and an increase in live cattle prices thatwere approximately 2.7% higher due to the continued tight supply ofmarket-ready cattle and to the cattle being heavier. Partially offsetting theseincreases was a decrease in the volume of cattle processed by approximately2.6% during fiscal year 2008 as compared to fiscal year 2007.  Operating incomeincreased $95.1 million over the prior year.  As a percent of sales,operating income was 2.6% and 1.1% for fiscal years 2008 and 2007, respectively. 

**Financial Statement Accounts**

*Net Sales.*  NBP’s netsales are generated from sales of boxed beef, case-ready beef, chilled andfrozen export beef, portion control beef and beef by-products.  NBP’s net salesare affected by the volume of animals processed and the value that is extractedfrom each animal.  The value that NBP extracts from cattle processed, referredto as the cut-out value, is affected by beef prices and product mix, as premiumproducts and further processed products generate higher prices and operatingmargins.  NBP’s value-added products contribute significantly more, in terms ofprofits, than its traditional boxed beef products and are an importantcomponent of NBP’s profitability.  Wholesale beef prices fluctuate seasonallybecause of higher demand during the summer months.  Wholesale beef prices alsofluctuate because of changes in supply and demand for competing proteins andother foods, as well as changes in cattle supply, which have typically followeda ten to twelve year cycle, consisting of about six to seven years of expansionfollowed by one to two years of consolidation and three to four years ofcontraction.  While we expect the supply of cattle to expand at some point in thenext few years, we do not expect any growth in the near term.  In addition,beef and by-product sales are affected by the general economic environment andother factors.

*Cost of Sales.* NBP’s cost of sales iscomprised of the cost of livestock and plant costs such as labor, packaging, andutilities, and other facility expenses.  Total livestock costs are a functionof the volume of animals processed and the price paid for each animal.  Cattleprices vary over time and are affected by production cycles, weather, feedprices and other factors that affect the supply of and demand for livestock.  Cut-outvalue is a measure of the sales value of a beef carcass expressed on a perhundred weight basis.  Historically, changes in cut-out values andcorresponding livestock costs have been positively correlated. 

*Selling, General and Administrative Expenses.*  Sellingexpenses consist primarily of salaries, trade promotions, advertising,commissions and other marketing costs.  General and administrative costsconsist primarily of general management, insurance and professional expenses.

**Overall Industry Outlook**

Stabilization in the global anddomestic economic environments has moderated the drop in beef demand realizedsince the summer of 2008.  Ample supplies of competing proteins and risingunemployment in the U.S. impede sustained beef demand improvement.  We expect ongoingeconomic pressure to continue into at least early calendar year 2010.  The beefcattle herd liquidation has slowed due to late summer rains in several drought-strickenpasture areas.  The dairy herd liquidation, however, has continued due to weakmilk prices.  We believe that the impact of overall cattle herd liquidationwill be smaller fed-cattle supplies extending into at least calendar year 2011. A tightened supply is expected to provide underlying support to cattle and beefprices, but any sustained strength in these prices is expected to hinge ondemand improvement.  The export markets have found support from a weak U.S.dollar and inventory rationalization.  Global export demand is expected to continueto experience modest growth over the coming year led by foreign economicconditions improving at a slightly faster pace than in the U.S.

 

| 28 |
|----|

 

----

 

 

 

 

 

**Beef Export Markets**

Export markets for U.S. beefproducts remain constrained since the discovery of a single case of BovineSpongiform Encephalopathy (BSE) in the State of Washington in December 2003, aswell as other isolated cases.  In July 2006, Japan agreed to reopen its marketto U.S. beef from cattle aged 20 months and younger.   In April 2008, NBP’sBrawley facility was suspended from shipping beef to Japan following thediscovery of a short loin which included a portion of a spinal column, aspecified risk material, prohibited by Japan.  NBP’s Brawley facility wassubsequently cleared to resume shipments to Japan on September 19, 2008.  SouthKorea announced a provisional opening of its border to U.S. beef from animals30 months and younger in September 2006, but subsequently closed its borderagain in October 2007.  South Korea reopened its border and started inspectingU.S. beef near the end of June 2008.  NBP’s Dodge City facility was removed fortwo days from the eligible supplier list to Mexico beginning on December 23, 2008 for analleged issue that arose in September of 2008 on a basis which NBP believes tobe untrue and unfounded.  These constraints and uncertainties have historicallyhad a negative impact on beef margins during the periods in which theyoccurred.

We cannotpresently assess the full economic impact of the consequences of BSE on theU.S. beef packing industry or on our operations.  Existing or new importrestrictions or additional regulatory restrictions or disruptions in domesticand foreign consumer demand for beef may continue to have a material adverseeffect on the Company’s revenues and net income.

**Critical Accounting Policies and Estimates**

The following discussion and analysis offinancial condition and results of operations are based on our consolidatedfinancial statements, which have been prepared in accordance with U.S. generally accepted accounting principles generally accepted in the United States of America. The preparation of these financial statements requires managementto make estimates and judgments that affect the reported amounts of assets,liabilities, revenues and expenses, and related disclosures of contingentassets and liabilities. On an ongoing basis, management evaluates and revisesits estimates based on historical experience and other assumptions that webelieve are reasonable under the circumstances. Actual results may differ fromthose estimates. Changes in our estimates could materially affect our resultsof operations and financial condition for any particular period. Our fiscalyear ends on the last Saturday in August. We believe that our most criticalaccounting policies are as follows: 

*Accounting for Investment in NBP.*  Inaccordance with accounting principles generally accepted in the United Statesof America, NBP’s financial position and results of operations are consolidatedinto our financial statements and all transactions between the two companiesare eliminated in the consolidation. A minority owners’ interest is presentedwhich represents the earnings of NBP attributable to those holding a minorityinterest in NBP. 

*Allowance for Returns and Doubtful Accounts.*    Theallowance for returns and doubtful accounts reflects reserves for customerreceivables to reduce receivables to amounts expected to be collected.Management uses significant judgment in estimating uncollectible amounts. Inestimating uncollectible amounts, management considers factors such as currentoverall economic conditions, industry-specific economic conditions, historicalcustomer performance, and anticipated customer performance. Specific accountsare also reviewed for collectability. While management believes these processeseffectively address its exposure to doubtful accounts, changes in the economy,industry or specific customer conditions may require adjustment to the recordedallowance for doubtful accounts.  Management uses significant judgment inestimating amounts expected to be returned.  Management considers factors suchas historical performance and customer conditions in estimating return amounts.

*Inventory Valuation.*  Inventoriesconsist primarily of meat products and supplies.  Product inventories areconsidered commodities and are based on quoted commodity prices, whichapproximate net realizable value.  Supply and other inventories are valued onthe basis of first-in, first-out, specific or average cost methods.  Product inventoriesare relieved from inventory utilizing the first-in, first-out method.  Managementperiodically reviews inventory balances and purchase commitments to estimate ifinventories will be sold at amounts (net of estimated selling costs) less thantheir carrying amounts. If actual results differ from management estimates withrespect to the selling of inventories at amounts less than their carryingamounts, NBP would adjust its inventory balances accordingly.

 

| 29 |
|----|

 

----

 

 

 

 

 

*Goodwill and Other Intangible Assets.*   Werecognize excess cost over the fair value of the net tangible and identifiableintangible assets acquired in a reporting unit, and record this excess asgoodwill.  We calculate the fair value of the applicable reporting unit usingestimates of future cash flows.  In accordance with Statement of FinancialAccounting Standards (SFAS) 142, *Goodwill and Other Intangible Assets,*we assess goodwill and other indefinite life intangible assets annually forimpairment. If there is impairment, the carrying amount of goodwill and otherintangible assets is written down to the implied fair value.  For goodwill,this test involves comparing the fair value of each reporting unit to theunit’s book value to determine if any impairment exists.  Goodwill and otherindefinite life intangible assets were tested for impairment, and, as of August29, 2009, management determined there was no impairment.

*Workers’ Compensation Accrual.*  NBPincurs certain expenses associated with workers’ compensation. In order tomeasure the expense associated with these costs, management must make a varietyof estimates including employee accidents incurred but not yet reported. Theestimates used by management are based on NBP’s historical experience as wellas current facts and circumstances. 

*Automobile Liability Accrual.*  NBPincurs certain expenses associated with automobile liability.  In order tomeasure the expense associated with these costs, management must make a varietyof estimates to determine the ultimate cost to NBP related to incurred accidents. The estimates used by management are based on NBP’s historical experience aswell as current facts and circumstances. 

*Valuationof Minority Owners’ Interest.*  Historically, certain of NBP’s members havehad the right to require that NBP repurchase their interests.  The fairmarket value of those interests is classified as minority owners’ interest.  Atany time after certain dates, the earliest being July 31, 2010, the latestbeing July 31, 2011, affiliates of NBP’s President and Chief ExecutiveOfficer, Timothy M. Klein, and/or NBPCo Holdings, Inc. have the right torequire that NBP repurchase their interests, the value of which is to bedetermined by a specified formula or a mutually agreed process.  If NBP isunable to effect the repurchase within a specified time, the requestingmember(s) have the right to cause a sale process to commence.  OnApril 13, 2009, NBP entered into two Unit Redemption Agreements (theUnit Redemption Agreements) pursuant to Section 12.5 of NBP’s limitedliability company agreement to redeem at agreed upon redemption prices all ofthe membership interests in NBP that were owned or controlled by NBP’sformer Chief Executive Officer, John R. Miller, and an affiliate of NBP’sformer General Counsel, Scott H. Smith, as well as 25% of the membershipinterests in NBP that were owned by affiliates of Mr. Klein.  As a result,Mr. Miller and Mr. Smith and their affiliates received approximately$91.3 million and $22.8 million, respectively, for their units andare no longer members of NBP.  Mr. Klein’s affiliates receivedapproximately $11.4 million for their redeemed units.

USPB accounts for changes in theredemption value of these interests by accreting the change in value from thedate of change through the earliest redemption date of the respectiveinterests.  At August 29, 2009, the value of the minority owners’ interest**wasdetermined to be $240.6 million, which was in excess of its carrying value.  Aftergiving effect to the redemption of interests in April 2009 and the accretion ofvalue, the carrying value of minority owners’ interest at August 29, 2009 was$183.4 million.  Offsetting the change in the value of the minority owners’interest is a corresponding change in the members’ capital.

Generally accepted accounting principlesrequire USPB to determine the fair value of the minority owners’ interestat the end of each reporting period.  To the extent that this value increases,this change in fair value is accreted over the redemption period as discussedabove.  At February 28, 2009, May 30, 2009 and August 29, 2009,management used the agreed upon redemption prices that were used in the UnitRedemption Agreements discussed above in measuring the fair value of the minorityowners’ interest.  The Unit Redemption Agreement between NBP and TimothyKlein and affiliates provides for a formula-based method of calculatingtheir interest once an appraisal election has been given. This formula‐basedmethod was used in valuing the interest of Timothy Klein and affiliates at August29, 2009.

The total value of the minorityowners’ interest at August 29, 2009, increased by approximately $20.3 millioncompared to the value at August 30, 2008.  The increase in the value of the minorityowners’ interest recorded on the balance sheet reflects the increase in theunit value represented by the Redemption Agreements, offset by the purchase of certaininterests in fiscal year 2009.

| 30 |
|----|

 

----

 

 

 

 

 

**Results of Operations**

Thefollowing table shows consolidated statements of operations data for theperiods indicated:

|                               |                         |                                                                     | **52 weeks**   |                   | **53 weeks**   |   | **52 weeks**   |
|-----------------------------------------|-----------------------------------|--------------------------------------------------------------------------|---------------------|------------------------|---------------------|--------|---------------------|
|                                    |                              |                                                                     | **ended**           |                   | **ended**           |   | **ended**           |
|                                    |                              |                                                                     | **August 29,** |                   | **August 30,** |   | **August 25,** |
|                                    |                              |                                                                     | **2009**            |                   | **2008**            |   | **2007**            |
|                                    |                              |                                                                     |                | **(in millions)** |                |
| Net sales                          | $                                 | 5,449.3                                                             |                | $                      | 5,847.3        |   | $                   | 5,578.5  |
|                                    |                              |                                                                     |                |                   |                |   |                |
| Costs and expenses:           |                              |                                                                     |                |                   |                |
|                                    |                              | Cost of sales                                                  | 5,187.1        |                   | 5,612.4        |   | 5,444.0        |
|                                    |                              | Selling, general, and administrative                      | 49.1           |                   | 51.7           |   | 46.1           |
|                                    |                              | Depreciation and amortization                                  | 45.7           |                   | 36.4           |   | 32.4           |
|                                    |                              | Operating income                                                    | 167.4          |                   | 146.8          |   | 56.0           |
|                                    |                              |                                                                     |                |                   |                |   |                |
|                                    | Other income (expense): |                                                                     |                |                   |                |   |
|                                    |                              | Minority owners' interest in net income of |                |                   |                |   |                |
|                                    |                              |      National Beef Packing Co.   | (50.0)              |                   | (55.1)              |   | (7.8)               |
|                                    |                              | Interest income                                                     | 0.3            |                   | 1.4            |   | 2.1            |
|                                    |                              | Interest expense                                                    | (23.6)              |                   | (34.2)              |   | (39.8)              |
|                                    |                              | Termination Fee                                                     | 14.6           |                   | -              |   | -              |
|                                    |                              | Other, net                                                          | (7.7)               |                   | 5.1            |   | 1.0            |
| Total other expense, net | (66.4)                            |                                                                     | (82.8)              |                   | (44.5)              |
|                                    |                              | Income tax expense                                             | (1.0)               |                   | (1.8)               |   | (1.9)               |
| Net income                         | $                                 | 100.0                                                               |                | $                      | 62.2           |   | $                   | 9.6  |

 

The results of operations of NBP for the fiscalyears ending August 29, 2009, August 30, 2008, and August 25, 2007 areconsolidated in the respective periods and transactions between USPB and NBPhave been eliminated. 

***Fiscal Year Ending August 29, 2009 compared to August 30,2008***

*Net Sales*.  Sales were $5,449.3million in fiscal year 2009, a decrease of $398.0 million, or 6.8%, from$5,847.3 million in fiscal year 2008.  The decrease was due in part to anapproximate 2.5% decrease in the average volume of cattle processed per weekand in part to the extra week in fiscal year 2008 as compared to fiscal year2009.  The average beef sales prices per head decreased approximately 2.3%during this reporting period as the demand for beef products during fiscal year2009 was not as strong compared to fiscal year 2008.

*Cost ofSales.*   Cost of sales was $5,187.1 million for fiscal year2009, a decrease of $425.3 million, or 7.6%, from $5,612.4 million for fiscalyear 2008.  The decrease resulted partially from a decrease of approximately 2.5%in the number of live cattle purchased on a per week basis in addition to theadditional week in fiscal year 2008.  Also contributing to this decrease was a decreasein live cattle prices of approximately 7.4%.  Partially offsetting thesedecreases was an increase in the average cattle weights by approximately 0.8%during fiscal year 2009 as compared to fiscal year 2008.  Cost of sales, as apercentage of net sales, was 95.2% and 96.0% for fiscal years 2009 and 2008,respectively.

*Selling,General, and Administrative Expenses.*  Selling, general, and administrativeexpenses were $49.1 million for fiscal year 2009, a decrease of $2.6 million,or 5.0%, from $51.7 million for fiscal year 2008.  The decrease for this periodis primarily due to a decrease in legal fees of approximately $4.2 million, adecrease in travel and related expenses of approximately $0.9 million and adecrease in marketing expense of approximately $0.7 million.  Fiscal year 2008reflects an extra week of expense as compared to the same period of fiscal year2009 which contributed to the decreases in the marketing expenses discussedabove as well as the selling, general and administrative expenses in general. Partially offsetting these decreases was an increase in payroll and benefits ofapproximately $2.2 million and an increase in the provision for bad debts ofapproximately $0.4 million.  Selling, general, and administrative expenses, asa percentage of net sales, were 0.9% and 0.9% for the fiscal years 2009 and2008, respectively.  

*Depreciationand Amortization Expense.*  Depreciation and amortization expenseswere $45.7 million for fiscal year 2009 compared to $36.4 million forfiscal year 2008, an increase of $9.3 million, or 25.5%. Depreciationexpense increased due to assets being placed into service, primarily at theDodge City and Liberal beef plants, during fiscal year 2009 and to assets beingplaced into service at NBP’s three beef plants and two case ready plants duringfiscal year 2008.  Partially offsetting these increases, fiscal year 2008reflects an extra week of expense as compared to fiscal year 2009.

 

 

| 31 |
|----|

 

----

 

 

 

 

 

*Operating Income.*  Operatingincome was $167.4 million for fiscal year 2009, an increase of $20.6 million,or 14.0%, from $146.8 million for fiscal year 2008.  Operating income, as apercentage of net sales, was 3.1% and 2.5% for fiscal years 2009 and 2008,respectively.  The improvement in operating income during fiscal year 2009 resultedprimarily from increased profitability from sales of our commodity beefproducts, exports and our value-added product offerings during fiscal year 2009.  The improvement in profitability from sales of our commodity beef productswas primarily attributable to the improvement in demand relative to the priceof cattle..

*Minority Owners’ Interest in NBP.* Minorityinterest in NBP in fiscal year 2009 was $50.0 million compared to $55.1 millionin fiscal year 2008, a decrease of $5.1 million. The decrease is due to theacquisition of some of the minority interest in NBP in fiscal year 2009, whichwas partially offset by higher net income in the current period.  The minorityinterest in NBP represents the minority owners’ equity in NBP’s earnings.

*InterestExpense.*  Interest expense was $23.6 million for fiscal year 2009compared to $34.2 million for fiscal year 2008, a decrease of $10.6 million, or31.0%.  The decrease in interest expense during the 52 week period of fiscal year2009 as compared to the 53 week period of fiscal year 2008 was due primarily tothe purchase and cancellation of an aggregate principal amount of NBP’s senior notesof approximately $62.5 million and $30.6 million during fiscal years 2009 and2008, respectively.  The repayment of approximately $25.7 million of NBP’s termnote in December 2008 also contributed to the decline in interest expense for fiscalyear 2009.  Also contributing to the decrease in interest expense was lowerinterest rates on variable rate debt, a decrease of approximately 189 basispoints, during the comparable periods and an approximate $11.3 million decreasein the weighted average principal amount of our variable rate debt for fiscalyear 2009 as compared to fiscal year 2008.  Also contributing to thesedecreases was an extra week of interest expense in fiscal year 2008 as comparedto fiscal year 2009.  

*TerminationFee*.  A termination fee in the amount of $14.6 million was received in thethirty-nine week period ending May 30, 2009 as a result of the termination ofthe Membership Interest Purchase Agreement dated February 29, 2008,between and among USPB, NBP, JBS S.A. (JBS), and the other holders ofmembership interests in NBP (MIPA).

*Other,net.*  Other non-operating expense, net was $7.7 million in fiscalyear 2009 compared to other non-operating income, net of $5.1 million in fiscalyear 2008, a decrease of $12.8 million.  The decrease in other, net wasprimarily related to the write-off of approximately $5.6 million of legal feesrelated to the termination of the MIPA in February 2009 and approximately $1.5million related to the write-off of debt issuance costs.  Also contributing tothe decrease was the approximate $0.7 million write-off of obsolete parts at NBP’scase ready facilities during the second quarter of fiscal year 2009.  Fiscalyear 2008 included approximately $3.4 million in income for a settlement of alawsuit related to corrugated packaging materials and about $1.3 million inincome related to proceeds received in redemption of an investment interest inwhich NBP’s basis had previously been written down to zero, both of which didnot recur during the comparable period of this year.  Fiscal years 2009 and2008 also included $1.4 million and $0.4 million, respectively, in expense forthe write-off of unamortized loan costs associated with the repurchase andcancellation of NBP’s senior notes during fiscal years 2008 and 2009 andamending and restating the credit facility during fiscal year 2009.  

*Income TaxExpense*.  Income tax expense was $1.0 million for fiscal year 2009 ascompared to $1.8 million for fiscal year 2008, a decrease of $0.8 million, or 44.4%,primarily related to NBP’s subsidiary, National Carriers, Inc. (NCI).  Incometax expense is recorded on income from NCI, which is organized as a CCorporation.  The effective tax rate for NCI was relatively consistent forfiscal years 2009 and 2008.

*NetIncome.*  As a result of the factors described above, net income for fiscalyear 2009 was approximately $100.0 million compared to net income ofapproximately $62.2 million for fiscal year 2008, an increase ofapproximately $37.8 million.

***Fiscal Year Ending August 30, 2008 compared to August 25,2007***

*Net Sales.*  Net sales were$5,847.3 million for fiscal year 2008, an increase of $268.8 million, or 4.8%,compared to $5,578.5 million for fiscal year 2007.  The moderate increase innet sales resulted primarily from an average increase in beef sales prices perhead of 8.5% in the 53 week period ended August 30, 2008 as compared to the 52week period in the prior year.  Also contributing to the increase in net saleswas an approximate 20.2% increase in export sales during fiscal year 2008 ascompared to fiscal year 2007.  Export sales in fiscal year 2008 were aided byimproved conditions in the Asian markets.  In addition, fiscal year 2008reflects an extra week of sales activity as compared to the same period of theprior year.  Partially offsetting these increases in net sales was anapproximate 2.6% decrease in the volume of cattle processed during fiscal year2008 as compared to fiscal year 2007.

 

| 32 |
|----|

 

----

 

 

 

 

 

*Cost of Sales.*  Cost of saleswas $5,612.4 million for fiscal year 2008, an increase of $168.4 million, or3.1%, from $5,444.0 million for fiscal year 2007. The increase was primarily aresult of an extra week of costs in fiscal year 2008 as compared to the sameperiod of the prior year.  Also contributing to the increase in cost of saleswas increased live cattle prices that were approximately 2.7% higher due to thecontinued tight supply of market-ready cattle and to the cattle being heavier,at average weights 1.2% more, during the 53 week period of fiscal year 2008than the 52 week period of fiscal year 2007.  Partially offsetting theseincreases was a decrease in the volume of cattle processed by approximately2.6% during fiscal year 2008 as compared to fiscal year 2007.  Cost of sales,as a percentage of net sales, was 96.0% and 97.6% for fiscal years 2008 and2007, respectively.  

*Selling, General and Administrative Expenses.* Selling, general and administrative expenses were $51.7 million forfiscal year 2008 compared to $46.1 million for fiscal year 2007, anincrease of $5.6 million or 12.1%.  The increase for this period isprimarily due to an increase in payroll, bonus, and benefit expenses ofapproximately $3.5 million, an increase in legal expenses $1.5 million, and anincrease in marketing expense of approximately $0.8 million.  Fiscal year 2008reflects an extra week of expense as compared to the same period of the prior year,which contributed to the increase in the expenses discussed above as well asthe selling, general and administrative expenses in general.  Offsetting theincreases in selling, general and administrative expenses were decreases ofapproximately $0.8 million in the provision for bad debts and approximately$0.4 million in repairs and maintenance costs during fiscal year 2008 ascompared to fiscal year 2007.  Selling, general and administrative expenses, asa percentage of net sales, were 0.9% and 0.8% for fiscal years 2008 and 2007,respectively.

*Depreciation and Amortization Expense.*  Depreciationand amortization expenses were $36.4 million for fiscal year 2008 comparedto $32.4 million for fiscal year 2007, an increase of $4.0 million,or 12.3%.  Depreciation expense increased due to assets being placed intoservice, primarily at the Dodge City and Brawley beef plants, during the fiscalyear 2007 and to assets being placed into service at NBP’s three beef plantsand at the two Case Ready plants during fiscal year 2008.  In addition, fiscalyear 2008 reflects an extra week of expense as compared to the same period of theprior year.

*Operating Income.*  Operating income was$146.8 million for fiscal year 2008, a significant increase of $90.8 million,or 162.1%, from $56.0 million for fiscal year 2007.  Operating income, as apercentage of net sales, was 2.5% and 1.0% for fiscal years 2008 and 2007,respectively.  The significant improvement in operating income during fiscalyear 2008 was related primarily to a more favorable market environment for ourcommodity beef products in 2008 as compared to 2007 and, to a lesser degree,increased profitability from our value-added product offerings and increasedexport sales.

*Minority Owners’ Interest in NBP.*  Minorityinterest in NBP in fiscal year 2008 was $55.1 million compared to $7.8 millionin fiscal year 2007, an increase of $47.3 million. The increase is due tohigher net income earned by NBP. The minority interest in NBP represents theminority owners’ equity in NBP’s earnings. 

*Interest Expense.*  Interest expense was$34.2 million for fiscal year 2008 compared to $39.8 million for fiscal year2007, a decrease of $5.6 million, or 14.1%.  The decrease in interest expenseduring fiscal year 2008 as compared to fiscal year 2007 was due primarily tolower interest rates on NBP’s variable rate debt, a decrease of approximately242 basis points.  Offsetting this decrease in interest rates was an increasein the weighted average of variable rate debt of approximately $8.2 million at August 30, 2008 as compared to August 25, 2007.  Also contributing to the offset, was anextra week of interest expense in fiscal year 2008 as compared to the sameperiod of fiscal year 2007.

*Other, Net*.  Other non-operating income,net was $5.1 million in fiscal year 2008 compared to other non-operatingincome, net of $1.0 million in fiscal year 2007, an increase of $4.1 million. Fiscal year 2008 included approximately $3.4 million in income for a settlementof a lawsuit related to corrugated packaging materials and about $1.3 millionin income related to proceeds received in redemption of an investment interestin which NBP’s basis had previously been written down to zero.  Fiscal year2007 included an approximate $0.2 million gain on the sale of land.  Fiscalyears 2008 and 2007 also included $0.4 million and $0.7 million, respectively,in expense for the write-off of unamortized loan costs associated with therepurchase and cancellation of NBP’s senior notes during fiscal year 2008 andamending and restating NBP’s credit facility during fiscal year 2007. 

 

| 33 |
|----|

 

----

 

 

 

 

 

 *IncomeTax Expense*.  Income tax expense was $1.8 million for fiscal year 2008 ascompared to $1.9 million for fiscal year 2007, a decrease of $0.1 million, or5.3%.  Beginning in calendar year 2008, some states in which we conductbusiness modified their business taxes, using net income, or a modification ofnet income, as the basis.  The modification of these state taxes necessitatedthe inclusion of approximately $0.6 million of these business taxes in incometax expense during fiscal year 2008 as compared to fiscal year 2007.  Thedecrease in income taxes for the period of approximately $0.7 million isrelated to NBP’s subsidiary, National Carriers, Inc. (NCI).  Income tax expenseis recorded on income from NCI, which is organized as a C Corporation.  Theeffective tax rate for NCI was relatively consistent for fiscal years 2008 and2007.

*NetIncome.*  As a result of the factors described above, net income for fiscalyear 2008 was approximately $62.2 million compared to net income ofapproximately $9.6 million for fiscal year 2007, an increase ofapproximately $52.6 million.

**Liquidity and Capital Resources**

As of August 29, 2009, we had net workingcapital of approximately $163.3 million, which included $10.9 million indistributions payable, and cash and cash equivalents of $18.9 million.  As ofAugust 30, 2008, we had net working capital of approximately $277.9 million,which included $19.2 million in distributions payable, and cash and cashequivalents of $77.4 million.  NBP’s primary sources of liquidity are cash flowfrom operations and available borrowings under its amended and restated creditfacility (Credit Facility). 

As of August 29, 2009, we had $305.9 million oflong-term debt, of which $12.5 million was classified as a current liability.  Asof August 29, 2009, NBP’s Credit Facility consisted of an outstanding $176.9 million term loan(which is expected to be increased by $75.0 million in November 2009),  a$225.0 million revolving line of credit loan, which had outstanding borrowingsof $29.2 million (which are expected to besubstantially or fully paid down with a portion of the proceeds of the expectedincrease in the term loan), outstanding letters ofcredit of $38.5 million and available borrowings of $143.6 million, based onthe most restrictive financial covenant calculations.  We also had a term loanwith CoBank of which $2.1 million was outstanding and a $13.0 million revolvingline of credit with CoBank which had outstanding borrowings of $5.0 million.  Cashflows from operations and borrowings under NBP’s Credit Facility have funded itsacquisitions, working capital requirements, capital expenditures and othergeneral corporate purposes.  NBP was in compliance with all of the financialcovenants under its Credit Facility as of August 29, 2009.  USPB was incompliance with all of the financial covenants under its Amended and RestatedCredit Agreement as of August 29, 2009.

Effective April 13, 2009, NBP amended theCredit Facility to increase the available borrowings under the facility byincreasing the revolving line of credit by $25.0 million and the term loanby up to $75.0 million. NBP used $50.0 million from the revolver and$75.5 million from the issuance of Class A1 units to finance theredemption of the membership interests from certain members of management andtheir affiliates pursuant to their rights under the NBP’s limited liabilitycompany agreement.

In addition to outstanding borrowings under its CreditFacility, NBP had outstanding borrowings under industrial revenue bonds of $16.3million, senior notes of $66.9 million and capital lease and other obligationsof $9.5 million as of August 29, 2009.

Capital spending through the end of fiscal year 2010is expected to approximate $60.0 million. These expenditures are planned primarily forplant expansion, equipment renewals and improvements including $3.2 million forenvironmental and air pollution control.

NBP believes that available borrowings under theCredit Facility and cash provided by operating activities will be sufficient tosupport its working capital, capital expenditures and debt service requirementsfor the foreseeable future. Under the April 13, 2009 amendment to theCredit Facility, NBP is required to purchase or redeem $100.0 millionaggregate principal amount of its outstanding senior notes on or beforeDecember 31, 2009. NBP intends to finance this required purchase with theincreased available line of credit of $25.0 million and increasedavailable term borrowings of up to $75.0 million.  As of August 29, 2009, NBPhad purchased approximately $60.2 million of the $100.0 millionaggregate principal amount of its senior notes required to be purchased.  NBPplans to redeem an additional approximately $37.9 million of the senior noteson November 25, 2009.  NBP’s ability to generate sufficient cash, however, issubject to certain general economic, financial, industry, legislative,regulatory and other factors beyond its control.  For a review of the obligationsthat affect liquidity, please see the “Cash Payment Obligations” table below.

 

| 34 |
|----|

 

----

 

 

 

 

 

* *

*Operating Activities*

Net cash provided by operating activities was $258.9million in fiscal year 2009 compared to net cash provided by operatingactivities of $155.1 million in fiscal year 2008. The $103.8 million increase wasdue partially to a significant increase in net income of approximately $37.8million.  Also contributing to the improvement was net cash being providedthrough inventory and accounts receivable reductions during fiscal year 2009.

Net cash provided by operating activities was$155.1 million in fiscal year 2008 compared to net cash used in operatingactivities of $8.0 million in fiscal year 2007. The $163.1 million increase wasdue primarily to a significant increase of approximately $52.6 million in netincome and a $47.6 million increase in minority interest in fiscal year 2008 ascompared to fiscal year 2007.  Also contributing to the improvement was netcash being provided primarily in operating activities through inventory,accounts payable and accrued compensation and benefits during the 53 weekperiod of fiscal year 2008 while net cash was used primarily in operatingactivities through accounts receivable during the 52 week period of the prior year.

*Investing Activities*

Net cash used in investing activities was $35.8million in fiscal year 2009 as compared to $58.9 million in fiscal year 2008,a decrease of $23.1 million.  The decrease in cash used was primarilyattributable to the receipt of the $14.6 million termination fee received bythe Company related to the termination of the MIPA.

Net cash used in investing activities was $58.9million in fiscal year 2008 as compared to $41.5 million in fiscal year 2007,an increase of $17.4 million. The increase was primarily attributable to morecapital spending during fiscal year 2008 and included the purchase ofapproximately $10.0 million of equipment that we had initially planned tolease.

*Financing Activities*

Net cash used in financing activities was $281.6million in fiscal year 2009 compared to net cash used in financing activitiesof $81.7 million in fiscal year 2008.  The change was primarily attributed toan approximate $125.5 million redemption of member capital, an approximate$52.9 million increase in member distributions, the purchase and cancellationof an additional $31.9 million of NBP’s senior notes, approximately $25.7million in repayments on NBP’s term note, and $11.7 million change inoverdraft balances at August 29, 2009 as compared to August 30, 2008.  These changes werepartially offset by an approximate $49.8 million increase in net revolvercredit borrowings and by an approximate $19.6 million member capitalcontribution during fiscal year 2009.

Net cash used in financingactivities was $81.7 million in fiscal year 2008 compared to net cash providedby financing activities of $58.0 million in fiscal year 2007.  The change wasprimarily attributed to a $46.5 million difference in net revolving creditborrowings, the borrowing of $40.0 million on NBP’s term note in the 2007period that did not recur in the 2008 period, the $30.6 million purchase andcancellation of senior notes, a $11.1 million change in the impact of overdraftbalances, a $10.5 million in proceeds from a sale leaseback transaction infiscal year 2007 that did not recur in fiscal year 2008, and a $7.8 millionincrease in distributions.

***CoBank Debt***

On June 22, 2009, the Companyentered into an Amended and Restated Credit Agreement and Security Agreement (CoBankAgreement).  The Agreement updates the Company’s Credit Agreement entered intoon November 25, 1997, with the First through Ninth amendments, which occurredfrom time to time.  In connection with the CoBank Agreement, the Company alsoentered into a Pledge Agreement.  Under the Pledge Agreement, the Companygrants a continuing security interest in its ownership interests in NBP toCoBank, ACB.  The security interest is provided by the Company to secure itsobligations to CoBank. 

USPB’s revolving line of credit had outstandingborrowings of $5.0 million at August 29, 2009.  Borrowings under the facilitywill bear interest at LIBOR or the Base Rate, plus the applicable margin forrevolving line of credit loans.  The applicable margin will be the same as NBP’s Credit Facility for Line of Credit Loans.

USPB’s CoBank term debt of approximately $2.1 millionis payable in quarterly installments with final payment due in July 1, 2011,bearing interest at the 90 day LIBOR index plus applicable margin (3.10% atAugust 29, 2009, 5.29% at August 30, 2008, and 7.86% at August 25, 2007).  Theapplicable margin is adjusted annually and is determined pursuant to a tablebased on the NBP leverage ratio, as of the end of each fiscal year of NBP. Basedon the table, the rate margin was 2.50% at fiscal years ending August 29, 2009,August 30, 2008, and August 25, 2007.

 

 

| 35 |
|----|

 

----

 

 

 

 

 

The debt agreement with CoBank contains certaincovenants which require, among other things:        

-  reporting requirements;  	
-  a minimum consolidated working capital reserve; 	
-  a minimum debt service coverage ratio (not required if workingcapital falls above the greater of one half the aggregate commitment or$4 million).
-  	a minimum consolidated net worth of $70.0 million 
-  	restrictions on transactions with related parties; and,    
-  	restrictions on dividend payments; 

The Company was in compliance with all CoBankdebt covenants as of August 29, 2009. The debt is secured by USPB’s interest inNBP. 

 ***Credit Facility***

Effective April 13, 2009, NBP’sCredit Facility was amended to permit the redemption of its membershipinterests in the amount of $125.5 million, including the authorization andissuance of Class A1 units to help fund the redemption.  In addition, the termsof its Credit Facility were amended to:  (1) increase the borrowings under the CreditFacility by up to $100.0 million, of which up to $75.0 million is under theterm loan and $25.0 million is under the revolving line of credit; (2) increasethe applicable margin on the rates of interest of the term loan and revolvingline of credit; (3) revise the payment schedule of the term loan; (4) shortenthe maturity date of the term loan; (5) remove the restrictions on purchasing NBP’ssenior notes and require the repurchase or redemption of $100 million aggregateprincipal amount of NBP’s senior notes; (6) increase the amount of capitalexpenditures NBP can make in any fiscal year from $50 million to $60 million,or $65 million if NBP expends less than $55 million in the immediately precedingfiscal year; and (7) add a financial covenant requiring NBP to maintain a specifiedFunded Debt to EBITDA ratio.  The related financing charges, an upfront fee ofapproximately $0.8 million and an arrangement fee of approximately $0.5million, are being amortized over the life of the loan.

As of August29, 2009, the Credit Facility consisted of an outstanding $176.9 million termloan (which is expected to be increased by $75.0 million in November 2009),  a $225.0 million revolving line of credit loan, which hadoutstanding borrowings of $29.2 million (which are expected to be substantiallyor fully paid down with a portion of the proceeds of the expected increase inthe term loan), outstanding letters of credit of $38.5 million and availableborrowings of $143.6 million, based on the most restrictive financial covenantcalculations. 

The borrowingsunder the Credit Facility bear interest at LIBOR or the Base Rate, plus theapplicable margin.  The applicable margin for the revolving line of credit andthe term loan will be based on borrowing base availability with grids foramounts greater than $150.0 million, $50.0 to $150.0 million and less than$50.0 million.  As of August 29, 2009, the interest rates for the revolvingloan and the term loan were approximately 3.88% and 3.51%, respectively.

NBP’s fundeddebt to EBITDA ratio is not to be more than 3.75 to 1.00 at the end of eachfiscal quarter.  If the borrowing base availability is less than $50.0 millionfor five consecutive business days or less than $35.0 million on any singlebusiness day during any fiscal quarter, a fixed charge ratio of 1:15 to 1:00must be maintained at the end of each subsequent fiscal quarter until theborrowing base availability has been greater than or equal to $50.0 million for90 consecutive days.   As of August 29, 2009, NBP had met the borrowing baserequirement under its Credit Facility. The advance rates underthe borrowing base are 90% on eligible accounts and 70% on eligible inventory. 

Theborrowings under the revolving loan are available for NBP’s working capitalrequirements, capital expenditures and other general corporate purposes,including the required purchase of $100.0 million aggregate principal amount ofits senior notes on or before December 31, 2009.  The Credit Facility issecured by a first priority lien on substantially all of NBP’s assets.  Theprincipal amount outstanding under the term loan is due and payable in equalinstallments of approximately $2.5 million on the last business day of eachJune and December commencing December 2009 through December 2010, after which requiredinstallment payments increase to approximately $4.8 million.  All outstandingamounts of the term loan are due and payable on July 25, 2012.  Prepayment ofthe term loan is allowed at any time.

 

| 36 |
|----|

 

----

 

 

 

 

 

The CreditFacility contains customary affirmative covenants, including, withoutlimitation, conduct of business, the maintenance of insurance, compliance withlaws, maintenance of properties, keeping of books and records, and thefurnishing of financial statements.  The facility also contains customarynegative covenants, including without limitation, restrictions on thefollowing:  distributions, mergers, sale of assets, investments andacquisitions, encumbrances, indebtedness, affiliate transactions, and ERISAmatters.

The Credit Facilitycontains customary events of default, including without limitation, failure tomake payment when due, materially incorrect representations and warranties,breach of covenants, events of bankruptcy, default of other indebtedness thatwould permit acceleration of such indebtedness, the occurrence of one or moreunstayed or undischarged judgments in excess of $3.0 million, changes in custodyor control of the NBP’s property, changes in control of NBP, the failure of anyof the loan documents to remain in full force, and NBP’s failure to properlyfund its employee benefit plans.  The facility also includes customaryprovisions protecting the lenders against increased cost or loss of yieldresulting from changes in tax, reserve, capital adequacy and other requirementsof law.

***Industrial Revenue Bonds***

In conjunction with the fourth amendment andrestatement of NBP’s Credit Facility, effective December 30, 2004, NBPentered into a transaction with the City of Dodge City, Kansas, in order toprovide NBP property tax savings.  Under the transaction, the City issued$102.3 million in bonds due in December 2019, used the proceeds to purchase ourDodge City facility (the facility) and leased the facility to NBP for anidentical term under a capital lease.  The City’s bonds were purchased by NBPusing proceeds of its term loan under the Credit Facility.  Because the Cityhas assigned the lease to the bond trustee for the benefit of NBP as the solebondholder, NBP, in effect, controls enforcement of the lease.  As a result ofthe capital lease treatment, the facility will remain a component of property,plant and equipment in NBP’s consolidated balance sheet.  As a result of thelegal right of offset, the capital lease obligation and the corresponding bondinvestments will be eliminated in consolidation.  The transaction provides NBPwith property tax exemptions for the leased facility, which, after nettingpayments to the City and local school district under payment in lieu of taxagreements, result in an annual property tax savings of approximately 25%.  Thefacility remains subject to a prior mortgage and security interest in favor ofthe lenders under the Credit Facility.  Additional revenue bonds may be issuedto cover the costs of certain improvements to this facility.  The total amountof revenue bonds authorized for issuance is $120.0 million.

The cities of Liberal and Dodge City, Kansasissued an aggregate of $13.8 million of industrial development revenue bonds onNBP’s behalf to fund the purchase of equipment and construction of improvementsat NBP’s facilities in those cities. These bonds were issued in 1999 and 2000in four series of $1.0 million, $1.0 million, $6.0 million and $5.9 million andare due on demand or on February 1, 2029, March 1, 2027, March 1, 2015 andOctober 1, 2009, respectively. However, because each series of bonds is backedby a letter of credit under NBP’s Credit Facility, these bonds have beenpresented as non-current obligations until twelve months prior to theirmaturity.  Included in current portion of long-term debt at August 29, 2009 wasapproximately $4.0 million of the bonds due October 1, 2009.  As of August 29,2009, the amount outstanding on the $6.0 million series of bonds had beenreduced to $3.4 million and the amount outstanding on the $5.9 million seriesof bonds had been reduced to $4.0 million.  Pursuant to a lease agreement, NBPleases the facilities, equipment and improvements from the respective citiesand make lease payments in the amount of principal and interest due on thebonds. 

The bonds issued in 1999 and 2000 are variablerate demand obligations that bear interest at a rate that is adjusted weekly,which rate will not exceed 10% per annum. The average per annum interest ratefor each series of bonds was 1.5% in fiscal year 2009. NBP has the option toredeem a series of bonds at any time for an amount equal to the principal plusaccrued interest to the date of such redemption. The holders of the bonds havethe option to tender the bonds upon seven days’ notice for an amount equal topar plus accrued interest. To the extent that the remarketing agent for thebonds is unable to resell any of the bonds that are tendered, the remarketingagent will use the letter of credit to fund such tender. 

 

| 37 |
|----|

 

----

 

 

 

 

 

In connection with the BrawleyBeef acquisition, NBP assumed the obligation under a Trust Indenture securing$6.8 million in California Pollution Control Financing Authority Tax-Exemptvariable rate demand solid waste disposal revenue bonds dated as of October 1,2001.  The bonds bear a rate that is adjusted weekly, which rate will notexceed 12% per annum.  The average per annum interest rate for this series of bondsfor fiscal year 2009 was 1.6%.  These bonds have a maturity date of October 1,2016.  NBP has the option to redeem all or a portion of the bonds at any timefor an amount equal to the principal plus accrued interest to the date of suchredemption.  The holders of the bonds have the option to tender the bonds uponseven days’ notice for an amount equal to par plus accrued interest.  To theextent that the remarketing agent for the bonds is unable to resell any of thebonds that are tendered, the remarketing agent will use the letter of credit tofund such tender. 

***Utilities Commitment***

Effective December 30, 2004, NBPfinalized an agreement with the City of Dodge City, Kansas, whereby inconsideration of certain improvements made to the city water and wastewatersystems, NBP committed to make a series of service charge payments totaling$19.3 million over a 20 year period, of which $1.4 million was paid in each ofthe fiscal years 2009, 2008 and 2007, respectively.  Payments under thecommitment will be $1.7 million in fiscal year 2010, and $0.8 million in eachof the fiscal years 2011, 2012, 2013, and 2014, with the remaining balance of$8.1 million to be paid in subsequent years.  

***10 1⁄2% Senior Notes***

The 10 1⁄2% senior notes will mature on August 1,2011.  Interest on the senior notes is payable semi-annually in arrears onAugust 1 and February 1 of each year, which commenced on February 1, 2004.  Thesenior notes are senior unsecured obligations, ranking equal in right ofpayment with all of NBP’s other senior unsecured obligations.  During the 12month period commencing August 1, 2008, the senior notes were redeemable at102.625% of their principal amount.  The senior notes are now redeemable at100% of their principal amount.  NBP has notified the holders of the seniornotes that it plans to redeem approximately $37.9 million in aggregateprincipal amount of the senior notes on November 25, 2009 at their principalamount plus accrued interest to the date of such redemption.  The Indenturegoverning the senior notes contains certain covenants that restrict NBP’sability to:

-  incur additional indebtedness; 
-  make restricted payments; 
-  sell assets; 
-  direct NBP’s restricted subsidiaries to pay dividends or makeother payments;
-  create liens; 
-  merge or consolidate with another entity; and 
-  enter into transactions with affiliates. 

During fiscal years 2009 and 2008, NBP purchasedand cancelled approximately $62.5 million and $30.6 million of its senior notes,respectively.

*** ***

*** ***

*** ***

*** ***

*** ***

*** ***

| 38 |
|----|

 

----

 

 

 

***Cash Payment Obligations***

The followingtable describes our cash payment obligations as of August 29, 2009 (inthousands):

|                                                                                                                                                                                                                                                                                                                                                                     |         |         |         |          | **Fiscal Year**        | **Fiscal Year**        | **Fiscal Year**        | **Fiscal Year**        | **Fiscal Year**        |                       |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------|--------------|--------------|---------------|-----------------------------|-----------------------------|-----------------------------|-----------------------------|-----------------------------|----------------------------|
|                                                                                                                                                                                                                                                                                                                                                                     |         |         |         | **Total**     | **2010 (Year 1)** | **2011 (Year 2)** | **2012 (Year 3)** | **2013 (Year 4)** | **2014 (Year 5)** | **After Year 5** |
| Term loan facility                                                                                                                                                                                                                                                                                                                                             |         |         | $            | 178,962  | $                           | 6,030                  | $                           | 8,325                  | $                           | 164,607               | $ | -  | $ | -  | $ | -  |
| Interest on long-term debt(1)                                                                                                                                                                                                                                                                                                                             | 39,205  | 15,770  | 15,061  | 7,887    | 90                     | 90                     | 307                    |
| Revolving credit facility                                                                                                                                                                                                                                                                                                                                      |         | 34,168  | -       | 5,000    | 29,168                 | -                      | -                      | -                      |
| Senior Notes                                                                                                                                                                                                                                                                                                                                                        |         |         | 66,855  | -        | 66,855                 | -                      | -                      | -                      | -                      |
| Industrial Revenue Bonds                                                                                                                                                                                                                                                                                                                                       | 16,320  | 4,075   | -       | -        | -                      | -                      | 12,245                 |
| Capital Leases (including interest)                                                                                                                                                                                                                                                                                                                       | 10,902  | 2,804   | 1,697   | 1,667    | 1,659                  | 3,075                  | -                      |
| City of Brawley loan                                                                                                                                                                                                                                                                                                                                      |         | 200     | -       | 80       | 40                     | 40                     | 40                     | -                      |
| Operating leases                                                                                                                                                                                                                                                                                                                                                    |         |         | 29,645  | 13,047   | 8,033                  | 5,727                  | 1,727                  | 1,000                  | 111                    |
| Purchase commitments                                                                                                                                                                                                                                                                                                                                                |         | 8,365   | 8,365   | -        | -                      | -                      | -                      | -                      |
| Cattle commitments(2)                                                                                                                                                                                                                                                                                                                                               |         | 82,129  | 82,129  | -        | -                      | -                      | -                      | -                      |
| Utilities commitment                                                                                                                                                                                                                                                                                                                                                |         | 13,125  | 1,734   | 818      | 820                    | 818                    | 816                    | 8,119                  |
|                                                                                                                                                                                                                                                                                                                                                                     | Total        |         |         | $             | 479,876                | $                           | 133,954                | $                           | 105,869                | $                          | 209,916  | $ | 4,334  | $ | 5,021  | $ | 20,782  |
|                                                                                                                                                                                                                                                                                                                                                                     |         |         |         |          |                        |                        |                        |                        |                        |                       |
| (1)  Computed based on scheduled maturities and current effective interest rates.                                                                                                                                                                                                                                      |         |         |         |          |
| (2)  NBP makes a verbal commitment to cattle producers to purchase cattle about one week in advance of delivery of the live animals to its plants, with the actual price paid for the cattle determined after the cattle are delivered and inspected at its facilities.  This amount approximates  its outstanding cattle commitments at August 29, 2009. |
|                                                                                                                                                                                                                                                                                                                                                                     |         |         |         |          |                        |                        |                        |                        |                        |                       |

**Off-Balance Sheet Arrangements**

As of August 29, 2009, we did not have anysignificant off-balance sheet arrangements as defined in Item 303(a)(4)(ii) ofSEC Regulation S-K.

**Inflation**

We believe that our results of operations are notmaterially affected by moderate changes in the inflation rate. Inflation andchanging prices did not have a material effect on our operations in fiscal years2009, 2008, and 2007.  Severe increases in inflation, however, could affect theglobal and U.S. economies and could have an adverse affect on our business,financial condition and results of operations.

**Seasonality and Fluctuations in Operating Results**

The Company’s operating results are influenced byseasonal factors in the beef industry. These factors affect the price that NBP paysfor livestock as well as the ultimate price at which NBP sells its products. Theseasonal demand for beef products is highest in the summer and spring monthsas weather patterns permit more outdoor activities and there is an increaseddemand for higher value items that are grilled, such as steaks. Both livecattle prices and boxed beef prices tend to be at seasonal highs during thesummer and fall. Because of higher consumption, more favorable growingconditions and the housing of animals in feedlots for the winter months, thereare generally more cattle available in the summer and fall.

 

**ITEM 7A.               QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKETRISK**

The following discussion contains forward-lookinginformation that involves risks and uncertainties. Our actual results coulddiffer materially from those anticipated by such forward-looking informationdue to the factors discussed under *Disclosure Regarding Forward-LookingStatements*, Item 1A. *Risk Factors*, and elsewhere in this report.

**Market Risk Disclosures**

The principal market risks affecting our businessare exposure to changes in prices for commodities, such as livestock and boxedbeef, and interest rate risk.

*Commodities.* NBP uses various raw materials, many of which are commodities. Rawmaterials are generally available from several different sources, and NBPpresently believes that it can obtain them as needed.  Commodities are subjectto price fluctuations that may create price risk. From time to time, NBP mayhedge commodities in order to mitigate this price risk. While this may tend tolimit its ability to participate in gains from commodity price fluctuations, italso tends to reduce the risk of loss from changes in commodity prices.  To theextent the contracts are not designated as normal purchases, NBP reflectscommodity contract gains and losses as adjustments to the basis of underlyingcommodities purchased; gains or losses are recognized in the statement ofoperations as a component of costs of goods sold.

 

| 39 |
|----|

 

----

 

 

 

 

 

NBP purchasescattle for use in its processing businesses. From time to time, NBP enters intoforward purchase contracts at prices determined prior to the delivery of thecattle. The commodity price risk associated with these activities can be hedgedby selling (or buying) the underlying commodity, or by using an appropriatecommodity derivative instrument. The particular hedging instrument NBP usesdepends on a number of factors, including availability of appropriatederivative instruments.

NBP sellcommodity beef products in its business. Commodity beef products are subject toprice fluctuations that may create price risk. From time to time, NBP entersinto forward sales contracts at prices determined prior to shipment. NBP mayhedge the commodity price risk associated with these activities in order tomitigate this price risk.  While this may tend to limit its ability toparticipate in gains from commodity price fluctuations, it also tends to reducethe risk of loss from changes in commodity beef prices.  To the extent thecontracts are not designated as normal sales, NBP reflects commodity contractgains and losses as adjustments to the basis of underlying commodities sold;gains or losses are recognized in the statement of operations as a component ofnet sales. 

From time totime, NBP purchases cattle futures and options contracts.  NBP’s primary use ofthese contracts is to partially determine its future input costs when NBP hascommitted forward sales purchase orders from customers at a specified fixedprice.  On August 29, 2009, NBP held futures contracts covering approximately 168million pounds of cattle.  The longest duration futures contract owned is tenmonths.  In accordance with SFAS No. 133, *Accounting for DerivativeInstruments and Hedging Activities*, as amended, NBP accounts for futurescontracts and their related firm purchase commitments at fair value. Certainfirm commitments for live cattle purchases and all firm commitments for boxedbeef sales are treated as “normal purchases and sales” and not marked tomarket.  SFAS No. 133 imposes extensive recordkeeping requirements in order totreat a derivative instrument as a hedge for accounting purposes. Derivatives qualifyfor treatment as hedges when there is a high correlation between the change infair value of the instrument and the related change in fair value of theunderlying commitment. For derivatives that qualify as effective hedges, thechange in fair value has no net effect on earnings until the hedged transactionaffects earnings. For derivatives that are not designated as hedginginstruments, or for the ineffective portion of a hedging instrument, the changein fair value does affect current period net earnings.

While NBP’s managementbelieves each of these instruments help mitigate various market risks, they arenot designated and accounted for as hedges under SFAS No. 133 as a result ofthe extensive recordkeeping requirements of this statement. Accordingly, thegains and losses associated with the change in fair value of the instrument andthe offsetting gains and losses associated with changes in the market value ofcertain of the firm purchase commitments related to the futures contracts arerecorded to income and expense in the period of change.

NBP uses a sensitivity analysisto evaluate the effect that changes in the market value of commodities willhave on these commodity derivative instruments.  NBP feels that sensitivityanalysis more appropriately reflects the potential market value exposureassociated with the use of derivative instruments.  As of August 29, 2009 andAugust 30, 2008, the potential change in the fair value of the derivativesinstruments NBP holds that are not designated as normal purchases or sales,assuming a hypothetical 10% decrease in the underlying commodity price in eachyear, was $16.4 million and $1.2 million, respectively.  This significantchange was primarily due to the cattle futures contracts that we entered intoduring the first quarter of fiscal year 2009 to offset the risk of fixed-pricesales commitments.

*Interest Rates.*    Asa result of our normal borrowing and leasing activities, our operating resultsare exposed to fluctuations in interest rates, which we manage primarilythrough our regular financing activities. We generally maintain limitedinvestments in cash and cash equivalents.

We have long-term debt with variable interestrates.  Short-term debt is primarily comprised of the current portion oflong-term debt maturing twelve months from the balance sheet date.  Ourvariable interest expense is sensitive to changes in the general level ofinterest rates.   As of August 29, 2009, the weighted average interestrate on our $229.5 million of variable interest debt was approximately 3.36%. As of August 28, 2008, the weighted average interest rate on our $239.6 millionof variable rate debt was approximately 4.0%.

 

| 40 |
|----|

 

----

 

 

 

 

 

We had total interest expense of approximately$23.6 million, $34.2 million and 39.8 million in fiscal years 2009, 2008, and 2007,respectively. The estimated increase in interest expense from a hypothetical200 basis point increase in applicable variable interest rates would have beenapproximately $4.8 million, $5.2 million, and $5.0 million in fiscal years 2009,2008, and 2007, respectively.  

*Foreign Operations.*  Transactionsdenominated in a currency other than an entity’s functional currency may exposethat entity to currency risk.  Although NBP operates in international marketsincluding Japan, South Korea and China, product sales are predominately made inUnited States dollars, and therefore, currency risks are limited.

** **

**ITEM 8.                  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

**           **The consolidated financial statements and notes thereto,and other information required by this Item 8 are included in this reportbeginning on page F-1.

** **

**ITEM 9.                  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ONACCOUNTING AND FINANCIAL DISCLOSURE**

**           **None.

** **

**ITEM 9A(T).         CONTROLS AND PROCEDURES**

We maintain a system of controls and proceduresdesigned to provide reasonable assurance as to the reliability of the consolidatedfinancial statements and other disclosures included in this report, as well asto safeguard assets from unauthorized use or disposition. We evaluated theeffectiveness of the design and operation of our disclosure controls andprocedures as defined in the Securities Exchange Act of 1934Rules 13a-15(e) and 15d-15(e) under supervision and with the participationof management, including our Chief Executive Officer and Chief FinancialOfficer. Based upon that evaluation, as of the end of the period covered bythis Annual Report on Form 10-K, our Chief Executive Officer and ChiefReporting and Compliance Officer concluded that our disclosure controls andprocedures were effective in alerting them, in a timely manner, to materialinformation required to be included in our periodic Securities and ExchangeCommission filings.  There have been no changes in our internal control overfinancial reporting during the thirteen weeks ended August 29, 2009 that havematerially affected, or are reasonably likely to materially affect, ourinternal control over financial reporting.  The design of any system ofcontrols and procedures is based in part upon certain assumptions about the likelihoodof future events. 

**Management’s Report onInternal Control over Financial Reporting**

Management isresponsible for establishing and maintaining adequate internal control overfinancial reporting as defined in Rule 13a-15(f) under the Securities ExchangeAct of 1934, as amended.  The Company’s internal control over financialreporting is designed to provide reasonable assurance as to the reliability ofthe Company’s financial reporting and the preparation of financial statementsin accordance with GAAP.  Our internal control over financial reportingincludes those policies and procedures that:

-  Pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assetsof the Company;
-  	Provide reasonable assurance that transactions are recorded as necessary to	permit preparation of financial statements in accordance with GAAP, and that	receipts and expenditures of the Company are being made only in accordance	with authorizations of management and managers of the Company; and
-  	Provide reasonable assurance regarding prevention or timely detection of	unauthorized acquisition, use or disposition of the Company’s assets that	could have a material effect on the Company’s consolidated financial	statements.

| 41 |
|----|

 

----

 

 

 

            Internal control overfinancial reporting, no matter how well designed, has inherent limitations. Because of its inherent limitations, internal control over financial reportingmay not prevent or detect misstatements.  Therefore, internal control overfinancial reporting determined to be effective can provide only reasonableassurance with respect to financial statement preparation and may not preventor detect all misstatements.  Moreover, projections of any evaluation ofeffectiveness to future periods are subject to the risk that controls maybecome inadequate because of changes in conditions, or that the degree ofcompliance with the policies or procedures may deteriorate.

Management hasassessed the effectiveness of the Company’s internal control over financialreporting as of August 29, 2009.  In making this assessment, management usedthe criteria established by the Committee of Sponsoring Organizations of theTreadway Commission (COSO) in *Internal Control – Integrated Framework.*

            Based on theCompany’s processes and assessment, as described above, management hasconcluded that, as of August 29, 2009, the Company’s internal control overfinancial reporting was operating effectively.

This annual report does notinclude an attestation report of our registered public accounting firmregarding internal control over financial reporting.  Management’s report wasnot subject to attestation by our registered public accounting firm pursuant totemporary rules of the Securities and Exchange Commission that permit us toprovide only management’s report in this annual report.

** **

**ITEM 9B.               OTHER INFORMATION**

The Company may purchase aportion of its outstanding linked Class A and Class B units from time to timein accordance with the limits imposed under the CoBank Credit Agreement.  

** **

**PART III**

**ITEM 10.               DIRECTORS, EXECUTIVE OFFICERS AND CORPORATEGOVERNANCE**

**Board of Directors**

U.S. Premium Beef’s business and affairs aregoverned by its board of directors. The board of directors currently consistsof seven directors. The board of directors has full authority to act on behalfof USPB. The board of directors’ act collectively through meetings, committeesand executive officers it appoints. In addition, USPB employs a staff of professionalsto manage the day-to-day business of USPB. The members of the board ofdirectors, nominees to the board of directors and the executive officers areidentified below.   There are no arrangements or understandings pursuant towhich any director, nominee to become a director or executive officer waselected or appointed.

| **Directors, Director Nominee and Executive Officers** |   |     |   |
|---------------------------------------------------------------------------------|--------|----------|--------|
|                                                                            |   |     |   |   |   |   | Term Expires |
| Name                                                                            |   | Age      |   | Positions and Offices with Registrant |   | After FY |
| Mark R. Gardiner                                                      |   | 48  |   | Chairman of the Board |   | 2010 |
| John D. Fairleigh                                                     |   | 44  |   | Vice Chairman of the Board |   | 2009 |
| Duane K. Ramsey                                                       |   | 72  |   | Secretary |   | 2009 |
| Douglas A. Laue                                                       |   | 58  |   | Director |   | 2010 |
| Rex W. McCloy                                                         |   | 54  |   | Director |   | 2011 |
| Joe M. Morgan                                                         |   | 57  |   | Director |   | 2010 |
| Jeff H. Sternberger                                                   |   | 49  |   | Director |   | 2011 |
| Jerry L. Bohn                                                         |   | 59  |   | Nominated to Board of Directors |   | — |
| Greg A. Glunz                                                         |   | 48  |   | Nominated to Board of Directors |   | — |
| Steven D. Hunt                                                        |   | 50  |   | Chief Executive Officer |   | — |
| Scott J. Miller                                                       |   | 45  |   | Chief Reporting and Compliance Officer |   | — |
| Stanley D. Linville                                                   |   | 50  |   | Chief Operating Officer |   | — |
| Danielle D. Imel                                                      |   | 34  |   | Treasurer |   | — |

*Mark R. Gardiner.* Mr. Gardiner isPresident of Gardiner Angus Ranch, Inc. (GAR), a family owned purebred andcommercial Angus operation headquartered at Ashland, Kansas, with 10seedstock satellite cowherds across the United States and Australia. Gardiner Angus Ranch markets over 2,000 bulls and 700 females per year to bothcommercial and seedstock beef producers throughout the United States. Gardiner Angus Ranch also runs an embryo transfer program that makes more than 2,500 transfersper year, including more than 60% of GAR’s 1,500-plus head of registered Anguscalves born each year. A percentage of its calves are finished at commercial feedlotsto provide carcass data on all Gardiner sires. In addition to a native rangeprogram, Gardiner Angus Ranch operates a significant dryland farmingenterprise. Mr. Gardiner is a member of the National Cattlemen’s BeefAssociation, Kansas Livestock Association, American Angus Association, KansasAngus Association and the Beef Improvement Federation. He also serves on theBoard of Irsik & Doll Company, a privately held company primarily involvedin cattle feeding, grain and feed merchandising. Mr. Gardiner has servedas a member of the Company’s Board of Directors since 1996. He was electedSecretary/Treasurer of the Company’s Board in 2003, Vice Chairman of the Boardin 2004 and Chairman of the Board in 2006. Mr. Gardiner holds a Bachelor’sdegree from Kansas State University in Animal Sciences and Industry.

 

| 42 |
|----|

 

----

 

 

 

 

  *John D. Fairleigh.* Mr. Fairleigh isPresident and CEO of Fairleigh Companies, a family-owned business in ScottCity, Kansas, consisting of a 44,000 head commercial feedyard, FairleighRanch, a 10,000 acre backgrounding and grazing operation, Fairleigh Farms,and L&M Western Tire and Oil Company. He is a member of the NationalCattlemen’s Beef Association and Kansas Livestock Association.Mr. Fairleigh has served as a member of the Company’s board since 1998 andwas elected Secretary of the Board in 2004 and Vice Chairman in 2006.Mr. Fairleigh holds a Bachelor’s degree in Business from Kansas State University.

*Duane K. Ramsey.*Mr.Ramsey is Chairman of Security Bancshares Inc., a $300 million multi-bankholding company. In addition, he has held an ownership interest in a commercialfeedlot in southwest Kansas and a cow calf operation.  He has spent 45years in banking in Scott County, KS, and was involved in the organization anddevelopment of USPB as a founding stockholder through his feedlot and infinancing numerous USPB stockholders.  He holds a Bachelors degreein Agricultural Economics from Kansas State University. He alsograduated from the Graduate School of Banking, Boulder, CO.  Mr. Ramsey hasserved as a member of the Company’s board since 2006.

*Douglas A. Laue.* Mr. Laueis a partner in Tiffany Cattle Company Inc. near Herington, Kansas, and runs agrazing program in the Kansas Flint Hills. He is a member of the NationalCattlemen’s Beef Association and Kansas Livestock Association (KLA).Mr. Laue previously served as the chairman of the KLA Feeders Council.Mr. Laue has been a member of the Company’s Board of Directors since 1996and served as vice chairman of the Board of Directors from 1996 through 2002.Mr. Laue holds a Bachelor’s degree in Animal Sciences and Industry from Kansas State  University.

*Rex W. McCloy*. Mr. McCloyis manager and part-owner of McLeod Farms Inc., a family-owned businessheadquartered in Morse, TX. The operation includes a 6,500 head capacity feedyard, a 7,000 acre irrigated farm, a backgrounding operation and a 20,000 acreranch in Harding Co., NM. Mr. McCloy is a member of the National Cattlemen’sBeef Association, the Texas Cattle Feeder's Association (TCFA) and the TexasSouthwestern Cattle Raisers Association. He is a past Board member andmarketing committee chairman of TCFA. In addition he is a former member of U.S.Premium Beef’s nominating committee. Mr. McCloy holds a Bachelor’s degreein Agricultural Economics from Texas Tech University.  Mr. McCloy hasserved as a member of the Company’s board since 2005.

*Joe M. Morgan.*Mr. Morgan has beenmanaging commercial feedyards since 1981.  He has been Manager of Poky Feederssince 1985 and part owner since 1987.  He also has farming interests in Iowa and is a member of the National Cattlemen’s Beef Association and the Kansas LivestockAssociation.  Mr. Morgan holds a Bachelor’s degree in Animal Science from IowaState University.  Mr. Morgan has served as a member of the Company’s boardsince 2007 and as a Nominating Committee member prior to 2007.

*Jeff H. Sternberger*.  Mr. Sternberger isthe manager and part owner of Midwest Feeders, Inc.  He also owns and operatesa farming and cattle operation in Oklahoma as well as a personal cattle feedingoperation.  He serves as a director of Midwest Feeders, Inc., CRI Feeders ofGuymon LLC, and Conestoga Energy Partners and its two ethanol plants, BonanzaBio Energy and Arkalon Energy.  Mr. Sternberger holds a Bachelor of ScienceDegree in Agricultural Economics from Oklahoma State University.

* Jerry L. Bohn (Nominee to the Board)*.  Mr.Bohn has served as the General Manager of Pratt Feeders since 1982. PrattFeeders has a one-time capacity of 115,000 head in four feedlots in Kansas andOklahoma. In this capacity he oversees more than 100 employees.  Mr. Bohnalso owns and manages a 2,000 to 3,000 head cattle operation which includesgrazing and finishing cattle. Mr. Bohn previously was employed as Director ofMarket Analysis for Cattle-Fax, an industry market analysis firm. Mr. Bohn hasserved as president of the Kansas Livestock Association. He has been a Boardmember of the Kansas Beef Council, the National Cattlemen’s Beef Association(NCBA) and Feeders Advantage, a private animal health product distributioncompany. Mr. Bohn has also served on the NCBA’s Executive Committee and aschairman of NCBA’s Live Cattle Marketing. Mr. Bohn previously served onUSPB’s Board from 2004 through 2007. He was elected Secretary of USPB’s Boardin 2006. He holds a Bachelor’s degree in Animal Science from Kansas StateUniversity.

 

| 43 |
|----|

 

----

 

 

 

*Greg A. Glunz (Nominee to the Board)*. Mr. Glunz has more than 25 years of beef production experience includingfeedlot operations management, feed and cattle procurement, marketing, riskmanagement and customer recruitment in the commercial cattle feeding industry.He is currently the Chief Financial Officer of Fairleigh Companies, afamily-owned business in Scott City, Kansas, consisting of a 44,000 headcommercial feedyard, Fairleigh Ranch, a 10,000 acre backgrounding andgrazing operation, Fairleigh Farms, and L&M Western Tire and Oil Company.In this position, Mr. Glunz oversees accounting, finances, risk management,budgeting, cash flow projections and analyzing the financials of operations toidentify areas of concern and opportunity. He has served as vice-chairman andchairman of the Kansas Livestock Association’s (KLA) Cattle Feeders Council. Heis currently a member of KLA’s Board of Directors and Executive Committee inaddition to serving on the Board of Directors of the National Cattlemen’s BeefAssociation. Mr. Glunz attended Fort Hays State University, Fort ScottCommunity College and Kansas State University with an emphasis in AnimalScience.

*Steven D. Hunt.* Mr. Hunt was namedChief Executive Officer in July 1996 and was instrumental in the developmentand establishment of U.S. Premium Beef. Prior to his employment with U.S.Premium Beef, Mr. Hunt owned and operated SDH Cattle Company at Winfield, Kansas, until 1996. As Vice President of Corporate Lending with CoBank, ACB fromJanuary 1987 to October 1988, Mr. Hunt also has experience in many areasof commercial banking, including direct agricultural lending, commerciallending, finance, business analysis, training, marketing and personnel. Mr.Hunt has served on the Board of National Beef Packing Company, LLC, (NBP) since1997 and was elected chairman of NBP’s Board in 2003. Mr. Hunt holds aBachelor’s degree in Agricultural Economics from Kansas State University.

*Scott J. Miller*. Mr. Miller is theCompany’s Chief Reporting and Compliance Officer and joined the Company in2005.  He oversees financial reporting and ensures compliance with internalpolicies and regulatory requirements.  Before joining U.S. Premium Beef, heworked as the Manager, Capital Markets for Sprint Corporation from 2001 to 2005and, prior to that, in various finance and accounting positions with FarmlandIndustries, Inc.  Mr. Miller earned a Bachelor’s degree in Accounting fromBenedictine College and an MBA with an emphasis in Finance from the Universityof Missouri-Kansas City.  He has passed the Certified Public Accounting examand the Certified Cash Managers exam.

*Stanley D. Linville.* Mr. Linville is theCompany’s Chief Operating Officer and joined the Company in 1997. He overseescattle scheduling and technical operations. Before joining U.S. Premium Beef,he operated a family farming operation near Holcomb, Kansas. He also worked inthe cattle division of Brookover Enterprises at Garden City, Kansas, and as agrain merchandiser for Bartlett Grain Co. in Kansas City. Mr. Linvilleholds a Bachelor’s degree in Agricultural Economics from Kansas State University.

*Danielle D. Imel.* Ms. Imel is theCompany’s Treasurer and joined the Company in 1998. She oversees the Company’sfinance functions and is directly responsible for Company treasury activities.She was employed by the CPA firm of Kennedy, McKee and Co., LLC of Dodge City,Kansas, prior to joining USPB. Ms. Imel earned a Bachelor’s degree inAccounting and a second Bachelor’s degree in Agricultural Economics from Kansas State  University.

**Board of Directors******

Under USPB’s limited liability company agreement,the number of directors is set by the board of directors but may not be less thanseven directors.  Directors must be unitholders of USPB.  Seven directors willalways be elected by unitholders holding Class A units.  The limited liabilitycompany agreement states that at least one director will represent Seedstockbreeders and the balance of the directors will be evenly divided betweendirectors who are unitholders who have Even Slot delivery agreements andunitholders who have Odd Slot delivery agreements.  Current representation isas follows:

-  Seedstock – Mr. Gardiner 
-  Even Slot – Messrs. Ramsey, Fairleigh, and Laue 
-  Odd Slot – Messrs. Morgan, McCloy, and Sternberger 

The directors are elected at the annual meetingof the unitholders and hold office for a term of three years. The terms of thedirectors are staggered in such a manner that approximately one-third of thedirectors will be elected each year. All directors will hold office until theirsuccessors are elected and qualified. Any vacancy in the board, other than avacancy resulting from expiration of a term of office, will be filled by amajority vote of the remaining directors. In case a vacancy in the board ofdirectors extends beyond the next annual meeting, the vacancy will be filled bythe remaining directors until such meeting, at which meeting a director will bechosen by the unitholders for the unexpired term of such vacancy. 

 

| 44 |
|----|

 

----

 

 

 

 

 

In the discretion of the board of directors, thenumber of directors may be increased by up to an additional five directors.Those additional directors will represent the Class B unitholders and may beelected or appointed by either the board of directors or by the holders ofClass B units.  

**Compensation of Directors**

The board of directors meets from time to time atsuch time and place as may be fixed by resolution adopted by a majority of thewhole board of directors. Members of the board of directors receive a per diempayment of $250 for each activity on behalf of USPB, as well as directreimbursement of travel expenses related to service on the board of directors.

**Audit Committee**

The board of directors has an AuditCommittee consisting of Messrs. Gardiner, Ramsey, McCloy and Laue.  Subjectto the qualifications in the section headed “Directors who are unitholders” inItem 13 below, all members of the Audit Committee are considered independent withinthe meaning of the listing standards of the NASDAQ.  Mr. Gardiner is Chairmanof the Audit Committee.  The Board has identified Mr. Ramsey as an “auditcommittee financial expert”.  The Audit Committee selects and retainsindependent auditors and assists the board of directors in its oversight of theintegrity of U.S. Premium Beef’s financial statements, including theperformance of our independent auditors in their audit of our annual financialstatements.  The Audit Committee meets with management and the independentauditors, as may be required.  The independent auditors have full and freeaccess to the Audit Committee without the presence of management. 

**Code of Ethics**

USPB has adopted a corporate Codeof Conduct that is enforced throughout all levels of management and a Code of EthicsFor Financial Officers for its chief executive officer, principal financial andaccounting officer and treasurer within the meaning of the rules andregulations of the Securities and Exchange Commission.  The Code of Ethics areintended to deter wrongdoing and promote honest and ethical conduct; providefull, fair, accurate, timely and understandable disclosure in public reports;comply with applicable laws; ensure prompt internal reporting of codeviolations; and provide accountability for adherence to the code.  A copy ofthe Code of Conduct may be obtained, without charge, upon written request toScott J. Miller, Chief Reporting and Compliance Officer, U.S. Premium Beef,LLC, P. O. Box 20103, Kansas City, Missouri 64195.

** **

**ITEM 11.               EXECUTIVE COMPENSATION**

**COMPENSATION DISCUSSION AND ANALYSIS**

**Overview of Compensation Program**

This Compensation Discussion andAnalysis describes the material elements of compensation paid to our namedexecutive officers as well as the objectives and material factors underlyingour compensation program.  The compensation program places emphasis on USPB’sfinancial performance and the benefits received by USPB’s unitholders.  Exceptfor the Chief Executive Officer’s (CEO) phantom unit option plan, which isdiscussed below, all compensation is paid in the form of cash.  

The Compensation Committee(Committee) is responsible for developing and administering the compensationprogram for USPB’s named executive officers and professional staff.   

**Compensation Philosophy and Objectives**

USPB’s compensation program is akey element in attracting, retaining, and motivating named executive officerswith the skills necessary to create value for the unitholders.  To achieve thisgoal we have designed the compensation program with the following objectives:

 

| 45 |
|----|

 

----

 

 

 

 

 

-  *Attracting and retaining top talent*—The compensation ofUSPB’s executive officers must be commensurate with the competitive regionalmarketplace taking into consideration job responsibilities and supply ofcompetent employees with the education and background to perform at the highestlevels in their field.   
-  *Paying for financial and operational performance*—Thecompensation of USPB’s executive officers should motivate them to achievestrong financial and operational results.  USPB must achieve specific levels offinancial and operational performance to allow executives to earn this portionof their compensation.     
-  *Alignment with the equity interests of our unitholders*—AlthoughUSPB does not maintain an ongoing equity compensation plan, part of ourexecutive officers’ compensation is based on the year-over-year change in theweighted average selling price of USPB’s linked Class A and Class B units. 	

Each element of our compensationprogram is designed to achieve one or more of these objectives.  The structureof a particular executive’s compensation may vary depending on the scope andlevel of that executive’s responsibilities. 

**Determining Executive Compensation**

The CEO makes recommendations tothe Committee regarding the salaries and bonus programs for the executiveofficers.  The Committee reviews the recommendations, taking into account eachelement of total compensation.  Based on the foregoing, the Committee uses itsjudgment in making compensation decisions that will best carry out USPB’sphilosophy and objectives for executive compensation.

**Fiscal Year 2009 Executive Compensation Elements**

The elements of our namedexecutive officers total compensation package are as follows:

-  base salary,
-  annual cash bonuses,
-  long-term cash bonus,
-  full-term cash bonus,
-  discretionary cash bonuses,
-  retirement plans, and
-  limited personal benefits.

**Elements of our Compensation Program**

*Base Salary*.  Basesalaries are intended to provide a level of compensation sufficient to attractand retain an effective management team, when considered in combination withthe other components of our executive compensation program.  The relativelevels of base salary for named executive officers are designed to reflect eachexecutive officer’s scope of responsibility and accountability with USPB. Except for the CEO’s salary, base salaries are reviewed annually to determineif they are consistent with the performance of the individual executive andequitable relative to USPB’s other executive officers and professional staff. 

The CEO’s base salary is paid inaccordance with his employment agreement, which provided for the CEO to be paidan annual base salary of $700,000 for employment years ending August 31, 2007,August 31, 2008 and August 31, 2009.  A new employment contract, entered intoon July 10, 2009 and effective September 1, 2009, provides for the CEO to bepaid an annual base salary of $775,000 for fiscal years 2010, 2011 and 2012,and an annual base salary of $825,000 for fiscal years ending 2013, 2014 and2015.  Salary surveys summarizing the compensation packages for positions ofequivalent responsibility in related industries were used to establish theCEO’s base salary.

*Annual Cash Incentive/Bonuses*. Cash incentive and bonus plans were designed to provide the financial incentiveto the CEO and other named executive officers to influence USPB unitholderbenefits and are only paid after certain levels of benefits have beenachieved.  

Under the terms of theemployment agreement effective September 1, 2003 through August 31, 2009, ifthe CEO is employed on the last day of each fiscal year during the term of thatemployment agreement, he is to be paid a bonus equal to two percent of the sumof the USPB Total Benefits that exceed $18,000,000. Under the terms of theemployment agreement effective September 1, 2009 through August 29, 2015, ifCEO is employed by USPB on the last day of any fiscal year (except as otherwiseprovided in the agreement) during the term of that employment agreement, CEOshall be paid an annual incentive compensation, equal to two percent (2.0%) ofthe sum of the total financial benefits to USPB (USPB Total Benefits) thatexceed $25,000,000.  USPB Total Benefits are: (1) audited fiscal year-end USPBearnings before tax; and (2) two times the fiscal year USPB grid premiums whichis the net sum of all USPB member grid premiums and discounts calculatedthrough all USPB grids.  

 

| 46 |
|----|

 

----

 

 

 

 

 

If the other named executiveofficers and the professional staff are employed on the last day of the fiscalyear, he or she is to be paid his or her proportionate share of the ManagementBonus Pool.  The Management Bonus Pool is: (1) the audited fiscal year-end USPBearnings before tax plus current fiscal year USPB grid premiums, less (2) prioryear book equity threshold, multiplied by (3) management bonus factor,multiplied by (4) the equity multiplier, which is the current fiscal yearweighted average transfer price divided by the prior fiscal year weightedaverage transfer price.  The bonus plan payments are vested over a two-yearperiod to provide an added incentive to remain with USPB.  The maximumManagement Bonus Pool for a given fiscal year is equal to the sum of thequalifying participants’ base annual salaries in effect at the end of suchfiscal year.

 *Long-term Cash Bonuses*. As a part of the CEO’s employment agreement, the CEO was given the opportunityto earn a long-term cash bonus.  Since the CEO was employed on the last day offiscal year 2009, he is eligible to be paid a long-term cash bonus.  Paymentunder such plan was dependent upon USPB Total Benefits, for fiscal years 2007through 2009, exceeding certain benchmarks.  Mr. Hunt will receive one andone-quarter percent (1.25%) of the long-term benefits that are greater than $54million and less than $84 million, and seventy-five one hundredths of a percent(0.75%) of the long-term benefits that are greater than $84 million.  

Under the employment agreementeffective September 1, 2009 through August 29, 2015, if the CEO is employed byUSPB through the end of fiscal year 2012, he is to be paid long-term incentivecompensation equal to one and one-quarter percent (1.25%) of the amount bywhich USPB’s Total Benefits from fiscal years 2010, 2011 and 2012, exceed$100,000,000 but are equal to or less than $130,000,000; plus seventy-five onehundredths of a percent (0.75%) of the amount by which USPB’s Total Benefitsfrom fiscal years 2010, 2011 and 2012 exceed $130,000,000.  If CEO is employedby USPB as of the end of fiscal year 2015, he is to be paid long-term incentivecompensation equal to one and one-quarter percent (1.25%) of the amount bywhich USPB’s Total Benefits from fiscal years 2013, 2014 and 2015, exceed$100,000,000 but are equal to or less than $130,000,000; plus seventy-five onehundredths of a percent (0.75%) of the amount by which USPB’s Total Benefitsfrom fiscal years 2013, 2014, and 2015 exceed $130,000,000.

*Full Term Cash Bonus*.  Asa part of the CEO’s employment agreement, the CEO was given the opportunity toearn a full term cash bonus.  Since the CEO was employed through August 31,2009, a $700,000 full-term cash bonus was earned. Under the employmentagreement effective September 1, 2009 through August 29, 2015, the CEO shall bepaid full-term incentive compensation in the amount of $775,000 if CEO isemployed through the end of fiscal year 2012, and $825,000 if CEO is employedthrough the end of fiscal year 2015.

*Discretionary Cash Bonuses*. Discretionary bonuses are sometimes paid to named executive officers, otherthan the CEO, and professional staff to compensate for extraordinary cases ofindividual or Company performance.

*Retirement Plans*. Qualifying employees are encouraged to participate in a Company sponsored401(k) savings plan.  Under USPB’s plan, employees may contribute up to themaximum amount permissible by IRS limits.  USPB matches 100% of each dollarcontributed by a participant up to a maximum of 4% of his or her qualifyingcompensation.

 *Limited Personal Benefits*. We also provide certain benefits to all salaried employees that are notincluded as perquisites in the Summary Compensation Table for the namedexecutives because they are broadly available.  These include health andwelfare benefits, and disability and life insurance.

Under the CEO employmentagreement effective September 1, 2003 through August 31, 2009, the compensationfrom base salary, annual cash incentive, long term cash bonuses and full termcash bonuses shall be subject to a cumulative annual cap pro-rated over theterm of the employment agreement not to exceed $2 million per year averagedover the term (as provided in the agreement).  Under the CEO employmentagreement effective September 1, 2009 through August 29, 2015, the compensationfrom annual cash incentive, long term cash bonuses and full term cash bonusesshall be subject to a cumulative annual cap pro-rated over the term of theagreement not to exceed $2 million per year averaged over the term (as providedin the agreement).

 

| 47 |
|----|

 

----

 

 

 

 

 

**Equity Compensation**

The Board implemented a phantomstock option plan for the CEO when USPB was formed in 1997 to provide the CEOthe incentive to create and grow share price in the new business venture.  The Board established 20,000 phantom shares, representing 2.7% of the total shares outstanding, anda strike price of $55 per share, the initial offering price for USPB.  Infiscal year 2004, when USPB converted to a limited liability company, the20,000 phantom shares converted to 20,000 Class A units, with an exercise priceof $55 per unit, and 20,000 phantom Class B Units, with an exercise priceof $0 per unit.  The options vested over a 4 year period and are now fullyvested.  In fiscal year 2009, the CEO exercised the 20,000 phantom Class Bunits.

USPB has not implementedadditional stock ownership or option plans since formation. 

**Employment Agreements**

With the exception of the CEO,all of our executive officers are employed at-will, without employmentagreements, severance payment agreements or payment arrangements that would betriggered by a “change in control” of USPB.  

USPB entered into an employmentagreement with its CEO, effective September 1, 2003 through August 31, 2009,that provided for his base salary, annual cash bonus, long-term cash bonus,full-term cash bonus, all of which are discussed above.  The employmentagreement also provided for post termination compensation.  IfMr. Hunt terminated the agreement for any or no reason, USPB need only paysalary earned to the date of the termination. If USPB terminated the agreementfor any reason other than cause, or if Mr. Hunt terminated the agreementfor good reason, Mr. Hunt was entitled to salary and benefits throughfiscal year 2009; the annual incentive bonus for the year in which thetermination occurs and each subsequent year through fiscal year 2009; thelong-term incentive bonus that would have accrued had Mr. Hunt beenemployed through fiscal year 2009; and the payment on or before October 2,2009 of the full-term bonuses that would have accrued if Mr. Hunt hadremained employed through fiscal year 2009. The compensation provided to Mr.Hunt in the form of salary, annual cash bonus, long-term cash bonus andfull-term cash bonus was subject to a cumulative annual cap pro-rated over theterm of his contract not to exceed $2 million per year averaged over the term. The employment agreement contained provisions that require the agreement to berenegotiated in the event certain circumstances occurred.

USPB has entered into a new employmentagreement, effective September 1, 2009 through August 29, 2015, with its CEOthat provides for his base salary, annual cash bonus, long-term cash bonus,full-term cash bonus, all of which are discussed above.  The employmentagreement also provides for post termination compensation.  If Mr. Huntterminates the agreement for any or no reason, USPB need only pay salary earnedto the date of the termination, and the noncompetition compensation, unlesstermination is the result of death or permanent disability. If USPB terminatesthe agreement for any reason other than cause, death or disability, or ifMr. Hunt terminates the agreement for good reason, Mr. Hunt shall beentitled to salary and benefits through fiscal year 2015; payment of certain fringebenefits through fiscal year 2015; the annual incentive bonus for the year inwhich the termination occurs and each subsequent year through fiscal year 2015;the long-term incentive bonus that would have accrued had Mr. Hunt beenemployed through fiscal year 2015; the payment of the full-term bonuses that wouldhave accrued if Mr. Hunt had remained employed through fiscal year 2015;and the payment of the noncompetition compensation.

The compensation provided to Mr.Hunt in the form of annual cash bonus, long-term cash bonus and full-term cashbonus shall be subject to a cumulative annual cap pro-rated over the term ofhis contract not to exceed $2 million per year averaged over the term.

The employment agreement containsprovisions that require the agreement to be renegotiated in the event certaincircumstances occur.

**Impactof Tax and Accounting Treatments**

We believethat the compensation paid to our named executive officers is fully deductibleunder the Internal Revenue Code at the time it is paid.  We further believethat Statement of Financial Accounting Standards No. 123 (revised 2004)Share-Based Payment (SFAS 123(R)) does not have a material effect on ourconsolidated financial statements.

** **

| 48 |
|----|

 

----

 

 

 

 

 

**Unit Ownership Guidelines**

USPB does not allow its namedexecutive officers, other than the CEO, to own USPB’s Class A and Class Bunits.  The CEO owns 20,000 Class A phantom unit options as discussed above.

**Compensation CommitteeReport**

            TheCommittee has reviewed and discussed the foregoing Compensation Discussion andAnalysis with USPB’s management.  Based on the Committee’s review anddiscussions with management, the Committee has recommended to the Board thatthis Compensation Discussion and Analysis be included in this Annual Report onForm 10-K.

                                                                                               **CompensationCommittee**

**                                                                                               **Mark Gardiner – Chairman

                                                                                                John Fairleigh

                                                                                                DuaneRamsey 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

** **

| 49 |
|----|

 

----

 

 

 

 

 

**Summary Compensation Table**

The table below sets forthinformation regarding the fiscal year compensation for our named executiveofficers.  Non-Equity Incentive Plan Compensation amounts reflected in thistable are performance based awards and include amounts earned under our annualand long term cash bonus plans.

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |       |   |                |   |               |   |   |                |   | **Non-Equity**  |                |   |               |               |   |            |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|--------|---------------------|--------|--------------------|--------|--------|---------------------|--------|-----------------|---------------------|--------|--------------------|--------------------|--------|-----------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |       |   |                |   |               |   |   |                |   | **Incentive**   |                |   |               |               |   |            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |       |   |                |   |               |   |   |                |   | **Plan**        |                |   | **All Other** |               |   |            |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | **Fiscal** |   |                |   |               |   |   | **Compen-**         |   |            | **Compen-**         |   |               |               |
| **Name and Principal Position**                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | **Year**   |   | **Salary ($)** |   | **Bonus ($)** |   |   | **sation ($)** |   |            | **sation ($)** |   |               | **Total ($)** |
| Steven D. Hunt                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 2009       |   | 710,810        |   | -             |   |   |                |   | 1,792,741  | (7)                 |   | 11,389        | (3)                |   | 2,514,940  |
| Chief Executive Officer                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 2008       |   | 725,614        |   | -             |   |   |                |   | 2,517,995  | (6)                 |   | 11,116        | (3)                |   | 3,254,725  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 2007       |   | 695,486        |   | 550,000       | (1)    |   |                |   |            | 550,206        | (2)    |               | 10,725        | (3)    |            | 1,806,417  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |       |   |                |   |               |   |   |                |   |            |                |   |               |               |   |            |   |   |   |
| Scott J. Miller                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 2009       |   | 111,635        |   | -             |   |   |                |   |            | 111,500        | (5)    |               |               |   |            | 223,135  |
| Chief Reporting and Compliance                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 2008       |   | 109,805        |   | 20,354        | (4)    |   |                |   |            | 107,000        | (5)    |               | -             |   |            | 237,159  |
|     Officer                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 2007       |   | 104,173        |   | 5,000         | (4)    |   |                |   |            | -              |   |               | -             |   |            | 109,173  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |       |   |                |   |               |   |   |                |   |            |                |   |               |               |   |            |   |   |   |
| Stanley D. Linville                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 2009       |   | 116,713        |   | -             |   |   |                |   |            | 116,500        | (5)    |               | -             |   |            | 233,213  |
| Chief Operating Officer                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 2008       |   | 114,989        |   | 21,333        | (4)    |   |                |   |            | 112,000        | (5)    |               | -             |   |            | 248,322  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 2007       |   | 107,059        |   | 5,000         | (4)    |   |                |   |            | -              |   |               | -             |   |            | 112,059  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |       |   |                |   |               |   |   |                |   |            |                |   |               |               |   |            |   |   |   |
| Danielle D. Imel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 2009       |   | 106,858        |   | -             |   |   |                |   |            | 108,000        | (5)    |               | -             |   |            | 214,858  |
| Treasurer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 2008       |   | 104,948        |   | 19,767        | (4)    |   |                |   |            | 104,000        | (5)    |               | -             |   |            | 228,715  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 2007       |   | 99,820         |   | 5,000         | (4)    |   |                |   |            | -              |   |               | -             |   |            | 104,820  |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |       |   |                |   |               |   |   |                |   |            |                |   |               |               |   |            |   |   |   |
| (1) This full-term cash bonus was earned pursuant to the terms of Mr. Hunt's employment agreement dated September 1, 2004.                                                                                                                                                                                                                                                                                                                                                                              |
| (2) This annual cash bonus was earned pursuant to the terms of Mr. Hunt's employment agreement dated September 1, 2004.  No amount is included for the long-term cash bonus plan as the fiscal year 2007 inputs did not exceed the minimum threshold.                                                                                                                                                                                                                                              |
| (3) Amount		for Mr. Hunt includes Company match under our 401(k) plan and the cost of excess life insurance, $9,583 and $1,826, respectively, in fiscal year 2009, $9,290 and $1,826, respectively, in fiscal year 2008, and $8,899 and $1,826 in fiscal year 2007, respectively.  None of the perquisites and other benefits paid to Mr. Miller, Mr. Linville or		Ms. Imel exceeded $10,000.                                                                                                      |
| (4) This amount represents a discretionary bonus earned by the named executive officer.                                                                                                                                                                                                                                                                                                                                                                                                                 |
| (5) This amount represents the executive's proportionate share of the Management Bonus Pool.  One half of this amount will not be paid unless the executive is employed at the end of following fiscal year.                                                                                                                                                                                                                                                                                       |
| (6) This amount includes the annual cash bonus of $1,670,303 and amount earned through August 30, 2008 pursuant to the long-term cash bonus plan of $847,692.  The long-term cash bonus is calculated based on inputs actually known as of fiscal year end 2008 and will not be paid until the conclusion of fiscal year 2009.  The amount paid at that time will be based on actual inputs for fiscal years 2007, 2008, and 2009 and may higher or lower than the amount shown in the table. |
| (7)  This amount includes the annual cash bonus of $2,550,929 and amounts earned during fiscal year 2009 pursuant to the long-term cash bonus plan of $1,091,597 and is reduced by amounts		in excess of the maximum allowable compensation per the CEO employment agreement of $1,849,785. The amount to be paid to Mr. Hunt under the annual cash bonus and long-term cash bonus plans is $2,640,433.                                                                                            |

 

** **

| 50 |
|----|

 

----

 

 

 

 

 

**Grants ofPlan-Based Awards in Fiscal Year 2009**

The table below sets forthinformation regarding grants of non-equity plan-based awards made to our namedexecutive officers during fiscal year 2009.  Amounts actually earned pursuantto these plan-based awards will be reflected in the Summary Compensation Table insubsequent years.    

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                |   | **Estimated Future Payouts under Non-Equity Incentive** |    |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|--------|----------------------------------------------------------------------------------|---------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                |   | **Plan Awards**                                                             |    |
| **Name and Principal Position**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | **Grant Date** |   | **Threshold ($)**                                                           |    | **Target ($)** |   | **Maximum ($)** |   |
| Steven D. Hunt                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 7/10/2009           |   |                                                                             | -  | (2) |   | -  | (2) | 10,400,000  | (1) |
| Chief Executive Officer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                |   |                                                                             |    |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                |   |                                                                             |    |   |   |   |   |   |   |
| Scott J. Miller                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 8/29/2009           |   |                                                                             | -  |   |   | 111,500  | (3) | 111,500  | (4) |
| Chief Reporting and Compliance Officer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                |   |                                                                             |    |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                |   |                                                                             |    |   |   |   |   |   |   |
| Stanley D. Linville                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | 8/29/2009           |   |                                                                             | -  |   |   | 116,500  | (3) | 116,500  | (4) |
| Chief Operating Officer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                |   |                                                                             |    |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                |   |                                                                             |    |   |   |   |   |   |   |
| Danielle D. Imel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 8/29/2009           |   |                                                                             | -  |   |   | 108,000  | (3) | 108,000  | (4) |
| Treasurer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                |   |                                                                             |    |   |   |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                |   |                                                                             |    |   |   |   |   |   |   |
| (1)  USPB has entered into a employment agreement, effective September 1, 2009 through August 29, 2015, with its CEO that provides for non-equity incentive plan awards of annual cash bonuses and		 long-term cash bonuses.  The compensation provided to Mr. Hunt in the form of annual cash bonus, long-term cash bonus and full-term cash bonus (which is not classified as a plan based award) shall be subject to a cumulative annual cap pro-rated over the term of his contract not to exceed $2 million per year averaged over the term.  The maximum compensation has been reduced by the total non-plan based award compensation that could be paid under the employment agreement of $1.6 million.  |   |
| (2)  Threshold and target compensation under these incentive plan awards are not determinable and actual compensation will be based on company earnings, cattle deliveries and grid premiums over the term of the contract.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |
| (3) We are using a representative amount based on the previous fiscal year's performance because a target amount is not determinable based on the terms of the management annual cash bonus plan.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |
| (4) We are using a representative amount based on the calendar annual base salary in effect at the end of the previous year's management annual cash bonus plan year. The actual maximum for this management annual cash bonus plan year will be the annual base salary in effect at the end of such plan year.                                                                                                                                                                                                                                                                                                                                                                                                                          |   |

 

**Discussion of SummaryCompensation Table and Grants of Plan-Based Awards**

**Performance Based Annual Cash Bonuses**

Our executive officers earn bonusawards made pursuant to various annual cash bonus plans.  The awards utilizeformulas set by the Compensation Committee.  The bonuses earned pursuant to theplans appear in the Non-Equity Incentive Plan Compensation in the SummaryCompensation Table.  Annual incentive bonuses awarded to executives, excludingMr. Hunt, also appear in the Grants of Plan Based Awards table. The CEO employment agreement, effective September 1,2009 through August 29, 2015, is included in the Grants of Plan Based Awardstable as the plan was awarded to him in fiscal year 2009.  The formulas used tocalculate the annual performance-based bonus awards to the Named ExecutiveOfficers were as follows:

| **Name**                       |     | **Bonus Formula**                                                                                                                                        |   |
|--------------------------------|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
| Steven D. Hunt       |               | For fiscal year 2009:  2% of the sum of USPB Total Benefits that exceed $18        |   |
|                           |               | million.  USPB Total Benefits are audited fiscal year end USPB earnings before                    |   |
|                           |               | tax plus two times the fiscal year USPB grid premiums, as defined in the CEO            |   |
|                           |               | Employment Agreement effective September 1, 2003 through August 31, 2009.                                        |   |
|                           |               | For fiscal year 2010:  2% of the sum of USPB Total Benefits that exceed $25        |   |
|                           |               | million.  USPB Total Benefits are audited fiscal year end USPB earnings before                    |   |
|                           |               | tax plus two times the fiscal year USPB grid premiums, as defined in the CEO            |   |
|                           |               | Employment Agreement effective September 1, 2009 through August 29, 2015.                                        |   |
|                           |               |                                                                                                                                                          |   |
|                           |               |                                                                                                                                                          |   |
| Scott J. Miller,     |               | For fiscal years 2009 and 2010:  The executive's proportionate share of the                       |   |
| Stanley D. Linville, |               | Management Bonus Pool, which is (1) audited fiscal year USPB earnings before                           |   |
| Danielle D. Imel     |               | tax plus the fiscal year USPB grid premiums less (2) a set percentage of the prior |   |
|                           |               | year's book equity multiplied by (3) a set management bonus factor multiplied                          |   |
|                           |               | by (4) the current fiscal year weighted average unit transfer price divided by the           |   |
|                           |               | prior year weighted average unit transfer price.                                                                                |   |
|                           |               |  

                                                                                                                                                 |   |

| 51 |
|----|

 

----

 

 

 

 

 

 

 

**Other Bonuses**

We also pay discretionary cashbonuses to executive officers from time to time to reward elements ofperformance that are not reflected in the criteria for performance based cashbonuses.  Messrs. Miller and Linville and Ms. Imel were paid such bonuses infiscal years 2008 and 2007.  No such bonuses were paid in fiscal year 2009. The bonuses are disclosed in the Bonus column in the Summary CompensationTable.

**Outstanding Equity Awardsat Fiscal Year End 2009**

 

|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                               |                         |   |                     |                   |                       |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------|------------------------------|--------|--------------------------|------------------------|----------------------------|--------|--------|--------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                               |                         |   |                     | **Option Awards** |                       |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | **Number of Securities** |                         |   |                     |                   |                       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | **Underlying**                     |                         |   |                     |                   |                       |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                               | **Unexercised Options** |   | **Option Exercise** |                   | **Option Expiration** |
| **Name and Principal Position**		 
**(#) Exercisable**
		 
**Price ($)**		 
**Date**
Steven D. Hunt

20,000 Class A Units

 

 

$

55.00 

 

None

Chief Executive Officer

 

(1)

 

 

 

 

(2)

 

 

 

 

 

 

 

 

 

Scott J. Miller

 

 

- 

 

 

- 

 

- 

Chief Reporting and Compliance Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stanley D. Linville

 

 

- 

 

 

- 

 

- 

Chief Operating Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Danielle D. Imel

 

 

- 

 

 

- 

 

- 

Treasurer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)  Mr. Hunt is fully vested in the 20,000 Class A phantom rights on phantom units.

 

 

(2)  Mr. Hunt is entitled to exercise phantom unit rights upon termination of Mr. Hunt's employment agreement, or at his election, at the time and under the conditions, and with the same consequences as if Mr. Hunt held similar unqualified options to		purchase USPB Class A units acquired at the same time as the phantom unit rights.

 

**Options Exercised**

 

** **

 

 

 

 

 

 

 

 

**Option Awards**

 

 

**Number of options**

 

**Value realized on**

**Name and Principal Position**

 

**acquired on exercise**

 

**exercise ($)**

Steven D. Hunt

20,000 Class B Units

 

$

1,040,000 

Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

Scott J. Miller

 

 

- 

 

- 

Chief Reporting and Compliance Officer

 

 

 

 

 

 

 

 

 

 

 

Stanley D. Linville

 

 

- 

 

- 

Chief Operating Officer

 

 

 

 

 

 

 

 

 

 

 

Danielle D. Imel

 

 

- 

 

- 

Treasurer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

** **

**Retirement Plans**

We do notmaintain a qualified or non-qualified defined benefit pension plan covering anyof our employees.  Our named executive officers are eligible to participate inour tax-qualified Profit Sharing and Savings Plan on the same basis as otheremployees under the plan.  The Company makes a matching contribution to thisplan equal to 100% of each participant’s own elective contributions up to 4% ofhis or her qualifying compensation.  The Company also has the discretion tomake annual profit sharing contributions that are allocated among all eligibleparticipants in proportion to their respective compensation.  The Company didnot make a profit sharing contribution to the plan in fiscal year 2009.  TheSummary Compensation Table above reflects the contributions to our Profit Sharingand Savings Plan for those employees whose All Other Compensation exceeds$10,000.

 

52
 
 

 

 

 

 

 

** **

**Potential Payments UponTermination**

If USPB terminates the CEO employmentagreement for cause or if Mr. Hunt terminates the employment agreement for anyor no reason, USPB needs only pay salary earned to the date of the termination.If USPB terminates the employment agreement for any reason other than cause, orif Mr. Hunt terminates the employee agreement for good reason, Mr. Hunt shallbe entitled to salary and benefits through August 31, 2009; the annual cashbonus for the year in which the termination occurs and each subsequent yearthrough August 31, 2009; the long-term cash bonus that would have accrued hadMr. Hunt been employed through August 31, 2009; and the payment of thefull-term bonus that would have accrued if Mr. Hunt had remained employedthrough August 31, 2009.

 

 

 

 

 

 

 

**Termination by the**

 

 

 

 

 

 

**Termination by the**

 

**Company without**

 

**Termination upon**

 

 

 

 

**Company for cause or**

 

**cause or by Executive**

 

**death or permanent**

**Name and Principal**

 

 

 

**by Executive for any**

 

**for good reason**

 

**disability**

**Position**		 
**Payment Type**		 
**or no reason ($)**		 
**($)**		 
**($)**
Steven D. Hunt

 

Salary

 

 

- 

 

 

2,652 

 

2,652 

Chief Executive Officer

 

Bonus

 

 

- 

 

 

700,000 

 

700,000 

 

 

Incentive Pay

 

 

- 

 

 

- 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The amounts above represent compensation due to Mr. Hunt under the employment agreement effective September 1, 2003 through August 31, 2009, assuming an August 29, 2009 termination date.  A new employment agreement, effective September 1, 2009 through August 29, 2015, also provides for compensation upon termination.  For more information regarding that employment agreement and the maximum compensation allowed under that agreement, see Employment Agreements found in		this *Item 11-Executive Compensation.*

 

**Director Compensation Table**

Each director receives cash compensation formeetings attended. Directors are compensated $250 per diem for regularmeetings, special meetings, compensation committee meetings and audit committeemeetings.  We do not award any other type of compensation to our directors.

 

 

 

 

 

 

**Fees Earned or**

**Name**

 

**Paid in Cash ($)**

Mark R. Gardiner

 

 

6,500 

John D. Fairleigh

 

 

5,750 

Duane K. Ramsey

 

 

6,500 

Douglas A. Laue

 

 

5,250 

Rex W. McCloy

 

 

5,250 

Joe M. Morgan

 

 

5,250 

Jeff H. Sternberger

 

 

3,750 

 

 

 

 

 

**Compensation CommitteeInterlocks and Insider Participation**

None of themembers of our Compensation Committee is, or was, an officer or employee ofU.S. Premium Beef, LLC or its subsidiaries.  None of our executive officersserved as a director or was a member of the compensation committee of anyentity where a member of our Board or Compensation Committee was an executiveofficer.

 

53
 
 

 

**ITEM 12.               SECURITYOWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED UNITHOLDER MATTERS**

**Equity Compensation Plan Information**

The table below sets forthinformation with respect to securities available for issuance under our equitycompensation plan.

 

 

 

 

 

 

 

**Equity Compensation Plan Information**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**Number of**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**securities**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**remaining available**

 

 

 

 

 

 

 

**Number of**

 

 

 

**for future issuance**

 

 

 

 

 

 

 

**securities to be**

 

 

 

**under equity**

 

 

 

 

 

 

 

**issued upon**

 

**Weighted-average**

 

**compensation plans**

 

 

 

 

 

 

 

**exercise of**

 

**exercise price of**

 

**(excluding**

 

 

 

 

**Type of**

 

**outstanding options,**

 

**outstanding options,**

 

**securities reflected**

**Plan Category**

 

**Equity**

 

**warrants and rights**

 

**warrants and rights**

 

**in column (2))**

Equity compensation plans approved

 

 

 

 

 

 

 

 

 

 

 

 

 

by security holders

 

 

 

 

 

 

 

 

- 

 

N/A 

 

 

- 

Equity compensation plans not

 

 

 

 

 

 

 

 

 

 

 

 

 

approved by security holders  (1)

 

Class A Units

 

 

 

 

20,000 

 

$

55.00 

 

 

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) See Note 7 to our consolidated financial statements for a description of the equity compensation plan.

 

 

 

 

**Security Ownership of Certain Beneficial Owners**

The following table sets forthcertain information as of October 31, 2009 regarding the only persons known bythe Company to own directly or indirectly, more than 5% of its Class A andClass B units.

 

 

 

 

 

 

**Number of Units**

 

 

 

 

 

 

 

**Beneficially**

 

 

**Name and Address of Beneficial Owner**

 

**Title of Class**

 

**Owned**

 

**Percent of Class**

Douglas A. Laue  (1)

Class A and Class B Units

 

 

95,000 

 

12.6% 

 

509 Country Lane

 

 

 

 

 

 

 

 

 

Council Grove, Kansas 66846

 

 

 

 

 

 

 

 

Fairleigh Corporation dba Fairleigh Feed Yard

Class A and Class B Units

 

 

54,288 

 

7.2% 

 

Box 560

 

 

 

 

 

 

 

 

 

Scott City, KS 67871

 

 

 

 

 

 

 

 

Desert Beef, LLC

Class A and Class B Units

 

 

44,160 

 

5.8% 

 

34673 E. County 9th Street

 

 

 

 

 

 

 

 

 

Wellton, AZ 85356

 

 

 

 

 

 

 

 

Crown H Cattle Co., Inc.

Class A and Class B Units

 

 

39,425 

 

5.2% 

 

PO Box 186

 

 

 

 

 

 

 

 

 

Scott City, KS 67871

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)  Includes i) 90,000 Class A and Class B units held by Black Diamond Cattle Co., Inc., of which Mr. Laue is the owner and ii) 5,000 Class A and Class B units held by Black Diamond Custom Feeders, of which Mr. Laue is the owner.

 

 

54
 
 

 

 

 

 

 

**Security Ownership of Management**

The following table furnishesinformation, as of October 31, 2009, regarding ownership of USPB’s linked Class Aand Class B units is furnished with respect to (i) each director anddirector nominee, (ii) each executive officer named in the Summary CompensationTable on page 45, and (iii) all current directors and executive officers as agroup. 

 

 

 

 

 

 

 

 

**Beneficial Ownership of**

 

 

**Class A and Class B Units**

**Name**

 

**Number (1)**

 

**Percentage (2)**

Douglas A. Laue  (3)

 

 

95,000 

 

12.6% 

John D. Fairleigh  (4)

 

 

54,288 

 

7.2% 

Jeff H. Sternberger  (5)

 

 

34,500 

 

4.6% 

Joe M. Morgan  (6)

 

 

17,865 

 

2.4% 

Rex W. McCloy  (7)

 

 

16,085 

 

2.1% 

Duane K. Ramsey  (8)

 

 

8,800 

 

1.2% 

Mark R. Gardiner  (9)

 

 

3,000 

 

0.4% 

Steven D. Hunt  (10)

 

 

20,000 

 

2.6% 

Jerry L. Bohn (11)

 

 

19,161 

 

2.5% 

Greg A. Glunz (12)

 

 

- 

 

0.0% 

Scott J. Miller

 

 

- 

 

0.0% 

Stanley D. Linville

 

 

- 

 

0.0% 

Danielle D. Imel

 

 

- 

 

0.0% 

Directors, Nominees, and Executive Officers as a group (12 persons)  (13)

 

 

268,699 

 

35.6% 

 

 

 

 

 

 

(1)     Each cooperative shareholder received one Class A unit and one Class B unit in USPB for each share of cooperative common stock

         held prior to the conversion.

 

 

 

 

 

 

 

 

 

 

 

(2)     Represents the percentage of Class A units and the percentage of Class B units beneficially held by the named party.

 

 

 
 		 		 		 
(3)     Includes i) 90,000 Class A and Class B units held by Black Diamond Cattle Co., Inc., of which Mr. Laue is the owner and ii) 5,000 Class

         A and Class B units held by Black Diamond Custom Feeders, of which Mr. Laue is the owner.

 

 

 

 

 

 

 

 

 

 

 

(4)     Includes 54,288 Class A and Class B units held by Fairleigh Corporation, of which Mr. Fairleigh is an owner. 54,288 of the Class A and

         Class B units are pledged as security.

 

 

 

 

 

 

 

 

 

 

 

(5)     Includes i) 32,500 Class A and Class B units held by Midwest Feeders Inc., of which Mr. Sternberger is an owner and the General

 

 

         Manager, and ii) 2,000 Class A and Class B units held by CRI Feeders of Guymon, LLC of which Mr. Sternberger is a director.

 

 

         34,500 of the Class A and Class B units are pledged as security.

 

 

 

 

 

 

 

 

 

 

 

(6)     Includes 17,865 Class A and Class B units held by Mr. Morgan.

 

 

 

 

 

 

 

 

 

 

 

(7)     Includes 16,085 Class A and Class B units held by McLeod Farms, Inc., of which Mr. McCloy is an owner.  3,093 of the Class A and

         Class B units are pledged as security.

 

 

 

 

 

 

 

 

 

 

 

(8)     Includes 8,800 Class A and Class B units held by the Duane K. Ramsey Trust, over which Mr. Ramsey has sole voting and

 

 

          investment power.

 

 

 

 

 

 

 

 

 

 

 

(9)     Includes 3,000 Class A and Class B units held by the Mark Gardiner Revocable Trust, over which Mr. Gardiner has sole voting and

 

          investment power.

 

 

 

 

 

 

 

 

 

 

 

(10)    Includes the option held by Mr. Hunt, the CEO, to purchase 20,000 Class A units and the 20,000 Class B units Mr. Hunt acquired in August 2009.

 

 

 

 

 

 

(11)    Mr. Bohn is a nominee to the board.  Includes i) 11,800 Class A and Class B units held by Pratt Feeders, LLC, of which Mr. Bohn

 

          is the general manager, and ii) 7,361 Class A and Class B units held by Hays Feeders, LLC, of which Mr. Bohn is the general manager.

          19,161 are pledged as security.

 

 

 

 

 

 

 

 

 

 

 

(12)     Mr. Glunz is a nominee to the board.  If elected, Mr. Glunz would represent the Class A and Class B units owned by Fairleigh Companies

         (see footnote #4).

 

 

 

 

 

 

 

 

 

 

 

(13)    Reflects unit ownership by all seven directors, the nominees to the board, and the named executive officers of USPB.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

** **

55

 

 

 

 

 

**ITEM 13.               CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS,AND DIRECTOR INDEPENDENCE**

**Related party transactions**

USPB’s board of directors has notadopted a formal policy or procedure that must be followed prior to anytransaction, arrangement or relationship with a related person, as defined bySEC regulations (e.g., directors, executive officers, any 5 percentshareholder, or immediate family member of any of the foregoing).

USPB has adopted a corporate Codeof Conduct that is enforced throughout all levels of management.  It deals withconflicts of interest, among other things.  The Code prohibits any conduct oractivities that conflict with the interests of the Company, or that mightinfluence or appear to influence our judgment or actions in performing ourduties.  The Code also requires directors and all levels of management to makefull written disclosure of any activity that may present a conflict of interestand receive prior written approval from the Company.  No waivers have beengranted.

Our directors and all levels ofmanagement are required each year to respond to a Related Party Questionnaire. The questionnaire requires each director and all levels of management to identifyif they or an immediate family member had been indebted to, or had been aparticipant in any material transactions with, the Company or any of itsaffiliates.  The questionnaire requires disclosure of the name of relatedparties if such parties have an ownership or management control relationshipwith the Company sufficient to exert significant influence over the Company’smanagement or operating policies which could cause significantly differentoperating results or financial position of the Company.

The standards applied pursuant tothe above-described procedures are to provide comfort that any conflict ofinterest or related party transition is on an arms-length basis which is fairto the Company.

**Directors who are unitholders**

USPB is not a listed company andas a result has chosen the NASDAQ independence listing standards to determinewhether our directors are independent.  The NASDAQ independence definitionsprovide that directors cannot be independent if they do not meet certainobjective standards.  

All of USPB’s directors hold unitsof the LLC and are also agricultural producers. By virtue of their unitholderstatus and ownership of Class A units, each of these individuals is obligatedto deliver cattle to USPB. The amount and terms of the payments received bythese individuals (or the entities they represent) for the delivery of cattleare made on exactly the same basis as those received by other unitholders andassociates of USPB for the delivery of their cattle.  Based on the NASDAQ’s standardsand as a result of their equal treatment with respect to the delivery of cattle,the following current directors were determined to be independent: Messrs.Fairleigh, Gardiner, Laue, McCloy, Morgan, Ramsey, and Sternberger.

**Certain Arrangements with Holders of NBP’s MembershipInterests**

 Simultaneouswith the ownership changes on August 6, 2003, all of the holders of NBP’smembership interests entered into a limited liability company agreement thatprovides for, among other things, election of its board of managers, the powersof its board of managers and its officers, approval rights for certain of itsequity holders, restrictions and rights related to the transfer, sale orpurchase of its membership interests, and preemptive and repurchase rights. 

 Thelimited liability company agreement provides that NBPCo Holdings and themembers of NBP management who hold membership interests in NBP have the rightto request that NBP purchase their membership interests under certaincircumstances.  

**Unit Redemption Agreements**

On April 13,2009, NBP entered into two Unit Redemption Agreements pursuant to Section 12.5of its Limited Liability Company Agreement, dated as of August 6, 2003 (as amendedfrom time to time, the NBP LLC Agreement) to redeem at agreed upon redemptionprices all of the membership interests in NBP that were owned or controlled byits former Chief Executive Officer, John R. Miller, and an affiliate of itsformer General Counsel, Scott H. Smith, as well as 25% of the membershipinterests in NBP that were owned by affiliates of its current President andChief Executive Officer, Timothy M. Klein.  As a result, Mr. Miller and Mr.Smith and their affiliates received approximately $91.3 million and $22.8million, respectively, for their units and are no longer members of NBP.  Mr.Klein’s affiliates received approximately $11.4 million for their redeemedunits.

 

 

56
 
 

 

 

 

 

 

In connectionwith these transactions, the NBP LLC Agreement was amended to provide that (i)the existing appraisal process for the valuation of NBP to be used for theremaining units controlled by Mr. Klein for his rights under Section 12.5 ofthe NBP LLC Agreement has been replaced with an amount equal to a two-yearaverage of NBP’s EBITDA (as defined in the NBP LLC Agreement) multiplied by sixminus NBP’s outstanding debt; and (ii) for purposes of redemption or liquidation,the Class B units controlled by Mr. Klein may be paid a non-dilution premium,which was at a maximum value of $4.3 million as of August 29, 2009.

In order topartially finance such redemptions, NBP created a new series of Class A units (referredto as Class A1 units) that were issued to USPB and NBPCo Holdings forapproximately $55.8 million and $19.6 million, respectively.  Class A1 unitsare nonvoting and are entitled to a priority distribution of 7% per year on theface amount of the Class A1 units payable with payment in kind Class A1 unitsin lieu of cash if NBP’s EBITDA does not meet certain tests.  For purposes ofdetermining Class B ownership for liquidation or redemption, the Class A1 unitswill be deemed to be converted to Class B units at a ratio stated in the NBP LLCAgreement, but will remain Class A1 units after such determination. 

NBP alsofinanced a portion of the redemptions with $50.0 million of new borrowingsunder the revolving line of credit of the Credit Facility.  The Credit Facilitywas amended on April 13, 2009 to permit these redemptions, increase theborrowings under NBP’s term loan by up to $75.0 million, increase the revolvingline of credit by $25.0 million, increase the interest rates of the term loanand revolving line of credit, shorten the maturity date of the term loan toJuly 2012 and revise the payment schedule of the term loan, among other things. 

At any time after certain dates,the earliest being July 31, 2010, the latest being July 31, 2011, affiliates ofMr. Klein and/or NBPCo Holdings have the right to require that the companyrepurchase their interests, the value of which is to be determined by aspecified formula or a mutually agreed process. If NBP is unable to effect therepurchase within a specified time, the requesting member(s) have the right tocause a sale process to commence.

**Transactions with NBP** 

In December 1997, USPB entered into acontract with FNB to deliver cattle annually to NBP relative to: (i) USPB’s ownershipin NBP and (ii) the number of cattle processed annually by NBP. During fiscalyear 2009, USPB and its owners and associates provided approximately 20% of NBP’stotal cattle requirements.  The purchase price for the cattle is determined bypricing grids, which, under the terms of our agreement with NBP, must becompetitive with the formula pricing of our competitors and may not be lessfavorable than formula pricing it offers to other suppliers. Any new purchaseagreements and payment formulas with NBP must be consistent with the agreementexisting at the time U.S. Premium Beef acquired the majority interest in NBP on August 6, 2003.

**Transactions with Beef Products, Inc.** 

Since 1994, NBPhas had a business relationship with Beef Products, Inc. (BPI), which is anaffiliate of NBPCo Holdings, whereby NBP sells beef trimmings, referred to astrim, to BPI, primarily at a formula-based price, and NBP purchases processedlean beef from BPI at negotiated prices for use in NBP’s ground beefoperations.  NBP’s aggregate sales of trim to BPI totaled approximately $96.9million, $132.4 million and $89.1 million, respectively, in fiscal years 2009,2008 and 2007.  NBP’s aggregate purchases of processed lean beef from BPItotaled approximately $28.9 million, $15.7 million, and $14.2 million,respectively, in fiscal years 2009, 2008 and 2007. 

In January 2007, NBP entered intoan agreement with BPI for BPI to manufacture and install a grinding system inone of NBP’s plants.  In accordance with the agreement with BPI, NBP pays BPI atechnology and support fee based on the number of pounds of product producedusing the grinding system.  The installation of the grinding system wascompleted in fiscal year 2008.  During fiscal years 2009 and 2008, NBP paidapproximately $1.7 million and $0.7 million, respectively, to BPI in technologyand support fees.

**Transactions with John R. Miller**

In October2003, BNP entered into an aircraft lease agreement under which it leases abusiness jet aircraft from John R. Miller Enterprises III, L.L.C., a limitedliability company of which Mr. Miller is the beneficial owner. The term of thelease is 81 months. The monthly lease payments will range from $25,400 in thefirst year of the lease to $45,380 in the fourth year of the lease and thereafter,and are adjusted quarterly based on the change in the three month LIBORinterest rate.  During fiscal years 2009, 2008 and 2007, NBP paid $0.6 million,$0.7 million and $0.8 million, respectively, to lease the aircraft.  Duringeach of fiscal years 2009, 2008 and 2007, NBP paid $0.1 million into an enginereplacement reserve account for this aircraft.  The funds in the reserveaccount are to be used to finance new engines installed on the aircraft. 

 

 

57
 
 

 

 

 

 

 

In December2004, NBP entered into an aircraft lease agreement under which it leasesanother business jet aircraft from John R. Miller Enterprises III, L.L.C.. Theterm of the lease is 72 months. This aircraft replaces an aircraft leased fromJohn R. Miller Enterprises, L.L.C. in March 2001.  The base monthly leasepayments will range from $35,400 in the first year of the lease to $45,380 inthe fourth year of the lease and thereafter, and are adjusted quarterly basedon the change in the three month LIBOR interest rate.  During fiscal years 2009,2008 and 2007, NBP paid $0.6 million, $0.7 million and $0.8 million,respectively, to lease the aircraft.  During each of fiscal years 2009, 2008and 2007, NBP paid $0.1 million into an engine replacement reserve account forthis aircraft.  The funds in the reserve account are to be used to finance newengines installed on the aircraft.    

NBP believesthat the terms of these aircraft leases are at least as favorable to us as wecould have obtained from unaffiliated third parties.  

**Legal Expenses Not Reimbursedby Members**

In connectionwith a contemplated strategic transaction, NBP incurred approximately $3.6million of legal expenses, which were to be reimbursed by its members upon theclosing of the transaction. As the transaction ultimately did not close, this reimbursementwas not made and NBP recorded this amount as an expense in fiscal year 2009.

See Item 10*.Directors, Executive Officers and Corporate Governance* for additionalinformation regarding the independence of our Board.****

 

**ITEM 14.               PRINCIPAL ACCOUNTANT FEES ANDSERVICES**

KPMG LLP, an independentregistered public accounting firm, served as our auditors for the fiscal yearsended August 29, 2009 and August 30, 2008.

 

 

 

 

 

 

 

 

 

**Fiscal Year Ended**

 

**Fiscal Year Ended**

**Type of Service**

 

**August 29, 2009**

 

**August 30, 2008**

 

 

(dollars in thousands)

Audit Fees

 

$

550 

 

$

526 

Audit Related Fees

 

26 

 

5 

Tax Fees

 

- 

 

- 

All Other Fees

 

- 

 

- 

    Total

 

$

576 

 

$

531 

**Audit Fees**

Audit fees relate to theaudits of our consolidated financial statements including the audit of theconsolidated financial statements of NBP filed on Form 10-K and the reviews ofquarterly reports on Form 10-Q.  

**Audit-Related Fees**

Audit-related fees in fiscal years 2009 and 2008 primarilyrelate to consultations on accounting related matters.

**Tax Fees**

Tax fees relate to tax compliance, tax advice andtax planning services.

 

			58
 
 

 

 

 

**All Other Fees**

We did not pay any other typeof fee and did not receive any other services from KPMG LLP during fiscal years2009 and 2008. 

Our Audit Committee appoints our independentauditors.  The Audit Committee is solely and directly responsible for theapproval of the appointment, re-appointment, compensation and oversight of ourindependent auditors.  The Audit Committee approves in advance all work to beperformed by the independent auditors.

 

 

 

 

 

 

 

 

 

** **

			59
 
 

 

 

 

 

 

**PART IV**

**ITEM 15.               EXHIBITS AND FINANCIALSTATEMENT SCHEDULES.**

**(a) Financial Statements and Financial StatementSchedules**

(1)**     **Theconsolidated financial statements filed as part of this report at Item 8 arelisted in the Index to the Consolidated Financial Statements on page F-1contained herein.

(2)       Thefinancial statement schedules required to be filed by Item 8 of this report is setforth in “Item 15(c) Financial Statement Schedules” contained herein.

**(b) The following documents are filed or incorporated byreference as exhibits to this report:**

 

2.1
Agreement and Plan ofMerger between U.S. Premium Beef, Ltd. and U.S. Premium Beef, Inc.(incorporated herein by reference to Appendix A to voting materials-prospectuscontained in U.S. Premium Beef, Inc. Registration Statement on Form S-4 (FileNo. 333-115164) filed with the SEC on August 5, 2004).

 
 
2.2
Plan of Conversionadopted by U.S. Premium Beef, Inc. (incorporated herein by reference toAppendix B to the voting materials – prospectus contained in U.S. Premium Beef,Inc. Registration Statement on Form S-4 (File No. 333-115164) filed with theSEC on August 5, 2004).

 
 
3.1
Certificateof Formation of U.S. Premium Beef, LLC (incorporated herein by reference toAppendix C to the voting materials – prospectus contained in U.S. Premium Beef,Inc. Registration Statement on Form S-4 (File No. 333-115164) filed with theSEC on August 5, 2004).

 
 
3.2(a)
LimitedLiability Agreement of U.S. Premium Beef, LLC (incorporated herein by referenceto Appendix D to the voting materials – prospectus contained in U.S. PremiumBeef, Inc. Registration Statement on Form S-4 (File No. 333-115164) filed withthe SEC on August 5, 2004).

 
 
3.2(b)
Amendmentto the Limited Liability Company Agreement of U.S. Premium Beef, LLC, dated asof March 27, 2008 (incorporated by reference to Exhibit 3.1 to Form 10-Q (FileNo. 333-115164) filed with the SEC on April 4, 2008).

 
 
3.2(c)
Amendmentto the Limited Liability Company Agreement of U.S. Premium Beef, LLC, dated asof November 2, 2009 (incorporated by reference to Exhibit 3.1 to Form 8-K (FileNo. 333-115164) filed with the SEC on November 6, 2009).

 
 
3.3(a)
LimitedLiability Company Agreement of National Beef Packing Company, LLC, dated as ofAugust 6, 2003 (incorporated herein by reference to Exhibit 3.1(a) to theQuarterly Report on Form 10-Q for the quarter ended May 27, 2006 (File No.333-111407), filed with the SEC on July 10, 2006).

 
 
3.3(b)
Amendment to the Limited LiabilityCompany Agreement of National Beef Packing Company, LLC, dated as of July 7,2005 (incorporated by reference to Exhibit 3.1(b) to the  Quarterly Report onForm 10-Q for the quarter ended May 27, 2006 (File No. 333-111407), filed withthe SEC on July 10, 2006).

 
 
3.3(c)
Amendmentof a portion of Section 6.6 to the Limited Liability Company Agreement of NationalBeef Packing Company, LLC (incorporated by reference to Exhibit 3.1(a) to theQuarterly Report on Form 10-Q for the quarter ended February 28, 2009 (File No.333-111407), filed with the SEC on April 15, 2009).

 
 
3.3(d)
Amendmentof a portion of Section 12.5 to the Limited Liability Company Agreement of NationalBeef Packing Company, LLC (incorporated by reference to Exhibit 3.1(b) to theQuarterly Report on Form 10-Q for the quarter ended February 28, 2009 (File No.333-111407), filed with the SEC on April 15, 2009).

 

60
 
 

 

 

 

 

 

3.3(e)
Summary of Class A-1 Units (incorporatedby reference to Exhibit 3.1(c) to the Quarterly Report on Form 10-Q for thequarter ended February 28, 2009 (File No. 333-111407), filed with the SEC on April15, 2009).

 
 
3.3(f)
Revised Exhibit 3.1 to theLimited Liability Company Agreement of National Beef Packing Company, LLC,effective as of August 6, 2008 (incorporated herein by reference to Exhibit 3.1(c)to Quarterly  Report on Form 10-Q (File No. 333-111407) filed with the SEC onNovember 24, 2008).

 
 
3.4(a)
Certificate ofIncorporation of NB Finance Corp. (incorporated herein by reference to Exhibit3.2 to Registration Statement on Form S-4 (File No. 333-111407) filed with theSEC on December 19, 2003).

 
 
3.4(b)
Bylaws of NB Finance Corp.(incorporated herein by reference to Exhibit 3.3 to Registration Statement onForm S-4 (File No. 333-111407) filed with the SEC on December 19, 2003).

 
 
4.1(a)
Indenture dated as of August 6,2003 by and among National Beef Packing Company, L.P., NB Finance Corp and U.S.Bank National Association  (incorporated herein by reference to Exhibit 4.1 toRegistration Statement on Form S-4 (File No. 333-111407) filed with the SEC onDecember 19, 2003).

 
 
4.1(b)
Form of Series B Senior Notedue 2011 (incorporated herein by reference to Exhibit 4.1 to RegistrationStatement on Form S-4 (File No. 333-111407) filed with the SEC on December 19,2003).

 
 
4.1(c)
Registration Rights Agreementdated as of August 6, 2003 by and among National Beef Packing Company, L.P., NBFinance Corp., Deutsche Bank Securities Inc., U.S. Bancorp Piper Jaffray Inc.and Rabo Securities USA, Inc. (incorporated herein by reference to Exhibit 4.3to Registration Statement on Form S-4 (File No. 333-111407) filed with the SECon December 19, 2003).

 
 
10.1
Cattle Purchase and SaleAgreement dated as of December 1, 1997 by and among Farmland National BeefPacking Company, L.P. and U.S. Premium Beef, Ltd. (incorporated herein byreference to Exhibit 10.7 to Registration Statement on Form S-4 (File No.333-111407) filed with the SEC on December 19, 2003).

 
 
10.2(a)
Form of Uniform Deliveryand Marketing Agreement – Even Slots (incorporated herein by reference to Exhibit10.2 to U.S. Premium Beef Registration Statement on Form S-4 (File No.333-115164) filed with the SEC on August 5, 2004)

 
 
10.2(b)
Form of Uniform CattleDelivery and Marketing Agreement – Even Slots (incorporated by reference toExhibit 10.2(b) to Form 10-K (File No. 333-115164) filed with the Commission on November 14, 2007).

 
 
10.3(a)
Form of Uniform Deliveryand Marketing Agreement – Odd Slots (incorporated herein by reference toExhibit 10.3 to U.S. Premium Beef Registration Statement on Form S-4 (File No.333-115164) filed with the SEC on August 5, 2004).

 
 
10.3(b)
Form of Uniform CattleDelivery and Marketing Agreement – Odd Slots (incorporated by reference toExhibit 10.3(b) to Form 10-K (File No. 333-115164) filed with the Commission on November 14, 2007).

 
 
10.4
* U.S. Premium Beef, Ltd.Management Incentive Plan (incorporated herein by reference to Exhibit 10.8 toU.S. Premium Beef Registration Statement on Form S-4 (File No. 333-115164)filed with the SEC on August 5, 2004).

 
 
10.5(a)
Amended and Restated CreditAgreement and Security Agreement dated as of June 22, 2009 by and among U.S.Premium Beef, LLC and CoBank, ACB, as agent on behalf of the syndicationparties (incorporated herein by reference to Exhibit 10.1 to Form 8-K (File No.333-115164) filed with the SEC on June 25, 2009).

 

61

 

 

 

 

 

 

10.5(b)
Pledge Agreement dated asof June 22, 2009 by and among U.S. Premium Beef, LLC and CoBank, ACB, as agent onbehalf of the syndication parties (incorporated herein by reference to Exhibit10.2 to Form 8-K (File No. 333-115164) filed with the SEC on June 25, 2009)

 
 
10.6(a)*
*CEO Employment Agreement byand between Steven D. Hunt and U.S. Premium Beef, LLC adopted September 1, 2004(incorporated herein by reference to Exhibit 10.14 to Form 10-Q (File No.333-115164) filed with the SEC on August 5, 2004).

 
 
10.6(b)*
Contract Affirmation ofSecond Amendment to Employment Agreement between U.S. Premium Beef, LLC andSteven D. Hunt dated December 31, 2008 (incorporated herein by reference toExhibit 10.1 to Form 10-Q (File No. 333-115164) filed with the SEC on January13, 2009).

 
 
10.6(b)*
CEO Employment Agreement byand between Steven D. Hunt and U.S. Premium Beef, LLC dated July 10, 2009 (incorporatedby reference to Exhibit 10.4 to Form 10-Q (File No. 333-115164) filed with theSEC on July 10, 2009).

 
 
10.7(a)*
Consulting Agreement datedas of July 27, 2009 by and between National Beef Packing Company, LLC and JohnR. Miller Enterprises III, LLC (incorporated herein by reference to Exhibit10.2 to Form 8-K (File No. 333-111407) filed with the SEC on July 28, 2009).

 
 
10.7(b)*
DeferredEquity Incentive Compensation Agreement dated August 6, 2003 by and betweenNational Beef Packing Company, LLC and John R. Miller (incorporated herein byreference to Exhibit 10.3 to Registration Statement on Form S-4 (File No.333-111407) filed with the SEC on December 19, 2003).

 
 
10.7(c)*
EmploymentAgreement dated as of August 6, 2003 by and between National Beef PackingCompany, LLC and Timothy M. Klein (incorporated herein by reference to Exhibit10.4 to Registration Statement on Form S-4 (File No. 333-111407) filed with theSEC on December 19, 2003).

 
 
10.7(d)*
Amendmentto Employment Agreement for Timothy M. Klein dated as of December 31, 2008 byand between National Beef Packing Company, LLC and Timothy M. Klein(incorporated herein by reference to Exhibit 10.3 to Form 10-Q (File No.333-111407) for the quarter ended November 29, 2008, filed with the SEC onJanuary 13, 2009).

 
 
10.7(e)*
SecondAmendment to Employment Agreement dated as of July 27, 2009, between theCompany and Timothy M. Klein (incorporated herein by reference to Exhibit 10.1to Form 10-Q (File No. 333-111407) for the quarter ended July 27, 2009, filedwith the SEC on July 28, 2009).

 
 
10.7(f)*
DeferredEquity Incentive Compensation Agreement dated August 6, 2003 by and betweenNational Beef Packing Company, LLC and Timothy M. Klein (incorporated herein byreference to Exhibit 10.5 to Registration Statement on Form S-4 (File No.333-111407) filed with the SEC on December 19, 2003).

 
 
10.8
Purchase Agreement datedJuly 31, 2003 by and among NB Acquisition, LLC, National Beef Packing Company,L.P., NB Finance Corp., Deutsche Bank Securities Inc., U.S. Bancorp Piper Jaffray Inc. and Rabo Securities USA, Inc. (incorporated herein by reference toExhibit 10.1 to Registration Statement on Form S-4 (File No. 333-111407) filedwith the SEC on December 19, 2003).

 
 
10.9(a)
SixthAmended and Restated Credit Agreement dated as of July 25, 2007 (CreditAgreement) by and among National Beef Packing Company, LLC and certain agents,lenders and issuers (incorporated by reference to Exhibit 10.1 (File No.333-111407) to Form 8-K filed with the SEC on July 31, 2007).

 
 
10.9(b)
FirstAmendment to Sixth Amended and Restated Credit Agreement dated as of June 27,2008 by and among National Beef Packing Company, LLC and certain agents,lenders and issuers (incorporated by reference to Exhibit 10.1 (File No.333-111407) to Form 8-K filed with the SEC on June 30, 2008).
 
62

 

 

10.9(c)
SecondAmendment to the Sixth Amended and Restated Credit Agreement dated as of April13, 2009 by and among the Company and certain agents, lenders and issuers (incorporatedherein by reference to Exhibit 10.4 to Quarterly Report on Form 10-Q (File No.333-111407) for the quarter ended February 28, 2009, filed with the SEC on April15, 2009).

 
 
10.10(a)
LeaseAgreement dated as of February 1, 1999 between City of Dodge City, Kansas andFarmland National Beef Packing Company, L.P. securing $1,000,000 City of DodgeCity, Kansas Industrial Development Revenue Bonds (Farmland National BeefPacking Company, L.P. Project), Series 1999 (incorporated herein by referenceto Exhibit 10.8 to Registration Statement on Form S-4 (File No. 333-111407)filed with the SEC on December 19, 2003).

 
 
10.10(b)
Indentureof Trust dated as of February 1, 1999 between City of Dodge City, Kansas andCommerce Bank, N.A., as trustee, securing $1,000,000 City of Dodge City, KansasIndustrial Development Revenue Bonds (Farmland National Beef Packing Company,L.P. Project), Series 1999 (incorporated herein by reference to Exhibit 10.9 toRegistration Statement on Form S-4 (File No. 333-111407) filed with the SEC onDecember 19, 2003).

 
 
10.11(a)
Indentureof Trust dated as of January 1, 1999 between City of Liberal, Kansas andCommerce Bank, N.A., as trustee, securing $1,000,000 City of Liberal, KansasIndustrial Development Revenue Bonds (Farmland National Beef Packing Company,L.P. Project), Series 1999 (incorporated herein by reference to Exhibit 10.11to Registration Statement on Form S-4 (File No. 333-111407) filed with the SECon December 19, 2003).

 
 
10.11(b)
Amendedand Restated Lease Agreement dated as of January 1, 1999 between City ofLiberal, Kansas and Farmland National Beef Packing Company, L.P. securing$1,000,000 City of Liberal, Kansas Industrial Development Revenue Bonds(Farmland National Beef Packing Company, L.P. Project), Series 1999(incorporated herein by reference to Exhibit 10.10 to Registration Statement onForm S-4 (File No. 333-111407) filed with the SEC on December 19, 2003).

 
 
10.12(a)
LeaseAgreement dated as of March 1, 2000 between City of Dodge City, Kansas andFarmland National Beef Packing Company, L.P. securing $6,000,000 City of DodgeCity, Kansas Industrial Development Revenue Bonds (Farmland National Beef PackingCompany, L.P. Project), Series 2000 (incorporated herein by reference toExhibit 10.12 to Registration Statement on Form S-4 (File No. 333-111407) filedwith the SEC on December 19, 2003).

 
 
10.12(b)
Indentureof Trust dated as of March 1, 2000 between City of Dodge City, Kansas andCommerce Bank, N.A., as trustee, securing $6,000,000 City of Dodge City, KansasIndustrial Development Revenue Bonds (Farmland National Beef Packing Company,L.P. Project), Series 2000 (incorporated herein by reference to Exhibit 10.13to Registration Statement on Form S-4 (File No. 333-111407) filed with the SECon December 19, 2003).

 
 
10.13(a)
LeaseAgreement dated as of March 1, 2000 between City of Liberal, Kansas andFarmland National Beef Packing Company, L.P. securing $5,850,000 City ofLiberal, Kansas Industrial Development Revenue Bonds (Farmland National BeefPacking Company, L.P. Project), Series 2000 (incorporated herein by referenceto Exhibit 10.14 to Registration Statement on Form S-4 (File No. 333-111407) filedwith the SEC on December 19, 2003).

 
 
10.13(b)
Indentureof Trust dated as of March 1, 2000 between City of Liberal, Kansas and CommerceBank, N.A., as trustee, securing $5,850,000 City of Liberal, KansasIndustrial Development Revenue Bonds (Farmland National Beef Packing Company,L.P. Project), Series 2000 (incorporated herein by reference to Exhibit 10.15to Registration Statement on Form S-4 (File No. 333-111407) filed with the SECon December 19, 2003).

 
 
10.14(a)
Leasedated as of December 1, 2004 between City of Dodge City, Kansas and NationalBeef Packing Company, LLC securing $102,300,000 City of Dodge City, KansasIndustrial Development Revenue Bonds, Series 2004 (National Beef PackingCompany, LLC Project) (incorporated by reference to Exhibit 10.2 to Form 8-K(File No. 333-111407) filed with the Commission on January 6, 2005).

63

 

 

 

 

 

 

10.14(b)
TrustIndenture dated as of December 1, 2004 between City of Dodge City, Kansas andCommerce Bank, N.A., as trustee, securing $102,300,000 City of Dodge City,Kansas Industrial Development Revenue Bonds, Series 2004 (National Beef PackingCompany, LLC Project) (incorporated by reference to Exhibit 10.3 to Form 8-Kfiled (File No. 333-111407) with the Commission on January 6, 2005).
  
10.15
Amendedand restated lease agreement dated as of April 1, 2006 between JointDevelopment Authority of Brooks, Colquitt, Grady, Mitchell and Thomas countiesand National Beef Packing Company, LLC (incorporated herein by reference toExhibit 10.1 to Form 10-Q (File No. 333-111407) filed with the SEC on April 4,2008).

 
 
10.16
AircraftLease dated October 15, 2003 by and among John R. Miller Enterprises III, LLCand National Beef Packing Company, LLC (incorporated herein by reference toExhibit 10.22 to Registration Statement on Form S-4 (File No. 333-111407) filedwith the SEC on December 19, 2003).

 
 
10.17
AircraftLease dated as of December 9, 2004 by and among John R. Miller Enterprises, L.L.C. and National Beef Packing Company, LLC (incorporated by reference toExhibit 10.1 to Form 8-K (File No. 333-111407) filed with the Commission on December 9, 2004).

 
 
10.18*
NationalBeef Packing Company, LLC Management Incentive Program (incorporated herein byreference to Exhibit 10.18 to Registration Statement on Form S-1 (File No. 333-162443)filed with the SEC on October 13, 2009).

 
 
10.19*
NationalBeef Packing Company, LLC Management Long Term Incentive Plan (incorporatedherein by reference to Exhibit 10.24 to Registration Statement on Form S-4(File No. 333-111407) filed with the SEC on December 19, 2003).

 
 
10.20
FMIGrinding System Lease Agreement by and between Beef Products, Inc. and NationalBeef Packing Company, LLC (incorporated herein by reference to Exhibit 10.16 toForm 10-K (File No. 333-111407) filed with the SEC on November 24, 2008). (1)

 
 
21.1
Subsidiariesof National Beef Packing Company, LLC (incorporated herein by reference toExhibit 21.1 to Form 10-K (File No. 333-111407) filed with the SEC on November 13,2009).

 
 
31.1
Certificationof the Chief Executive Officer pursuant to Section 302 of the Sarbanes-OxleyAct of 2002 (filed herewith).    

 
 
31.2
Certificationof the Chief Financial Officer pursuant to Section 302 of the Sarbanes-OxleyAct of 2002 (filed herewith).

 
 
32.1
Certificationof the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adoptedpursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).

 
 
32.2
Certificationof the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adoptedpursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).

_____________

*  Managementcontract or compensatory plan or arrangement.

 (1) Portions of this exhibit are omitted andwere filed separately with the Secretary of the SEC pursuant to NBP’sapplication requesting confidential treatment under Rule 246-2 of theSecurities Exchange Act of 1934.

64

 

 

 

 

 

 

**(c) Financial Statement Schedules:**

**Schedule I – Parent Company Financial Statements**

**U.S. PREMIUM BEEF, LLC**

**Balance Sheets of Parent Company**

(in thousands, except unit information)

**Assets**

 

**August 29, 2009**

 

**August 30, 2008**

Current assets:

 

 

 

 

 

 

    

Cash and cash equivalents

 

 

$

1,480 

 

$

51,933 

 

Accounts receivable

 

 

1 

 

1 

 

Other receivables

 

 

56 

 

13 

 

 

Total current assets

 

 

1,537 

 

51,947 

Property, plant, and equipment, at cost

 

248 

 

224 

 

Less accumulated depreciation

 

 

(212)

 

(198)

 

 

Net property, plant, and equipment

 

36 

 

26 

Investments in National Beef Packing Company, LLC

 

341,173 

 

177,475 

Other assets

 

 

 

474 

 

458 

 

 

Total assets

 

 

$

343,220 

 

$

229,906 

**Liabilities and Capital Shares and Equities**

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Current installments of long-term debt

 

$

1,030 

 

$

1,030 

 

Accounts payable

 

 

230 

 

41 

 

Due to affiliates

 

 

8 

 

130 

 

Accrued compensation and benefits

 

5,696 

 

4,865 

 

Other accrued expenses and liabilities

 

575 

 

1,369 

 

 

Total current liabilities

 

 

7,539 

 

7,435 

Long-term liabilities:

 

 

 

 

 

 

Long-term debt, excluding current installments

 

6,030 

 

2,059 

 

 

Total long-term liabilities

 

 

6,030 

 

2,059 

 

 

Total liabilities

 

 

13,569 

 

9,494 

Capital shares and equities:

 

 

 

 

 

 

Members' capital, 735,385 and 735,385 Class A units and 755,385 and 735,385

 

 

 

 

 

 

Class B units authorized, issued and outstanding

 

280,969 

 

169,770 

 

Patronage notices

 

 

48,682 

 

50,642 

 

 

Total capital shares and equities

 

329,651 

 

220,412 

Commitments and contingencies

 

 

- 

 

- 

 

 

Total liabilities and capital shares and equities

 

$

343,220 

 

$

229,906 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

** **

65
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**U.S. PREMIUM BEEF, LLC**

**Statements of Operations of Parent Company**

(in thousands, except per unit data)

 

 

 

 

 

 

 

 

 

 

 

 

 

**52 weeks ended**

 

**53 weeks ended**

 

**52 weeks ended**

 

 

 

 

**August 29, 2009**

 

**August 30, 2008**

 

**August 25, 2007**

Net sales

$

- 

 

$

- 

 

$

- 

Costs and expenses:

 

 

 

 

 

 

Cost of sales

- 

 

- 

 

- 

 

Selling, general, and administrative expenses

6,055 

 

7,968 

 

3,630 

 

Depreciation and amortization

17 

 

13 

 

13 

 

 

Total costs and expenses

6,072 

 

7,981 

 

3,643 

 

 

 

Operating loss

(6,072)

 

(7,981)

 

(3,643)

Other income (expense):

 

 

 

 

 

 

Interest income

147 

 

978 

 

1,428 

 

Interest expense

(211)

 

(247)

 

(367)

 

Equity in earnings of National Beef Packing

 

 

 

 

 

 

 

Company, LLC

91,570 

 

69,441 

 

12,187 

 

Termination Fee

14,572 

 

- 

 

- 

 

Other, net

19 

 

40 

 

62 

 

 

Total other income

106,097 

 

70,212 

 

13,310 

 

 

 

Income before taxes

100,025 

 

62,231 

 

9,667 

Income tax expense

(42)

 

(20)

 

(22)

 

 

 

Net income

$

99,983 

 

$

62,211 

 

$

9,645 

Earnings per linked unit:

 

 

 

 

 

 

Basic

 

 

 

 

 

 

 

Class A units

$

44.87 

 

$

27.92 

 

$

4.33 

 

 

Class B units

$

90.89 

 

$

56.68 

 

$

8.79 

 

Diluted

 

 

 

 

 

 

 

Class A units

$

44.35 

 

$

27.51 

 

$

4.26 

 

 

Class B units

$

90.89 

 

$

55.86 

 

$

8.65 

 

 

 

 

 

 

 

 

 

Outstanding weighted-average Class A and Class B units:

 

 

 

 

 

 

Basic

 

 

 

 

 

 

 

Class A units

735,385 

 

735,385 

 

735,455 

 

 

Class B units

737,052 

 

735,385 

 

735,455 

 

Diluted

 

 

 

 

 

 

 

Class A units

744,039 

 

746,176 

 

747,067 

 

 

Class B units

737,052 

 

746,176 

 

747,067 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

66
 
 

 

 

 

 

 

 

**U.S. PREMIUM BEEF, LLC**

**Statements of Cash Flows of Parent Company**

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**52 weeks ended**

 

**53 weeks ended**

 

**52 weeks ended**
			 			 			 
**August 29, 2009**
			 
**August 30, 2008**
			 
**August 25, 2007**

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

 

$

99,983 

 

$

62,211 

 

$

9,645 

 

Adjustments to reconcile net income to net cash provided by

 

 

 

 

 

 

 

 

operating activities:

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

17 

 

13 

 

13 

 

 

 

Termination Payment

 

 

(14,572)

 

- 

 

- 

 

 

 

Equity in earnings of National Beef Packing Company, LLC

 

(91,570)

 

(69,441)

 

(12,187)

 

 

 

Distribution from National Beef Packing Company, LLC

 

46,741 

 

24,826 

 

13,358 

 

 

 

Changes in assets and liabilities (net of acquisition):

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

- 

 

2 

 

(3)

 

 

 

 

Due from affiliates

 

 

(43)

 

202 

 

473 

 

 

 

 

Other assets

 

 

(17)

 

(27)

 

(30)

 

 

 

 

Accounts payable

 

 

189 

 

(29)

 

14 

 

 

 

 

Due to affiliates

 

 

(122)

 

(492)

 

115 

 

 

 

 

Accrued compensation and benefits

 

1,871 

 

2,168 

 

(1,391)

 

 

 

 

Other accrued expenses and liabilities

 

(794)

 

1,105 

 

(502)

 

 

 

 

 

Net cash provided by operating activities

 

41,683 

 

20,538 

 

9,505 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Capital expenditures, including interest capitalized

 

(27)

 

- 

 

(43)

 

Termination Fee

 

 

14,572 

 

- 

 

- 

 

Acquisition of minority interests in NBP

 

 

(55,841)

 

- 

 

- 

 

 

 

 

 

Net cash used in investing activities

 

(41,296)

 

- 

 

(43)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Net receipts under revolving credit lines

 

 

5,000 

 

- 

 

- 

 

Payments of notes payable and fees

 

 

(1,029)

 

(1,030)

 

(1,030)

 

Repayment of patronage notices

 

 

(1,960)

 

- 

 

- 

 

Partnership distributions

 

 

(52,851)

 

- 

 

(1,755)

 

 

 

 

 

Net cash used in financing activities

 

(50,840)

 

(1,030)

 

(2,785)

 

 

 

 

 

Net increase in cash

 

 

(50,453)

 

19,508 

 

6,677 

Cash and cash equivalents at beginning of period

 

51,933 

 

32,425 

 

25,748 

Cash and cash equivalents at end of period

 

 

$

1,480 

 

$

51,933 

 

$

32,425 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental cash disclosures:

 

 

 

 

 

 

 

 

Cash paid during the period for interest

 

 

$

188 

 

$

268 

 

$

381 

 

Cash paid during the period for taxes, net of refunds

 

$

42 

 

$

20 

 

$

22 

Supplemental non-cash disclosures of investing activities:

 

 

 

 

 

 

 

Issuance of Class B units for exercise of CEO's options

 

$

1,040 

 

$

- 

 

$

- 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

			See accompanying notes to consolidated financial statements.

 

 

 

 

 

** **

** **

**  **

67
 
 

 

 

 

 

 

** **

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

The Board of Directors and Stockholders

U.S. Premium Beef, LLC:

 

Under date of November13, 2009, we reported on theconsolidated balance sheets of U.S. Premium Beef, LLC and subsidiaries (theCompany) as of August 29, 2009 and August 30, 2008, and the relatedconsolidated statements of operations, comprehensive income, capital shares andequities and cash flows for each of the fiscal years in the three-year periodended August 29, 2009, as contained in the Annual Report on Form 10-K for thefiscal year 2009. In connection with our audits of the aforementionedconsolidated financial statements, we also audited the related financialstatement schedules in the Form 10-K. These financial statement schedules arethe responsibility of the Company’s management. Our responsibility is toexpress an opinion on these financial statement schedules based on our audits.

In our opinion, such financial statement schedules, whenconsidered in relation to the basic consolidated financial statements taken asa whole, present fairly, in all material respects, the information set forththerein.

 

/s/ KPMG

Kansas City, Missouri

November 13, 2009

 

 

 

 

			68
 
 

 

 

 

 

 

**SIGNATURES**

Pursuant to the requirements ofSection 13 or 15(d) of the Securities Exchange Act of 1934, the registrant hasduly caused this report to be signed on its behalf by the undersigned,thereunto duly authorized.

U.S. Premium Beef, LLC

By: /s/ Steven D. Hunt

                                                                     

Name: Steven D.Hunt

*ChiefExecutive Officer*

*(PrincipalExecutive Officer)*

 

Date: November 13, 2009

 

*** * * ***

 

Pursuant to the requirements of theSecurities Exchange Act of 1934, this report has been signed by the followingpersons on behalf of the registrant and in the capacity and on the datesindicated.

 

 **Signature**
**Title**

**Date**

 
 

 /s/ Steven D. Hunt

Steven D. Hunt

** **

** **

** **

Chief Executive Officer

(Principal Executive Officer)

			November  13, 2009

 
 

 /s/ Scott J. Miller

Scott J. Miller

 

** **

** **

Chief Financial Officer

(Principal Financial and Accounting Officer)

November 13, 2009

 
 

 /s/ Mark R. Gardiner

Mark R. Gardiner

 

** **

** **

Chairman of the Board

November 13, 2009

 

 /s/ John D. Fairleigh

John D. Fairleigh

 

 

 

Vice Chairman of the Board

November 13, 2009

 
 

 /s/ Duane K. Ramsey

Duane K. Ramsey

 

 

 

Secretary of the Board

November 13, 2009

 
 

 /s/ Douglas A. Laue

Douglas A. Laue

 

 

 

Director

November 13, 2009

 
 

 /s/ Rex W. McCloy

Rex W. McCloy

 

 

 

Director

November 13, 2009

 
 

 /s/ Joe M. Morgan

Joe M. Morgan

 

 

 

Director

November 13, 2009

 
 

/s/ Jeff H. Sternberger

Jeff H. Sternberger

 

 

 

Director

November 13, 2009

 
			69
 
 

 
****
**U.S. PREMIUM BEEF, LLC**

**INDEX TO CONSOLIDATED FINANCIALSTATEMENTS**

 

 

**Page**

 

 

**Audited Consolidated Financial  Statements:**

 

** **

 

Report of Independent Registered Public Accounting  Firm

F-2

 

 

Consolidated Balance Sheets at August 29, 2009, and August  30, 2008

F-3

 

 

Consolidated Statements of Operations for the years  ended August 29, 2009, August 30, 2008, and August 25, 2007

F-4

 

 

Consolidated Statements of Comprehensive Income for  the years ended August 29, 2009, August 30, 2008, and August 25, 2007

F-5

 

 

Consolidated Statements of Capital Shares and Equities  for the years ended August 29, 2009, August 30, 2008, and August 25, 2007

F-6

 

 

Consolidated Statements of Cash Flows for the years  ended August 29, 2009, August 30, 2008, and August 25, 2007

F-7

 

 

Notes to Consolidated Financial Statements

F-8

 

 

 

 

 

 

 

F-1

 

 

 

 

 

 

 

**REPORT OFINDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

 

The Board of Directors and OwnersU.S. Premium Beef, LLC:

We have audited the accompanying consolidated balance sheetsof U.S. Premium Beef, LLC and subsidiaries (Company) as of August 29, 2009 and August30, 2008, and the related consolidated statements of operations, comprehensiveincome, capital shares and equities and cash flows for each of the fiscal yearsin the three-year period ended August 29, 2009. These consolidatedfinancial statements are the responsibility of the Company’s management. Ourresponsibility is to express an opinion on these consolidated financialstatements based on our audits.

We conducted our audits in accordance with standards of thePublic Company Accounting Oversight Board (United States). Those standardsrequire that we plan and perform the audit to obtain reasonable assurance aboutwhether the consolidated financial statements are free of materialmisstatement. An audit includes examining, on a test basis, evidence supportingthe amounts and disclosures in the consolidated financial statements. An auditalso includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall consolidated financialstatement presentation. We believe that our audits provide a reasonable basisfor our opinion.

In our opinion, the consolidated financial statementsreferred to above present fairly, in all material respects, the financialposition of U.S. Premium Beef, LLC and subsidiaries as of August 29, 2009 andAugust 30, 2008, and the results of their operations and their cash flows foreach of the fiscal years in the three-year period ended August 29, 2009, inconformity with U.S. generally accepted accounting principles.

 

/s/ KPMGKansas City, MissouriNovember 13, 2009

 

F-2

 

 

 

 

 

 

 

 

 

**U.S. PREMIUM BEEF, LLC  AND SUBSIDIARIES**

**Consolidated Balance Sheets**

(in thousands, except unit information)

**Assets**

 
 
**August 29, 2009**

 
 
**August 30, 2008**

Current assets:

 
 
 

 
 
 

 

Cash and cash equivalents

 
$
              18,853 

 
$
              77,399 

 

Accounts receivable, less  allowance for returns and doubtful 

 
 
 

 
 
 

 

 

accounts of $1,511 and  $1,665, respectively

 
 
              172,421 

 
 
              218,023 

 

Due from affiliates

 
 
                  4,586 

 
 
                  5,827 

 

Other receivables

 
 
                  7,165 

 
 
                  5,392 

 

Inventories

 
 
              175,300 

 
 
              192,480 

 

Other current assets

 
 
                16,602 

 
 
                12,765 

 

 

Total current assets

 
 
              394,927 

 
 
              511,886 

Property, plant, and  equipment, at cost

 
 
              499,977 

 
 
              431,584 

 

Less accumulated  depreciation

 
 
              175,103 

 
 
              133,436 

 

 

Net property, plant, and  equipment

 
 
              324,874 

 
 
              298,148 

Goodwill

 

 

 
 
                86,251 

 
 
                80,642 

Other intangible assets,  net of accumulated amortization of $12,123 and $9,347,

 
 
 

 
 
 

 

respectively

 
 
                62,302 

 
 
                26,690 

Other assets

 

 
 
                  4,594 

 
 
                  9,710 

 

 

Total assets

 
$
             872,948 

 
$
             927,076 

**Liabilities and Capital Shares and Equities**

** **
 
 

** **
 
 

Current liabilities:

 
 
 

 
 
 

 

Current installments of  long-term debt

 
$
              12,488 

 
$
                4,620 

 

Cattle purchases payable

 
 
                49,806 

 
 
                65,378 

 

Accounts payable - trade

 
 
                69,303 

 
 
                71,321 

 

Due to affiliates

 
 
                  1,048 

 
 
                  1,004 

 

Accrued compensation and  benefits

 
 
                56,553 

 
 
                49,320 

 

Accrued insurance

 
 
                16,344 

 
 
                12,918 

 

Other accrued expenses and  liabilities

 
 
                15,160 

 
 
                10,152 

 

Distributions payable

 
 
                10,942 

 
 
                19,245 

 

 

Total current liabilities

 
 
              231,644 

 
 
              233,958 

Long-term liabilities:

 
 
 

 
 
 

 

Long-term debt, excluding  current installments

 
 
              293,400 

 
 
              376,298 

 

Other liabilities

 
 
                  2,364 

 
 
                  2,327 

 

 

Total long-term liabilities

 
 
              295,764 

 
 
              378,625 

 

 

Total liabilities

 
 
              527,408 

 
 
              612,583 

Minority interest in  National Beef Packing Company, LLC and Kansas City

 
 
 

 
 
 

 

Steak Company, LLC

 
 
              185,774 

 
 
              187,997 

Capital shares and  equities:

 
 
 

 
 
 

Members' capital, 735,385  and 735,385 Class A units and 755,385 and 735,385

 
 
 

 
 
 

 

Class B units authorized,  issued and outstanding 

 
 
              111,085 

 
 
                75,831 

 

Patronage notices

 
 
                48,682 

 
 
                50,642 

 

Accumulated other  comprehensive (loss) income

 
 
                      (1)

 
 
                      23 

 

 

Total capital shares and  equities

 
 
              159,766 

 
 
              126,496 

Commitments and  contingencies

 
 
                        - 

 
 
                        - 

 

 

Total liabilities and  capital shares and equities

 
$
             872,948 

 
$
             927,076 

 

 

 

 

 

 

 
 
 

 
 
 

See accompanying notes to  consolidated financial statements.

 
 
 

 
 
 

 

 

F-3

 

 

 

**U.S. PREMIUM BEEF, LLC  AND SUBSIDIARIES**

**Consolidated Statements of Operations**

(in thousands, except per unit data)

 

 

 

 

 

 

 
   
 

 
   
 

 
   
 

 

 

 

 

 

 

 
   
**52 weeks ended  August 29, 2009**

 
   
**53 weeks ended  August 30, 2008**

 
   
**52 weeks ended  August 25, 2007**

Net sales

 

 

 
$
           5,449,278 

 
 $
          5,847,292 

 
$
           5,578,533 

Costs and expenses:

 
   
 

 
   
 

 
   
 

 

Cost of sales

 
   
             5,187,119 

 
   
             5,612,411 

 
   
             5,443,964 

 

Selling, general, and administrative  expenses

 
   
                 49,129 

 
   
                 51,660 

 
   
                 46,103 

 

Depreciation and  amortization

 
   
                 45,654 

 
   
                 36,421 

 
   
                 32,451 

 

 

Total costs and expenses

 
   
             5,281,902 

 
   
             5,700,492 

 
   
             5,522,518 

 

 

 

Operating income

 
   
               167,376 

 
   
               146,800 

 
   
                 56,015 

Other income (expense):

 
   
 

 
   
 

 
   
 

 

Interest income

 
   
                     320 

 
   
                   1,438 

 
   
                   2,097 

 

Interest expense

 
   
               (23,555)

 
   
               (34,243)

 
   
               (39,793)

 

Minority owners’ interest  in net income of 

 
   
 

 
   
 

 
   
 

 

 

National Beef Packing  Company, LLC 

 
   
 

 
   
 

 
   
 

 

 

(net of tax expense of $332  in 2009, $786 in 2008,

 
   
 

 
   
 

 
   
 

 

 

 and $789 in 2007)

 
   
               (50,024)

 
   
               (55,072)

 
   
                 (7,817)

 

Minority owners’ interest  in net income of 

 
   
 

 
   
 

 
   
 

 

 

Kansas City Steak Company,  LLC

 
   
                 (1,292)

 
   
                    (704)

 
   
                    (313)

 

Equity in loss of aLF  Ventures, LLC

 
   
                     (61)

 
   
                    (101)

 
   
                    (102)

 

Termination Fee

 
   
                 14,572 

 
   
                         - 

 
   
                         - 

 

Other, net

 

 
   
                 (6,388)

 
   
                   5,864 

 
   
                   1,498 

 

 

Total other expense

 
   
               (66,428)

 
   
               (82,818)

 
   
               (44,430)

 

 

 

Income before taxes

 
   
               100,948 

 
   
                 63,982 

 
   
                 11,585 

Income tax expense

 
   
                    (965)

 
   
                 (1,771)

 
   
                 (1,940)

 

 

 

Net income

 
$
               99,983 

 
$
               62,211 

 
$
                 9,645 

 

 

 

 

 

 

 
   
 

 
   
 

 
   
 

Earnings per unit:

 
   
 

 
   
 

 
   
 

 

Basic

 

 

 
   
 

 
   
 

 
   
 

 

 

Class A units

 
$
                 44.87 

 
$
                 27.92 

 
$
                  4.33 

 

 

Class B units

 
$
                 90.89 

 
$
                 56.68 

 
$
                  8.79 

 

Diluted

 

 

 
   
 

 
   
 

 
   
 

 

 

Class A units

 
$
                 44.35 

 
$
                 27.51 

 
 $
                 4.26 

 

 

Class B units

 
$
                 90.89 

 
$
                 55.86 

 
$
                  8.65 

 

 

 

 

 

 

 
   
 

 
   
 

 
   
 

Outstanding  weighted-average Class A and Class B units:
   
 

 
   
 

 
   
 

 

Basic

 

 

 
   
 

 
   
 

 
   
 

 

 

Class A units

 
   
               735,385 

 
   
               735,385 

 
   
               735,455 

 

 

Class B units

 
   
               737,052 

 
   
               735,385 

 
   
               735,455 

 

Diluted

 

 

 
   
 

 
   
 

 
   
 

 

 

Class A units

 
   
               744,039 

 
   
               746,176 

 
   
               747,067 

 

 

Class B units

 
   
               737,052 

 
   
               746,176 

 
   
               747,067 

 

 

 

 

 

 

 
   
 

 
   
 

 
   
 

See accompanying notes to  consolidated financial statements.

 
   
 

 
   
 

 

 

 

 

 

 

 
   
 

 
   
 

 
   
 

 

 

 

 

 

 

F-4

 

 

 

**U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES**

**Consolidated Statements of Comprehensive Income**

(in thousands)

 

 

 

 

 
 
 

 
 
 

 
 
 

 

 

 

 

 
 
**52 weeks endedAugust 29, 2009**

 
 
**53 weeks endedAugust 30, 2008**

 
 
**52 weeks endedAugust 25, 2007**

Net income

 
$
               99,983 

 
$
               62,211 

 
$
                 9,645 

Other comprehensive  (expense) income:

 
 
 

 
 
 

 
 
 

 

Foreign currency  translation adjustments

 
 
                      (24)

 
 
                      (37)

 
 
                         7 

 

 

Comprehensive income

 
$
               99,959 

 
$
               62,174 

 
$
                 9,652 

 

 

 

 

 
 
 

 
 
 

 
 
 

See accompanying notes to  consolidated financial statements.

 
 
 

 
 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F-5

 

 

 

**U.S. PREMIUM BEEF, LLC  AND SUBSIDIARIES**

**Consolidated Statements of Capital Shares and  Equities**

(in thousands)
   
 

 
   
 

 
   
** **

 

**Accumulated**

 

 

 

 
   
 

 
   
** **

 

**other**

 

**Total capital**

 

 

**Members'**

 

**Patronage**

 

**comprehensive**

 

**shares and**

 

 

**capital**

 

**notices**

 

**(loss) income**

 

**equities**

Balance at August 26, 2006
$
98,092 

 
$
50,642 

 
$
 53 

 
$
 148,787 

Foreign currency  translation adjustment
   
- 

 
   
 - 

 
   
 7 

 
   
 7 

Allocation of net income  for the year
   
 

 
   
 

 
   
 

 
   
 

 

ended August 25, 2007
   
9,645 

 
   
 - 

 
   
 - 

 
   
 9,645 

Adjustment to fair value of  minority interest
   
(3,510)

 
   
 - 

 
   
 - 

 
   
 (3,510)

Partner distributions
   
(1,743)

 
   
 - 

 
   
 - 

 
   
 (1,743)

Redemption of Members'  capital
   
(12)

 
   
 - 

 
   
 - 

 
   
  (12)

Balance at August 25, 2007
$
102,472 

 
$
 50,642 

 
$
 60 

 
$
 153,174 

Foreign currency  translation adjustment
   
 - 

 
   
 - 

 
   
 (37)

 
   
  (37)

Allocation of net income  for the year
   
 

 
      
 
   
 

 
   
 

 

ended August 30, 2008
   
62,211 

 
   
 - 

 
   
   - 

 
   
 62,211 

Adjustment to fair value of  minority interest
   
(89,318)

 
   
 - 

 
   
   - 

 
   
  (89,318)

Reversal of tax reserve
   
466 

 
   
 - 

 
   
   - 

 
   
 466 

Balance at August 25, 2008
$
75,831 

 
$
50,642 

 
$
  23 

 
$
 126,496 

Foreign currency  translation adjustment
   
 - 

 
   
  - 

 
   
 (24)

 
   
  (24)

Allocation of net income  for the year
   
 

 
      
 
   
 

 
   
 

 

ended August 29, 2009
   
99,983 

 
   
  - 

 
   
 - 

 
   
  99,983 

Step up accounting for  acquisition of minority
   
 

 
   
 

 
   
 

 
   
 

 

interests
   
63,027 

 
   
  - 

 
   
 - 

 
   
  63,027 

Equity issuance related to  CEO option exercise
   
  1,040 

 
   
  - 

 
   
 - 

 
   
  1,040 

Adjustment to fair value of  minority interest
   
(75,945)

 
   
  - 

 
   
 - 

 
   
  (75,945)

Partner distributions
   
 (52,851)

 
   
  - 

 
   
 - 

 
   
  (52,851)

Redemption of Patronage  Notices
   
 - 

 
   
 (1,960)

 
   
 - 

 
   
 (1,960)

Balance at August 29, 2009
$
111,085 

 
$
 48,682 

 
$
 (1)

 
$
 159,766 

See accompanying notes to  consolidated financial statements.

 
   
 

 
   
 

 
   
 

 

F-6

 

 

**U.S. PREMIUM BEEF, LLC  AND SUBSIDIARIES**

**Consolidated Statements of Cash Flows**

(in thousands)

 

 

 

 

 

 

 
   
 

 
   
 

 
   
 

 

 

 

 

 

 

 
   
**52 weeks ended  August 29, 2009**

 
   
**53 weeks ended  August 30, 2008**

 
   
**52 weeks ended  August 25, 2007**

Cash flows from operating  activities:

 
   
 

 
   
 

 
   
 

 

Net income

 
$
                99,983 

 
$
                62,211 

 
$
                 9,645 

 

Adjustments to reconcile  net income to net cash provided by (used in)

 
   
 

 
   
 

 
   
 

 

 

operating activities:

 
   
 

 
   
 

 
   
 

 

 

 

Depreciation and  amortization

 
   
                 45,654 

 
   
                 36,421 

 
   
                 32,451 

 

 

 

Termination fee

 
   
                (14,572)

 
   
                          - 

 
   
                          - 

 

 

 

(Gain) loss on disposal of  property, plant, and equipment

 
   
                      (13)

 
   
                       24 

 
   
                    (369)

 

 

 

Gain on disposal of investment

 
   
                          - 

 
   
                  (1,342)

 
   
                          - 

 

 

 

Minority interest

 
   
                 50,927 

 
   
                 55,584 

 
   
                   7,992 

 

 

 

Write-off of debt issuance  costs

 
   
                   1,462 

 
   
                      372 

 
   
                      702 

 

 

 

Changes in assets and  liabilities (net of acquisitions):

 
   
 

 
   
 

 
   
 

 

 

 

 

Accounts receivable

 
   
                 45,602 

 
   
                (28,295)

 
   
                (16,495)

 

 

 

 

Due from affiliates

 
   
                   2,498 

 
   
                  (2,475)

 
   
                  (1,218)

 

 

 

 

Other receivables

 
   
                  (1,773)

 
   
                   2,997 

 
   
                  (2,446)

 

 

 

 

Inventories

 
   
                 17,180 

 
   
                (15,236)

 
   
                (32,235)

 

 

 

 

Other assets

 
   
                      990 

 
   
                   1,237 

 
   
                   6,065 

 

 

 

 

Cattle purchases payable

 
   
                  (3,963)

 
   
                    (453)

 
   
                       41 

 

 

 

 

Accounts payable

 
   
                    (615)

 
   
                 15,246 

 
   
                      661 

 

 

 

 

Due to affiliates

 
   
                       40 

 
   
                       31 

 
   
                       99 

 

 

 

 

Accrued compensation and  benefits

 
   
                   8,273 

 
   
                 30,535 

 
   
                  (9,109)

 

 

 

 

Accrued insurance

 
   
                   3,426 

 
   
                  (1,632)

 
   
                  (3,101)

 

 

 

 

Other accrued expenses and  liabilities

 
   
                   3,792 

 
   
                    (117)

 
   
                    (731)

 

 

 

 

 

Net cash provided by (used  in) operating activities

 
   
                258,891 

 
   
                155,108 

 
   
                  (8,048)

Cash flows from investing  activities:

 
   
 

 
   
 

 
   
 

 

Capital expenditures,  including interest capitalized

 
   
                (40,791)

 
   
                (59,877)

 
   
                (41,765)

 

Termination fee

 
   
                 14,572 

 
   
                          - 

 
   
                          - 

 

Acquisition in Vintage  Foods, LP

 
   
                (11,007)

 
   
                    (600)

 
   
                    (500)

 

Proceeds from sale of  property, plant, and equipment

 
   
                   1,406 

 
   
                      245 

 
   
                      802 

 

Proceeds from redemption of  investment

 
   
                          - 

 
   
                   1,342 

 
   
                          - 

 

 

 

 

 

Net cash used in investing  activities

 
   
                (35,820)

 
   
                (58,890)

 
   
                (41,463)

Cash flows from financing  activities:

 
   
 

 
   
 

 
   
 

 

Net receipts (payments)  under revolving credit lines

 
   
                 22,801 

 
   
                (27,001)

 
   
                 19,505 

 

Borrowings under term note  payable

 
   
                          - 

 
   
                          - 

 
   
                 40,000 

 

Repayments of other  indebtedness/capital leases

 
   
                  (8,547)

 
   
                  (3,413)

 
   
                  (2,496)

 

Purchase and cancellation  of Senior Notes

 
   
                (62,542)

 
   
                (30,603)

 
   
                          - 

 

Payments of patronage  notices

 
   
                  (1,960)

 
   
                          - 

 
   
                          - 

 

Proceeds from sale  leaseback

 
   
                          -  

 
   
                          - 

 
   
                 10,474 

 

Payments of notes payable  and fees

 
   
                (26,742)

 
   
                  (1,030)

 
   
                  (8,414)

 

Cash paid for financing  costs

 
   
                  (1,343)

 
   
                          -  

 
   
                    (395)

 

Change in overdraft  balances

 
   
                (13,012)

 
   
                  (1,346)

 
   
                   9,781 

 

Member capital redeemed

 
   
              (125,484)

 
   
                          - 

 
   
                          - 

 

Minority owner capital  contribution

 
   
                 19,643 

 
   
                          - 

 
   
                          - 

 

Distributions to minority  interest owners in National Beef Packing Company, LLC
   
                (31,556)

 
   
                (18,258)

 
   
                  (8,739)

 

Partnership distributions  and redemptions

 
   
                (52,851)

 
   
                          - 

 
   
                  (1,755)

 

 

 

 

 

Net cash (used in) provided  by financing activities

 
   
              (281,593)

 
   
                (81,651)

 
   
                 57,961 

Effect of exchange rate  changes on cash

 
   
                      (24)

 
   
                      (37)

 
   
                         7 

 

 

 

 

 

Net (decrease) increase in  cash

 
   
                (58,546)

 
   
                 14,530 

 
   
                   8,457 

Cash and cash equivalents  at beginning of period 

 
   
                 77,399 

 
   
                 62,869 

 
   
                 54,412 

Cash and cash equivalents  at end of period

 
$
                18,853 

 
$
                77,399 

 
$
                62,869 

Supplemental cash  disclosures:

 
   
 

 
   
 

 
   
 

 

Cash paid during the period  for interest

 
$
                23,250 

 
$
                35,061 

 
$
                40,293 

 

Cash paid during the period  for taxes, net of $925, $0, and $0 refunds,

 
   
 

 
   
 

 
   
 

 

 

respectively

 
$
                    (76)

 
$
                 2,074 

 
$
                    758 

Supplemental noncash  disclosures of investing and financing activities:

 
   
 

 
   
 

 
   
 

 

Assets acquired through  capital lease

 
$
                      70 

 
$
                      98 

 
$
                      49 

 

Issuance of equity for the  exercise of CEO's options

 
$
                 1,040 

 
$
                        - 

 
$
                        - 

See accompanying notes to  consolidated financial statements.

 
   
 

 
   
 

 
   
 

F-7

 

 

 

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES

Notes to ConsolidatedFinancial Statements

 

 

**(1)       Descriptionof Business**

U.S. Premium Beef (USPB) was formed as a closedmarketing cooperative on July 1, 1996, and was then known as U.S. PremiumBeef, Ltd. Its mission is to increase the quality of beef and long‐termprofitability of cattle producers by creating a fully integrated producer-ownedbeef processing system that is a global supplier of high quality, value-addedbeef products responsive to consumer desires.

On December 1, 1997, USPB became operational byacquiring 25.4966% of Farmland National Beef Packing Co., L.P. (FNB), apartnership owned by USPB and Farmland Industries, Inc. (Farmland). USPBacquired an additional 3.29% partnership interest in February 1998,bringing its ownership to 28.7866% of FNB. Farmland then owned the remaining71.2134%.

On May 31, 2002, Farmland and four of itssubsidiaries filed voluntary petitions to reorganize under Chapter 11 of theUnited States Bankruptcy Code. FNB was not a party of these filings. Provisionsof FNB’s Operating Agreement and its financing agreement restricted partners’access to FNB’s assets. In the fourth quarter of fiscal year 2003, USPBacquired a controlling interest in the former FNB, now National Beef PackingCompany, LLC (NBP).

On August 18, 2004, the shareholders of U.S.Premium Beef, Ltd. approved the merger of the cooperative into a wholly-ownedsubsidiary, U.S. Premium Beef, Inc., a Delaware corporation.  The mergerwas effective on August 29, 2004. The Delaware corporation then, in a statutoryconversion authorized under Delaware law, converted into a Delaware limitedliability company (see Note 12).  Following the effective date of the mergerand the statutory conversion, the business of the cooperative continues in thelimited liability company form of business organization.

NBP and its subsidiaries sellmeat products to customers in the food service, international, furtherprocessor, and retail distribution channels. NBP also produces and sells by‐productsthat are derived from its meat processing operations and variety meats tocustomers in various industries.

NBP operates beef slaughterand fabrication facilities in Liberal and Dodge City, Kansas, and Brawley,California, case-ready beef processing facilities in Hummels Wharf,Pennsylvania and Moultrie, Georgia and holds a 75% interest in Kansas CitySteak Company, LLC (Kansas City Steak), a portion control processing facilityin Kansas City, Kansas.  National Carriers, Inc. (National Carriers), NBP’swholly-owned subsidiary located in Liberal, Kansas, provides trucking servicesto NBP and third parties and National Elite Transportation, LLC (NationalElite), a wholly-owned subsidiary located in Springdale, Arkansas, provides third-partylogistics services to the transportation industry.   National Beef Leathers,LLC (NBL), a wholly-owned subsidiary located in St. Joseph, Missouri, provideswet blue hide tanning services to the Company.

In connection with itsinitial acquisition of its interest in FNB, USPB owns the right and is subjectto the obligation to deliver cattle annually to NBP relative to:(i) USPB’s ownership in NBP and (ii) the number of cattle processedannually by NBP. This agreement remains in effect with NBP. The price receivedfor cattle is based upon pricing grids determined by USPB and NBP, whichreflect current market conditions. The Cattle Purchase Agreement is effectiveas long as USPB is a partner in NBP. Cattle delivered by USPB, whichapproximated 20% of NBP’s total cattle processed in fiscal year 2009, areprocessed in NBP’s three processing facilities.

USPB acquires all its cattle requirements from its unitholdersand associates.  Unitholders enter into Uniform Cattle Delivery and MarketingAgreements and are obligated to deliver a designated number of cattle to USPBduring specified delivery periods, as defined. The original agreements were fora term of ten years; the renewal agreements carry a term of five years and havean evergreen renewal provision.  Both agreements provide for minimum qualitystandards, delivery variances, and termination provisions, as defined.

F-8

 

 

 

 

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES

Notes to ConsolidatedFinancial Statements

 

 

Cattle acquired from unitholders pursuant to theUniform Cattle Delivery and Marketing Agreements are delivered to NBP pursuantto the Cattle Purchase Agreement.  Both agreements remain in effect under thenew LLC structure.

USPB, and NBPCo Holdings, LLC (NBPCo Holdings) holdClass A, Class A1, and Class B interests in NBP and affiliates of Timothy M.Klein hold Class A and Class B interests in NBP.

Capital Structure of NBP

 *ClassA Interests*. Class A interests are non-voting and are entitled to a prioritydistribution of 5% per year on the face amount of the Class A interests, payablenot later than 30 days after the close of the NBP’s tax year quarters in cashto the extent permitted by the NBP’s senior lenders and the indenture governingthe senior notes.  The face amount of the Class A interests, together with allunpaid priority distributions, will be distributed on a priority basis uponliquidation. 

*Class A1 Interests.*Class A1 interests are non-voting and are entitled to a priority distribution of 7%per year on the face amount of the Class A1 interests, payable with payment in kindClass A1 interests in lieu of cash if the NBP’s EBITDA does not meet certaintests.  For purposes of determining Class B ownership for liquidation orredemption, the Class A1 interests will be deemed to be converted to Class B unitsat a ratio defined in NBP’s Limited Liability Company Agreement, but willremain A1 interests after such determination.

*Class B Interests*. Class B interestsare entitled to receive all assets available for distribution upon liquidationafter payment of the Class A face amount together with all unpaid Class Apriority distributions. Class B interests will also be allocated all items ofincome and loss earned or incurred by NBP after allocation of incomeattributable to the Class A priority distribution.  In addition, the holders ofClass B interests are entitled to receive quarterly distributions to make taxpayments which consist of 48% of the NBP’s remaining estimated taxable netincome after the Class A priority distributions are made. The voting power ofthe members (voting either directly or by action of the board of managersdesignated by the members) is determined based upon the number of Class Binterestsheld. 

 USPB holds approximately 68.5997% of the Class Binterests, as well asClass A and Class A1 interests with an aggregate face amount of approximately $150.5million, NBPCo Holdings owns approximately 24.5083% of the Class Binterests,as well as Class A and Class A1 interests with an aggregate face amount ofapproximately $51.2 million, and affiliates of Timothy M. Klein ownapproximately 6.8920% of the Class B interests, as well as Class A interests with anaggregate face amount of approximately $2.3 million.

Minorityowners’ interest on USPB balance sheet represents Class A, A1 and B interestsheld NBPCo Holding and Class A and Class B interests held by affiliates ofTimothy M. Klein (see Note 13).  

(2)       Basis ofPresentation and Accounting Policies

Basis of Presentation and Consolidation

The consolidated financialstatements include the accounts of USPB and its majority owned subsidiary, NBP,and its direct and indirect subsidiaries. All significant intercompany accountsand transactions have been eliminated in consolidation. 

Fiscal Year

The Company’s fiscal yearconsists of 52 or 53 weeks, ending on the last Saturday in August.  Fiscal years2009 and 2007 were 52 week fiscal years while fiscal year 2008 was a 53 weekfiscal year.  All references to years in these notes to consolidated financialstatements represent fiscal years unless otherwise noted.

F-9

 

 

 

 

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES

Notes to ConsolidatedFinancial Statements

 

 

Use of Estimates

Theconsolidated financial statements have been prepared in conformity withaccounting principles generally accepted in the United States of America, usingmanagement’s best estimates and judgments where appropriate. These estimatesand judgments affect the reported amounts of assets and liabilities anddisclosure of the contingent assets and liabilities at the date of thefinancial statements. The estimates and judgments will also affect the reportedamounts for certain revenues and expenses during the reporting period.  Actualresults could differ materially from these estimates and judgments. 

 ***Cash and CashEquivalents***

 TheCompany considers all highly liquid investments with an original maturity ofthree months or less to be cash equivalents.  As of August 29, 2009 and August30, 2008, the Company had cash and cash equivalents of $18.9 million and $77.4million, respectively, as presented in the consolidated statements of cashflows.  Included in non-current other assets at August 30, 2008 was $4.3million of cash restricted to Industrial Revenue Bond approved expenditures. 

***Allowance for Returns andDoubtful Accounts***

 Theallowance for returns and doubtful accounts is NBP’s best estimate of theamount of probable returns and credit losses in NBP’s existing accountsreceivable.  NBP determines these allowances based on historical experience,customer conditions and management’s judgments. Management considers factorssuch as changes in the economy and industry.  Specific accounts are reviewedindividually for collectability.

The followingtable represents the rollforward of the allowance for returns and doubtfulaccounts for the fiscal years ended August 29, 2009, August 30, 2008, andAugust 25, 2007.

 

 

**Beginning**

 

 

 

 

 

**Ending**

**Period Ending**

 

**Balance**

 

**Provision**

 

**Charge Off**

 

**Balance**

 

 

 

 

 

 

 

 

 

August 29, 2009

 

$

(1,664,966)

 

$

(6,200,702)

 

$

6,355,135 

 

$

(1,510,533)

August 30, 2008

 

$

(4,641,658)

 

$

(5,399,252)

 

$

8,375,944 

 

$

(1,664,966)

August 25, 2007

 

$

(2,411,676)

 

$

(8,688,782)

 

$

6,458,800 

 

$

(4,641,658)

 

 

 

 

 

 

 

 

 

 

***Inventories***

 Inventories consist primarily of meatproducts and supplies.  Product inventories are considered commodities and are recordedbased on quoted commodity prices, which approximate net realizable value. Supply and other inventories are valued on the basis of first-in, first-out,specific or average cost methods.  Product inventories are relieved frominventory utilizing the first-in, first-out method.  The components ofinventories are as follows (amounts in thousands):

 

 

 

 

**August 29,**

 

**August 30,**

 

 

 

**2009**

 

**2008**

Product inventories:

 

 

 

 

 

 

Dressed and boxed meat products

 

 

$

119,274 

 

$

144,885 

 

Beef by-products

 

 

29,756 

 

20,886 

Supplies and other

 

 

26,270 

 

26,709 

 

Total Inventory

 

 

$

175,300 

 

$

192,480 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

F-10

 

 

 

 

 

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES

Notes to ConsolidatedFinancial Statements

 

 

Property, Plant, and Equipment

Property, plant, andequipment are recorded at cost. Property, plant, and equipment are depreciatedprincipally on a straight-line basis over the estimated useful life (based uponoriginal acquisition date) of the individual asset by major asset class asfollows:

 

 

 

 

Buildings and improvements

 

15 to 25 years

Machinery and equipment

 

2 to 8 years

 

Furniture and fixtures

 

3 to 5 years

 

Trailers and automotive equipment

2 to 4 years

 

 

 

 

 

 

Upon disposition of theseassets, any resulting gain or loss is included in other, net. Major repairs andmaintenance costs that extend the useful life of the related assets arecapitalized. Normal repairs and maintenance costs are charged to operations.

NBP capitalizes the cost ofinterest on borrowed funds, which are used to finance the construction ofcertain property, plant, and equipment. Such capitalized interest costs arecharged to the property, plant, and equipment accounts and are amortizedthrough depreciation charges over the estimated useful lives of the assets.  Interestcapitalized was $0.3 million, $0.3 million, and $0.1 million for the fiscalyears ended August 29, 2009, August 30, 2008, and August 25, 2007,respectively.

NBP reviews its long-livedassets for impairment whenever events or changes in circumstances indicate thatthe carrying amount of an asset may not be recoverable. Recoverability ofassets held and used is assessed based on estimated undiscounted future cashflows. Impairment, if any, is recognized based on fair value of the assets.Assets to be disposed of are reported at the lower of cost or fair value lesscosts to sell, and are no longer depreciated.

A summary of cost andaccumulated depreciation for property, plant, and equipment as of August 29,2009 and August 30, 2008 follows (dollars in thousands):  

 

 

 

**August 29,**

 

**August 30,**

 

 

 

**2009**

			   

**2008**

Land and improvements

 

$

18,777 

 

$

17,678 

Building and improvements

 

125,095 

 

93,970 

Machinery and equipment

 

313,650 

 

248,038 

Furniture and fixtures

 

7,979 

 

5,695 

Trailers and automotive equipment

 

5,565 

 

1,602 

Construction in process

 

28,911 

 

64,601 

 

Total property, plant, and equipment, at cost

 

499,977 

 

431,584 

Accumulated depreciation

 

(175,103)

 

(133,436)

 

Property, plant, and equipment, net

 

$

324,874 

 

$

298,148 

 

 

 

 

 

 

 

Debt Issuance Costs

On March 21,2007, NBP amended its Credit Facility to increase the available credit underthe facility by $50.0 million.  The term loan was increased by $40.0 millionand the line of credit was increased by $10.0 million.  Additional finance andlegal charges associated with the restated Credit Facility of less than $0.1million were expensed in other, net in the consolidated statement of operationsduring the fiscal year ended August 25, 2007.

Effective July 25, 2007, NBP amended and restated its Credit Facilitywith a consortium of banks, additionally capitalizing $0.4 million in debtissuance costs.  This amendment and restatement is within the scope of the EITF96-19, *Debtor’s Accounting for a Modification or Exchange of DebtInstruments,* as well as EITF 98-14, *Debtor’s Accounting for Changes inLine-of-Credit or Revolving-Debt Arrangements*.  In accordance with thatguidance, a portion of the unamortized loan costs of approximately $0.7 millionfrom the previous amended and restated Credit Facility as well as additionalfinance and legal charges associated with the new amended and restated CreditFacility of less than $0.1 million were expensed in other, net in theconsolidated statement of operations during the fiscal year ended August 25,2007.  

 

 

 

F-11

 

 

 

 

 

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES

Notes to ConsolidatedFinancial Statements

 

 

On June 27, 2008, NBP amended its Credit Facility to increase the amountof allowable net capital expenditures. NBP capitalized an additional $0.1million in debt issuance costs associated with this amendment.  The remainingcosts are being amortized over the life of the related debt instruments. 

In July 2008, NBP repurchased and cancelled approximately $30.6 millionof its senior notes.  Associated with the repurchase and cancellation of theseSenior Notes, a portion of the unamortized loans costs of approximately $0.4million were expensed in other, net in the consolidated statement of operationsduring the fiscal year ended August 30, 2008.

On April 13,2009, NBP’s Credit Facility was amended to permit the redemption of membershipinterests in the amount of $125.5 million, including the authorization andissuance of Class A1 interests to help fund the redemption (see Note 4 forfurther detail of the redemption).  In addition, the terms of the CreditFacility were amended to:  (1) increase the borrowings under the CreditFacility by up to $100.0 million, of which up to $75.0 million is under theterm loan and $25.0 million is under the revolving line of credit; (2) increasethe applicable margin on the rates of interest of the term loan and revolvingline of credit; (3) revise the payment schedule of the term loan; (4) shortenthe maturity date of the term loan; (5) remove the restrictions on purchasingthe senior notes and require the repurchase or redemption of $100 millionaggregate principal amount of the senior notes; (6) increase the amount ofcapital expenditures NBP can make in any fiscal year from $50 million to $60million, or $65 million if NBP expends less than $55 million in the immediatelypreceding fiscal year; and (7) add a financial covenant requiring NBP tomaintain a Funded Debt to EBITDA ratio.  The related financing charges, anupfront fee of approximately $0.8 million and an arrangement fee ofapproximately $0.5 million, was capitalized and is being amortized over thelife of the related debt instruments.  

During fiscal year 2009, NBP repurchased and cancelled approximately$62.5 million of its senior notes.  Associated with the repurchase andcancellation of these senior notes, a portion of the unamortized loans costs ofapproximately $0.5 million were expensed in other, net in the consolidatedstatement of operations during the fiscal year ended August 29, 2009.

Amortization of $0.9 million, $1.0 million and $1.0 million was chargedto interest expense during the fiscal years ended August 29, 2009, August 30,2008 and August 25, 2007, respectively, related to these costs.  NBP hadunamortized costs of $3.1 million and $4.2 million for the fiscal years endedAugust 29, 2009 and August 30, 2008, respectively.

***Goodwill and OtherIntangible Assets ***

Statement of FinancialAccounting Standard No. 142, *Goodwill and Other Intangible Assets*(SFAS142)*,* provides that goodwill and other intangible assets with indefinitelives shall not be amortized but shall be tested for impairment on an annualbasis. Identifiable intangible assets with definite lives are amortized overtheir estimated useful lives.  The Company evaluates goodwill and otherindefinite life intangible assets annually for impairment and, if there isimpairment, the carrying amount of goodwill and other intangible assets iswritten down to the implied fair value.  For goodwill, this test involvescomparing the fair value of each reporting unit to the unit’s book value todetermine if any impairment exists.  The Company calculates the fair value ofeach reporting unit using estimates of future cash flows.  

 In connection with NBP’sredemption of the minority interests in NBP (see Note 4 for further detail ofthe redemption), USPB recognized excess cost over the fair value of the nettangible and identifiable intangible assets acquired, and recorded an excess of$5.0 million as goodwill. 

 

F-12

 

 

 

 

 

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES

Notes to ConsolidatedFinancial Statements

 

 

In accordance with SFAS 142,goodwill was tested for impairment and, as of August 29, 2009, managementdetermined there was no impairment.

The amounts of goodwill are asfollows (amounts in thousands):

 

 

**August 29,**

 

**August 30,**

 

 

**2009**

 

**2008**

Beginning balance

$

80,642 

 

$

80,042 

 

Adjustment of goodwill related to acquisitions

5,609 

 

600 

Ending balance

$

86,251 

 

$

80,642 

 

 

 

 

 

The amounts of otherintangibles assets are as follows (amounts in thousands):

 

 

 

 

 

 

 

 

**August 29, 2009**

 

**August 30, 2008**

 

 

**Weighted**

 

 

 

 

 

 

 

 

 

 

**Average**

 

**Gross**

 

 

 

**Gross**

 

 

 

 

**Amortization**

 

**Carrying**

 

**Accumulated**

 

**Carrying**

 

**Accumulated**

 

 

**Period**

 

**Amount**

 

**Amortization**

 

**Amount**

 

**Amortization**

Intangible assets subject to amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer Relationships

16.4 years

 

$

51,655 

 

$

12,123 

 

$

15,599 

 

$

9,347 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intangible assets not subject to amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

Trademarks

indefinite

 

22,770 

 

- 

 

20,438 

 

- 

Total intangible assets

 

 

 

 

 

 

$

74,425 

 

$

12,123 

 

$

36,037 

 

$

9,347 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships, includingcontractual and noncontractual relationships, are being amortized using thestraight-line method over their useful lives which range from four to 15years.  Trademarks are not scheduled for amortization due to their expectedindefinite useful life.  In accordance with SFAS 142, these trademarks weretested for impairment and, as of August 29, 2009, management determined therewas no impairment.

For the fiscalyears ended August 29, 2009, August 30, 2008, and August 25, 2007, the Company recognized$2.8 million, $2.1 million, and $1.9 million, respectively, of amortizationexpense on intangible assets. The following table reflects the anticipatedamortization expense relative to intangible assets recognized in NBP’s consolidatedbalance sheet as of August 29, 2009, for each of the next five years andthereafter (amounts in thousands): 

 

2010

$

3,814 

2011

2,169 

2012

2,061 

2013

2,066 

2014

2,053 

Thereafter

27,369 

 

 

 

(1)

FYE 2013 consists of 53 weeks.

 

 

 

 

 

 

 

Overdraft Balances

The majority of the NBP’s bankaccounts are zero balance accounts where cash needs are funded as checks arepresented for payment by the holder. Checks issued pending clearance that resultin overdraft balances for accounting purposes are included in the tradeaccounts payable and cattle purchases payable balances, and the change in therelated balances are reflected in financing activities on the consolidatedstatement of cash flows.  Overdraft balances of $59.3 million and $72.3 millionwere included in trade accounts and cattle purchases payables at August 29,2009 and August 30, 2008, respectively. 

 

 

F-13

 

 

 

 

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES

Notes to ConsolidatedFinancial Statements

 

 

Self-Insurance

NBP is self-insured forcertain losses relating to workers’ compensation, automobile liability, generalliability and employee medical and dental benefits.  NBP has purchasedstop-loss coverage in order to limit its exposure to any significant levels ofclaims. Self-insured losses are accrued based upon NBP’s estimates of theaggregate uninsured claims incurred using actuarial assumptions accepted in theinsurance industry and the Company’s historical experience rates.

Environmental Expenditures and Remediation Liabilities

Environmentalexpenditures that relate to current or future operations and which improveoperational capabilities are capitalized at the time of expenditure.Expenditures that relate to an existing or prior condition caused by pastoperations, and which do not contribute to current or future revenue generation,are expensed. Liabilities are recorded when environmental assessments and/orremedial efforts are probable and the costs can be reasonably estimated. 

Foreign Currency Translation

NBP has representativeoffices located in Tokyo, Japan, Seoul, South Korea and Beijing, China. Theprimary activity of these offices is to assist customers with product and orderrelated issues. For foreign operations, the local currency is the functionalcurrency. Translation into U.S. dollars is performed for assets and liabilitiesat the exchange rates as of the balance sheet date. Income and expense accountsare recorded at average exchange rates for the period.  Adjustments resultingfrom the translation are reflected as a separate component of othercomprehensive income.

Income Taxes

Effective August 29, 2004, the Company converted to an LLC, and underthis structure, taxes are not provided at the Company level because the resultsof operations are included in the taxable income of the individual members.

The provision for income taxes for NBP is computed on a separate legalentity basis.  Accordingly, NBP does not provide for income taxes as theresults of operations are included in the taxable income of the individualmembers.  However, to the extent that subsidiary entities provide for incometaxes, deferred tax assets and liabilities are recognized based on thedifferences between the financial statement and tax bases of assets andliabilities at each balance sheet date using enacted tax rates expected to bein effect in the year the differences are expected to reverse, and are thusincluded in the consolidated financial statements of the Company.  Based onfederal income tax statute of limitations, National Carriers remains subject toexamination of its income taxes for fiscal years 2009, 2008 and 2007. 

Fair Value of Financial Instruments

The carryingamounts of the Company’s financial instruments, including cash and cashequivalents, short-term trade receivables and payables, approximate their fairvalues due to the short-term nature of the instruments. At August 29, 2009, NBP’ssenior notes had a carrying value of $66.9 million and an approximate fairvalue of $66.9 million, or at par, based on NBP’s ability to redeem the senior notes at 100% of face value after August 1, 2009. The carrying value of other debt also approximates its fair value at August 29,2009, as substantially all such debt has a variable interest rate. 

Revenue Recognition

NBP recognizes revenue from the sale of products based onthe terms of the sale, typically upon delivery to customers.  NationalCarriers, Inc. and National Elite recognize revenue when shipments arecomplete.

 

 

F-14

 

 

 

 

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES

Notes to ConsolidatedFinancial Statements

 

 

Selling, General, and Administrative

Selling expenses consistprimarily of salaries, unit option expense, trade promotions, advertising,commissions and other marketing costs. General and administrative costs consistprimarily of general management, insurance and professional expenses.  Selling,general, and administrative costs consist of aggregated expenses for USPB andNBP.

***Shipping Costs***

Pass-throughfinished goods delivery costs reimbursed by customers are reported in sales,while an offsetting expense is included in cost of sales. 

*** Advertising and PromotionExpenses***

 Advertisingand promotion expenses are charged to operations in the period incurred and were$4.6 million in fiscal year 2009, $2.1 million in fiscal year 2008, and $3.3million in fiscal year 2007. 

***Comprehensive Income***

 Comprehensiveincome consists of net income and foreign currency translation adjustments.  NBPdeems its foreign investments to be permanent in nature and does not providefor taxes on currency translation adjustments arising from converting theinvestment in a foreign currency to U.S. dollars. 

 ***Derivatives andHedging Activities***

 NBP usesfutures contracts in order to reduce exposure associated with entering intofirm commitments to purchase live cattle at prices determined prior to thedelivery of the cattle as well as firm commitments to sell certain beefproducts at sales prices determined prior to shipment. In accordance with SFASNo. 133, *Accounting for Derivative Instruments and Hedging Activities*, *asamended* (SFAS 133), NBP accounts for futures contracts and their relatedfirm purchase commitments at fair value. Certain firm commitments for livecattle purchases and all firm commitments for boxed beef sales are treated as“normal purchases and sales” and not marked to market.  SFAS 133 imposesextensive recordkeeping requirements in order to treat a derivative financialinstrument as a hedge for accounting purposes. Derivatives qualify fortreatment as hedges when there is a high correlation between the change in fairvalue of the instrument and the related change in fair value of the underlyingcommitment. For derivatives that qualify as effective hedges, the change infair value has no net effect on earnings until the hedged transaction affectsearnings. For derivatives that are not designated as hedging instruments, orfor the ineffective portion of a hedging instrument, the change in fair valuedoes affect current period net earnings. 

Whilemanagement believes each of these instruments help mitigate various marketrisks, they are not designated and accounted for as hedges under SFAS 133 as aresult of the extensive recordkeeping requirements of this statement.Accordingly, the gains and losses associated with the change in fair value ofthe instrument and the offsetting gains and losses associated with changes inthe market value of certain of the firm purchase commitments related to thefutures contracts are recorded to income and expense in the period of change.

 The fairvalue of derivative assets is recognized within other current assets, while thefair value of derivative liabilities is recognized within accrued liabilities.The net fair value of derivatives recognized within other current assets andother accrued liabilities at August 29, 2009 and August 30, 2008 is notsignificant.

 

 

F-15

 

 

 

 

 

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES

Notes to ConsolidatedFinancial Statements

Earnings Per Unit

Under the LLC structure, earnings of the Company are to be distributed tounitholders based on their proportionate share of underlying equity, and, as aresult, earnings per unit (EPU) has been presented in the accompanyingConsolidated Statement of Operations and in the table that follows.

Basic EPU excludes dilutionand is computed by first allocating 33% of income to Class A units and 67% ofincome to Class B units.  Income allocated to the Class A and Class B units isthen divided by the weighted-average number of Class A and Class B unitsoutstanding for the period to determine the basic EPU for each respective classof unit.  Class A units and Class B units shall be issued, redeemed, andtransferred together on a one for one basis until the board of directorsdetermines the extent and conditions under which Class A units and Class Bunits may be issued, redeemed, and transferred separately.

Diluted EPU reflects the potential dilution that could occur if potentialClass A unit purchase rights were exercised or contractual appreciation rightswere converted into units.   Upon termination of the CEO employment agreementand until eighteen months after the termination of the CEO employment contract,at the election of the CEO, or upon mutual agreement of the Board of theCompany and the CEO, the CEO may purchase up to 20,000 Class A units, or uponagreement of the CEO and the Board of the Company, the CEO may convert thecontractual unit appreciation rights to up to 20,000 Class A units.  Thediluted EPU reflects the circumstances of termination of the CEO employmentagreement, and the election of CEO or agreement by the Board of the Company andthe CEO for the CEO to purchase or convert contractual rights to the maximum20,000 Class A units at $55 per unit for the periods as provided in the CEOemployment agreement.  Diluted EPU was not computed for fiscal year 2009 forClass B units as the CEO exercised his right to purchase 20,000 Class B unitsat an exercise price of $0 per unit.

 

 

 

 

 

 

**Earnings Per Unit Calculation**

 

 

 

 

 

 

 
        
(In thousands, except unit and per unit data)

 

**52 weeks ended**

 

**53 weeks ended**

 

**52 weeks ended**

 

 

 

 

**August 29, 2009**

 

**August 30, 2008**

 

**August 25, 2007**

Basic earnings per unit:

 

 

 

 

 

 

 

 

Income available to unitholders (numerator)

 

 

$

99,983 

 

$

62,211 

 

$

9,645 

 

 

 

 

 

 

 

 

 

 

 

Weighted average outstanding units (denominator)

 

 

 

 

 

 

 

 

 

Class A

 

 

735,385 

 

735,385 

 

735,455 

 

 

Class B

 

 

737,052 

 

735,385 

 

735,455 

 

 

 

 

 

 

 

 

 

 

 

Per unit amount

 

 

 

 

 

 

 

 

 

Class A

 

 

$

44.87 

 

$

27.92 

 

$

4.33 

 

 

Class B

 

 

$

90.89 

 

$

56.68 

 

$

8.79 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per unit:

 

 

 

 

 

 

 

 

Income available to unitholders (numerator)

 

 

$

99,983 

 

$

62,211 

 

$

9,645 

 

 

 

 

 

 

 

 

 

 

 

Weighted average outstanding Class A units

 

 

735,385 

 

735,385 

 

735,455 

 

Effect of dilutive securities - Class A unit options

 

 

8,654 

 

10,791 

 

11,612 

 

 

Units (denominator)

 

 

744,039 

 

746,176 

 

747,067 

 

 

 

 

 

 

 

 

 

 

 

Weighted average outstanding Class B units

 

 

737,052 

 

735,385 

 

735,455 

 

Effect of dilutive securities - Class B unit options

 

 

- 

 

10,791 

 

11,612 

 

 

Units (denominator)

 

 

737,052 

 

746,176 

 

747,067 

 

 

 

 

 

 

 

 

 

 

 

Per unit amount

 

 

 

 

 

 

 

 

 

Class A

 

 

$

44.35 

 

$

27.51 

 

$

4.26 

 

 

Class B

 

 

$

90.89 

 

$

55.86 

 

$

8.65 

 

 

 

 

 

 

 

 

 

 

 

 

F-16

 

 

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES

Notes to ConsolidatedFinancial Statements

 

(3)       New AccountingPronouncements

In December 2007, the FASB issued SFAS No. 141R, *Business Combinations*(SFAS 141R)*. *This statement requires an acquirer to recognize theassets acquired, the liabilities assumed, and any noncontrolling interest inthe acquiree at the acquisition date to be measured at their fair value as ofthat date.  An acquirer is required to recognize assets or liabilities arisingfrom all other contingencies (contractual contingencies) as of the acquisitiondate, measured at their acquisition-date fair values, only if it is more likelythan not that they meet the definition of an asset or a liability in FASBConcepts Statement No. 6, *Elements of Financial Statements.*  Anyacquisition-related costs are to be expensed instead of capitalized.  Thisstatement applies prospectively to business combinations for which theacquisition date is on or after the beginning of the first annual reportingperiod beginning on or after December 15, 2008.  The impact to the Company fromthe adoption of SFAS 141R in fiscal year 2010 will depend on acquisitions atthe time.

Also in December 2007, the FASB issued SFAS No. 160,*NoncontrollingInterests in Consolidated Financial Statements - an Amendment of ARB No. 51*(SFAS 160).  SFAS 160 establishes accounting and reporting standards for thenoncontrolling interest (minority interest) in a subsidiary.  SFAS 160requires noncontrolling interests held by parties other than the parent insubsidiaries be clearly identified, labeled, and presented in the consolidatedbalance sheet within equity, but separate from the parent's equity.  SFAS 160 is effective for fiscal years beginning after December 15, 2008. The Company is currently assessing the impact SFAS 160 may have, if any, on itsconsolidated financial statements.

In February 2008, the FASB issued FASB Staff  Position (FSP) No. 157-2which defers the effective date of SFAS No. 157, *Fair Value Measurements*(SFAS 157), for nonfinancial assets and nonfinancial liabilities, except foritems that are recognized or disclosed at fair value in an entity’s financialstatements on a recurring basis, at least annually.   The Companyadopted for these nonfinancial assets and nonfinancial liabilities as of August30, 2009.  These assets and liabilities are measured at fair value on anongoing basis but are reported at fair value only in certain circumstances. 

In June 2009, the FASB issued SFAS No. 168,*The FASB AccountingStandards Codification and the Hierarchy of Generally Accepted AccountingPrinciples* (SFAS 168).  SFAS 168 establishes the FASB Accounting StandardsCodification as the source of authoritative U.S. generally accepted accountingprinciples (GAAP) (other than guidance issued by the SEC) to be used in thepreparation of financial statements.  SFAS 168 is effective prospectivelyfor financial statements issued for interim and fiscal periods ending afterSeptember 15, 2009.  The Company will adopt these new requirements in itsfirst quarter of fiscal 2010.

**(4)       Acquisitions**

On April14, 2009, NBP, USPB’s majority owned subsidiary, redeemed all of the membershipinterests in NBP that were owned or controlled by its then Chief ExecutiveOfficer, John R. Miller, and an affiliate of its then General Counsel,Scott H. Smith, as well as 25% of the membership interests in NBP that were owned by affiliates of its current President and Chief Executive Officer,Timothy M. Klein.

In order topartially finance such redemptions, NBP created a new series of Class A units (“Class A1Units”), a portion of which were issued to USPB for approximately$55.8 million.  Class A1 Units are nonvoting and are entitled to a prioritydistribution of 7% per year on the face amount of the Class A1 Units.  Forpurposes of determining Class B ownership for liquidation or redemption, theClass A1 Units will be deemed to be converted to Class B units, but will remainClass A1 Units after such determination.  As a result, USPB’s ownership ofNBP’s Class B ownership for liquidation or redemption purposes increased by13.8385% to 69.3527%.

In addition tothe $55.8 million cash consideration provided by USPB, NBP also borrowed $50million to finance a portion of the redemptions.  Of these borrowings,$34.3 million is deemed additional purchase price for USPB, which brings theCompany’s share of the total purchase price to $90.1 million.

 

F-17

 

 

 

 

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES

Notes to ConsolidatedFinancial Statements

 

 

The acquisition was accounted for by USPB using the purchase method.  Thefollowing table summarizes the estimated fair values of the net assets acquiredat the date of the acquisition.

 

 

 

(in thousands)

Current assets

$

52,342 

Investments

95 

Property, plant, and equipment

61,496 

Tradenames (20 year lives)

480 

Customer relationships (20 year lives)

36,091 

Tradenames (indifinite lives)

5,160 

Goodwill

5,009 

Other assets

1,215 

Current liabilities

(24,524)

Debt

(46,924)

Other liabilities

(299)

 

Total estimated fair value

$

90,141 

 

 

 

 

  

Had theacquisition of the membership interests occurred at the beginning of fiscal year2007, pro forma income for fiscal years 2007, 2008, and 2009, would have been $11.8million, $78.8 million, and $107.0 million, respectively.  Basic earnings perClass A unit for fiscal years 2007, 2008 and 2009 would have been $5.29,$35.36, and $48.03.  Basic earnings per Class B unit for fiscal years 2007,2008 and 2009 would have been $10.74, $71.80, and $97.29.

(5)       Long‐TermDebt and Loan Agreements

The Company entered into various debtagreements in order to finance acquisitions and provide liquidity to operatethe business on a going forward basis.  As of August 29, 2009 and August 30,2008, debt consisted of the following (dollars in thousands):

 

 

 

 

 

**August 29,**

 

**August 30,**

 

 

 

**2009**

 

**2008**

Short-term debt:

 

 

 

 

 

Current portion of long-term debt(a)

 

$

6,030 

 

$

1,030 

 

Industrial Development Revenue Bonds  			(d)

 

4,075 

 

- 

 

Current portion of capital lease obligations(e)

 

2,383 

 

3,590 

 

 

 

 

$

12,488 

 

$

4,620 

Long-term debt:

 

 

 

 

 

Term loan facility, net of current portion  			(a)

 

$

1,030 

 

$

2,059 

 

Term loan facility, net of current portion(b)

 

171,903 

 

202,616 

 

Senior Notes  			(c)

 

66,855 

 

129,397 

 

Industrial Development Revenue Bonds(d)

 

12,245 

 

20,665 

 

Revolving credit facility  (a)

 

5,000 

 

- 

 

Revolving credit facility(b)

 

29,168 

 

11,367 

 

Long-term capital lease obligations and other  			(e)

 

7,199 

 

10,194 

 

 

 

 

$

293,400 

 

$

376,298 

 

 

Total debt

 

$

305,888 

 

$

380,918 

 

 

 

 

 

 

 

 

 **           (a)  *Amended and Restated CreditAgreement and Security Agreement***

On June 22,2009, the Company entered into an Amended and Restated Credit Agreement andSecurity Agreement (CoBank Agreement) with CoBank, ACB (CoBank).  The CoBank Agreementupdates the Company’s Credit Agreement entered into on November 25, 1997, withthe First through Ninth amendments, which occurred from time to time.  Inconnection with the CoBank Agreement, the Company also entered into a PledgeAgreement.  Under the Pledge Agreement, the Company grants a continuingsecurity interest in its ownership interests in NBP to CoBank.  The securityinterest is provided by the Company to secure its obligations to CoBank.

 

F-18

 

 

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES

Notes to ConsolidatedFinancial Statements

 

The debt agreement with CoBankcontains certain covenants which require, among other things:  
-  reporting requirements;   
-  a minimum consolidated working capital reserve;  
-  a minimum debt service coverage ratio (not required if workingcapital falls above the greater of one half the aggregate commitment or$4 million);
-  a minimum consolidated net worth of $70.0 million; 	
-  restrictions on transactions with related parties;	and  
-  restrictions on dividend payments. 

The Company wasin compliance with all of the CoBank Agreement debt covenants as of August 29,2009.  

USPB’s CoBank term debt of approximately $2.1 millionis payable in quarterly installments with final payment due in July 1, 2011,bearing interest at the 90 day LIBOR index plus applicable margin (3.10% atAugust 29, 2009, 5.29% at August 30, 2008, and 7.86% at August 25, 2007).  Theapplicable margin is adjusted annually and is determined pursuant to a tablebased on the NBP leverage ratio, as of the end of each fiscal year of NBP.Based on the table, the rate margin was 2.50% at fiscal years ending August 29,2009, August 30, 2008, and August 25, 2007. 

USPB’s revolving line of credithad outstanding borrowings of $5.0 million at August 29, 2009.  Borrowingsunder the facility will bear interest at LIBOR or the Base Rate, plus theapplicable margin for revolving line of credit loans.  The applicable marginwill be the same as NBP’s Credit Facility for Line of Credit Loans.  As ofAugust 29, 2009, the interest rate for the revolving loan was equal to 3.52%.

**(b)   *Senior Credit Facilities***

Effective April13, 2009, NBP’s Credit Facility was amended to permit the redemption of itsmembership interests in the amount of $125.5 million, including theauthorization and issuance of Class A1 Units to help fund the redemption.  Inaddition, the terms of NBP’s Credit Facility were amended to:  (1) increase theborrowings under its Credit Facility by up to $100.0 million, of which up to$75.0 million is under the term loan and $25.0 million is under the revolvingline of credit; (2) increase the applicable margin on the rates of interest ofthe term loan and revolving line of credit; (3) revise the payment schedule ofthe term loan; (4) shorten the maturity date of the term loan; (5) remove therestrictions on purchasing NBP’s senior notes and require the repurchase orredemption of $100 million aggregate principal amount of its senior notes; (6)increase the amount of capital expenditures NBP can make in any fiscal yearfrom $50 million to $60 million, or $65 million if we expend less than $55million in the immediately preceding fiscal year; and (7) add a financialcovenant requiring NBP to maintain a Funded Debt to EBITDA ratio.  The relatedfinancing charges, an upfront fee of approximately $0.8 million and anarrangement fee of approximately $0.5 million, will be amortized over the lifeof the loan.  

After the applicable collateral requirements were satisfied in the firstfiscal quarter of fiscal year 2010, the Credit Facility now consists of up to$251.9 million under a term loan that matures in July 2012 and a revolving lineof credit loan of $225.0 million that matures in July 2012 that is subject tocertain borrowing base limitations.  As of August 29, 2009 the $225.0 millionrevolving line of credit loan had outstanding borrowings of $29.2 million,outstanding letters of credit of $38.5 million and available borrowings of $143.6million, based on the most restrictive financial covenant calculations. 

 

F-19

 

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES

Notes to ConsolidatedFinancial Statements

The borrowings under the Credit Facility bear interest at LIBOR or theBase Rate, plus the applicable margin.  The applicable margin for the revolvingline of credit will be based on borrowing base availability with grids greaterthan $150.0 million, $50.0 million to $150.0 million and less than $50.0 million asdepicted in the table below:

 

 

 

 

 

 

 

**Base Rate**

 

 

 

 

 

 

 

 

 

 

 

 

 

**Advance Line**

 

 

 

 

 

 

 

 

 

**Average Amount of**

 

**of Credit and**

 

**LIBOR Rate**

 

 

 

 

**Borrowing Base**

 

**Borrowing Base**

 

**Seing Line**

 

**Line of Credit**

 

 

 

 

**Availability Level**

 

**Availability**

 

**Loans**

 

**Loan**

 

**LC Fees**

 

**Non-Use Fee**

Level 1

 

Greater than or equal to

$150.0 million

 

 

1.75% 

 

2.75% 

 

2.75% 

 

0.500% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than $150.0 million,

 

 

 

 

 

 

 

 

 

Level 2

 

but greater than or equal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

to $50.0 million

 

 

2.00% 

 

3.00% 

 

3.00% 

 

0.500% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 3

 

Less than $50.0 million

 

 

2.50% 

 

3.50% 

 

3.50% 

 

0.500% 

 

As of August 29, 2009 and August 30, 2008, theinterest rate for the revolving loan was equal to 3.88% and 3.87%, respectively. 

The applicable margin for the term loan will be basedon borrowing base availability with grids greater than $150.0 million, $50.0million to$150.0 million and less than $50.0 million as depicted in the table below: 

 

 

 

 

 

**Average Amount of**

 

**Base Rate**

 

**LIBOR Rate**

 

 

**Borrowing Base**

 

**Borrowing Base**

 

**Advance	Term **

 

**Advance	Term **

 

 

**Availability Level**

 

**Availability**

 

**Loan**

 

**Loan**

 

**Non-Use Fee**

Level 1

 

Greater than or equal to

$150.0 million

 

2.00% 

 

3.00% 

 

0.500% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less than $150.0 million,

 

 

 

 

 

 

Level 2

 

but greater than or equal

 

 

 

 

 

 

 

 

 

 

 

to $50.0 million

 

2.25% 

 

3.25% 

 

0.500% 

 

 

 

 

 

 

 

 

 

 

 

 

Level 3

 

Less than $50.0 million

 

2.75% 

 

3.75% 

 

0.500% 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of August 29, 2009 and August 30, 2008, theinterest rate for the term loan was equal to 3.51% and 4.22%, respectively.

NBP’s funded debt to EBITDA ratio is not to be more than 3.75 to 1.00 atthe end of each fiscal quarter.  If the borrowing base availability is lessthan $50.0 million for five consecutive business days or less than $35.0million on any single business day during any fiscal quarter, a fixed chargeratio of 1:15 to 1:00 must be maintained at the end of each subsequent fiscalquarter until the borrowing base availability has been greater than or equal to$50.0 million for 90 consecutive days.  As of August 29, 2009, NBP had met theborrowing base availability requirements under its Credit Facility.  The advancerates under the borrowing base are 90% on eligible accounts and 70% on eligibleinventory.  

The borrowings under the revolving loan are availablefor NBP’s working capital requirements, capital expenditures and other generalcorporate purposes, including the purchase of $100.0 million aggregateprincipal amount of NBP’s senior notes on or before December 31, 2009.  The CreditFacility is secured by a first priority lien on substantially all of NBP’sassets.  The principal amount outstanding under the term loan is due andpayable in equal installments of approximately $2.5 million on the lastbusiness day of each June and December commencing December 2009 throughDecember 2010 after which required installment payments increase toapproximately $4.8 million.  All outstanding amounts of the term loan are dueand payable on July 25, 2012.  Prepayment is allowed at any time.

 

F-20

 

 

 

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES

Notes to ConsolidatedFinancial Statements

 

The Credit Facility contains customary affirmativecovenants, including, without limitation, conduct of business, the maintenanceof insurance, compliance with laws, maintenance of properties, keeping of booksand records, and the furnishing of financial statements.  The facility alsocontains customary negative covenants, including without limitation,restrictions on the following:  distributions, mergers, sale of assets,investments and acquisitions, encumbrances, indebtedness, affiliatetransactions, and ERISA matters.

The Credit Facility contains customary events of default, includingwithout limitation, failure to make payment when due, materially incorrectrepresentations and warranties, breach of covenants, events of bankruptcy,default of other indebtedness that would permit acceleration of suchindebtedness, the occurrence of one or more unstayed or undischarged judgmentsin excess of $3.0 million, changes in custody or control of NBP’s property,changes in control of NBP, the failure of any of the loan documents to remainin full force, and NBP’s failure to properly fund its employee benefit plans. The facility also includes customary provisions protecting the lenders againstincreased cost or loss of yield resulting from changes in tax, reserve, capitaladequacy and other requirements of law.

NBP’s netcapital expenditures are limited in each fiscal year throughout the term of thecredit agreement.  On June 27, 2008, NBP amended its credit facility toincrease the amount of net capital expenditures during fiscal year 2008.  Atthe end of fiscal year 2008, it was determined that NBP exceeded the capitalexpenditure limitation within NBP’s credit facility by approximately $0.4million and a waiver was subsequently obtained from NBP’s banks for thisviolation.

***(c)   SeniorNotes***

The 10 1⁄2% senior notes will mature on August 1, 2011. Interest on the senior notes is payable semi-annually in arrears on August 1and February 1 of each year, which commenced on February 1, 2004. The senior notesare senior unsecured obligations, ranking equal in right of payment with allother senior unsecured obligations of NBP. The senior notes are redeemable at100% of face value. The Indenture governing the senior notes contains certaincovenants that restrict NBP’s ability to:
-  incur additional indebtedness;
-  make restricted payments;
-  sell assets;
-  direct NBP’s restricted subsidiaries to pay dividends or makeother payments;
-  create liens;
-  merge or consolidate with another entity; and
-  enter into transactions with affiliates. 

During fiscalyears 2009 and 2008, NBP purchased and cancelled approximately $62.5 million and$30.6 million of its senior notes, respectively.  No material gains or losseswere incurred as a result of the purchase and cancellation of these senior notes.

As of August 29,2009, NBP was in compliance with all covenants associated with the SeniorNotes. 

NB FinanceCorp., a wholly-owned finance subsidiary of NBP, is a co-issuer on a joint andseveral basis with NBP of the senior notes. NB Finance Corp. has nominal assetsand conducts no business or operations. There are no significant restrictionson the ability of subsidiaries to transfer funds to NBP.  

***(d)   IndustrialDevelopment Revenue Bonds***

In conjunctionwith the fourth amended and restated credit facility, effective December 30,2004, NBP entered into a transaction with the City of Dodge City, Kansas,in order to provide property tax savings to NBP.  Under the transaction, theCity purchased NBP’s Dodge City facility (the “facility”) by issuing $102.3million in bonds due in December 2019, used the proceeds to purchase the DodgeCity facility and leased the facility to NBP for an identical term under acapital lease.  The City’s bonds were purchased by NBP using proceeds of itsterm loan under the Credit Facility.  Because the City has assigned the leaseto the bond trustee for the benefit of NBP as the sole bondholder, NBP, ineffect, controls enforcement of the lease against itself.  As a result of thecapital lease treatment, the facility will remain a component of property,plant and equipment in NBP’s consolidated balance sheet.  As a result of thelegal right of offset, the capital lease obligation and the corresponding bondinvestments have been eliminated in consolidation.  The transaction provides NBPwith property tax exemptions for the leased facility, which, after nettingpayments to the City and local school district under payment in lieu of taxagreements, result in an annual property tax savings of approximately 25%.  Thefacility remains subject to a prior mortgage and security interest in favor ofthe lenders under the Credit Facility.  Additional revenue bonds may be issuedto cover the costs of certain improvements to this facility.  The total amountof revenue bonds authorized for issuance is $120.0 million.

 

F-21

 

 

 

 

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES

Notes to ConsolidatedFinancial Statements

 

 

The cities ofLiberal and Dodge City, Kansas issued an aggregate of $13.8 million ofindustrial development revenue bonds on NBP’s behalf to fund the purchase ofequipment and construction improvements at NBP’s facilities in those cities.These bonds were issued in four series of $1.0 million, $1.0 million, $6.0million and $5.8 million and are due on demand or on February 1, 2029, March 1,2027, March 1, 2015 and October 1, 2009, respectively.  However, because eachseries of bonds is backed by a letter of credit under NBP’s Credit Facility,these due on demand bonds have been presented as non-current obligations untiltwelve months prior to their maturity.  As of August 29, 2009, the amountoutstanding on the $6.0 million series of bonds had been reduced to $3.4million and the $5.8 million series of bonds had been reduced to $4.0 million. Pursuant to capital lease agreements, NBP leases the facilities, equipment andimprovements from the respective cities and makes lease payments in the amountof principal and interest due on the bonds. 

The bondsissued in 1999 and 2000 are variable rate demand obligations that bear interestat a rate that is adjusted weekly, which rate will not exceed 10% per annum. Theaverage per annum interest rate for each series of bonds was 1.5% in fiscalyear 2009, 2.7% in fiscal year 2008 and 3.7% in fiscal year 2007.  NBP hasthe option to redeem a series of bonds at any time for an amount equal to theprincipal plus accrued interest to the date of such redemption. The holders ofthe bonds have the option to tender the bonds upon seven days’ notice for anamount equal to par plus accrued interest. To the extent that the remarketingagent for the bonds is unable to resell any of the bonds that are tendered, theremarketing agent will use the letter of credit to fund such tender.  

 Inconnection with the Brawley Beef acquisition, NBP assumed the obligation undera Trust Indenture securing $6.8 million in California Pollution ControlFinancing Authority Tax-Exempt variable rate demand solid waste disposalrevenue bonds dated as of October 1, 2001.  The bonds bear a rate that isadjusted weekly, which rate will not exceed 12% per annum.  The average per annum interest rate for this series of bondsfor fiscal years 2009 and 2008 was 1.6% and 2.7%, respectively.  These bondshave a maturity date of October 1, 2016.  NBP has the option to redeem all or aportion of the bonds at any time for an amount equal to the principal plusaccrued interest to the date of such redemption.  The holders of the bonds havethe option to tender the bonds upon seven days’ notice for an amount equal topar plus accrued interest.  To the extent that the remarketing agent for thebonds is unable to resell any of the bonds that are tendered, the remarketingagent will use the letter of credit to fund such tender.  

**            (e)  *Capital and OperatingLeases ***

NBPleases a variety of buildings and equipment, some of which were acquiredthrough the Brawley Beef acquisition, as well as tractors and trailers throughits subsidiary National Carriers, under capital and operating lease agreementsthat expire in various years.  Future minimum lease payments required at August29, 2009, under capital leases and non-cancelable operating leases with termsexceeding one year, are as follows:   

 

F-22

 

 

 

 

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES

Notes to ConsolidatedFinancial Statements

 

 

 

 

 

 

 

 

 

 

 

 

**Non-Cancelable**

 

 

 

 

 

 

 

 

**Capital**

 

**Operating**

 

 

 

 

 

 

 

 

**Lease**

 

 

**Lease**

 

 

 

 

 

 

 

 

**Obligations**

 

**Obligations**

 

 

 

 

 

 

 

 

(dollars in thousands)

For the fiscal years ended August:

 

 

 

 

 

 

 2010

 

 

 

 

 

$

2,804 

 

 

$

13,047 

 

 2011

 

 

 

 

 

1,697 

 

 

8,033 

 

 2012

 

 

 

 

 

1,667 

 

 

5,727 

 

 2013

 

 

 

 

 

1,659 

 

 

1,727 

 

 2014

 

 

 

 

 

3,075 

 

 

1,000 

 

Thereafter

 

 

 

- 

 

 

111 

 

 

 

Net minimum lease payments

 

$

10,902 

 

 

$

29,645 

Less amount representing interest

 

(1,520)

 

 

 

 

 

 

Present value of net minimum lease payments

$

9,382 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rent expenseassociated with operating leases was $14.5 million, $14.3 million and $14.2 million,for fiscal years 2009, 2008 and 2007, respectively.  NBP expects that it willrenew lease agreements or enter into new leases as the existing leases expire.   

***(f)    UtilitiesCommitment***

EffectiveDecember 30, 2004, NBP finalized an agreement with the city of Dodge City,Kansas, whereby in consideration of certain improvements made to the city waterand wastewater systems, NBP has committed to make a series of service chargepayments totaling $19.3 million over a 20 year period, of which $1.4 millionwas paid in each of the fiscal years 2009, 2008 and 2007.  Payments under thecommitment will be $1.7 million in fiscal year 2010 and $0.8 million in each ofthe fiscal years 2011, 2012, 2013, and 2014, with the remaining balance of $8.1million to be paid in subsequent years.  

Additionally, NBPmakes a verbal commitment to cattle producers to purchase cattle about one weekin advance of delivery of the live animals to its plants, with the actual pricepaid for the cattle determined after the cattle are delivered and inspected at NBP’sfacilities.   NBP’s estimated cattle commitments as of August 29, 2009 were $82.1million.

The aggregateminimum principal maturities of the long-term debt for each of the five fiscalyears and thereafter following August 29, 2009, are as follows:

 

Minimum

 

Principal

 

Maturities

 

(in thousands)

Fiscal Year ending August:

 

 

 2010

 

$

12,488 

 2011

 

81,550 

 2012

 

195,158 

 2013

 

1,465 

 2014

 

2,981 

 Thereafter

 

12,245 

 

 

$

305,887 

Fiscal year 2013 consists of 53 weeks

 

 

 

 

F-23

 

 

 

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES

Notes to ConsolidatedFinancial Statements

 

(6)       EmployeeCompensation and Benefits 

The cooperative had established a phantom stock optionplan which provided for the issuance of 20,000 phantom stock options with anexercise price of $55 per share, all of which had been issued and wereexercisable upon election. In connection with the conversion described in Note12, this phantom stock option plan was converted into a phantom unit plan in asimilar fashion as the conversion of cooperative shares to LLC units.  The20,000 phantom stock options converted into 20,000 phantom Class A units and20,000 phantom Class B units with an exercise price of $55 per unit and $0 perunit, respectively.  In August 2009, the CEO exercised 20,000 Class B units atan exercise price of $0 per unit.  The Company recognizes compensation expense forthe Class A phantom units for the difference between the weighted average marketvalue for the Class A units and the $55 exercise price.  An increase incompensation expense of $1.5 million was recognized in fiscal year 2009 and areduction in compensation expense of $0.1 million, and $0.6 million wasrecognized for the fiscal years 2008 and 2007, respectively.

The Company maintains a tax-qualified employee savings and retirement plan ( the 401(k) Plan)covering the Company’s non-union employees. Pursuant to the 401(k) Plan,eligible employees may elect to reduce their current compensation by up to thelesser of 75% of their annual compensation or the statutorily prescribed annuallimit and have the amount of such reduction contributed to the 401(k) Plan. The401(k) Plan provides for additional matching contributions by the Company,based on specific terms contained in the 401(k) Plan. The trustee of the 401(k)Plan, at the direction of each participant, invests the assets of the 401(k)Plan in designated investment options.  The 401(k) Plan is intended to qualifyunder Section 401 of the Internal Revenue Code. Expenses related to the 401(k)Plan totaled approximately $0.7 million, $0.5 million and $0.7 million forfiscal years 2009, 2008, and 2007, respectively.  

 NBP hasagreed to make contributions to the United Food and Commercial WorkersInternational Union-Industry Pension Fund (the UFCW Plan) for employees coveredby a collective bargaining agreement as provided for in that agreement. Expenses related to the UFCW Plan totaled approximately $0.7 million, $0.7million and $0.6 million for fiscal years 2009, 2008 and 2007, respectively. 

*PostretirementBenefits*— Certain former employees of NBP are covered by an unfundedpostretirement benefit plan that provides medical and dental benefits.  Costsassociated with this plan, which relate primarily to insurance premiums,benefit payments and changes in the accumulated benefit obligation wereapproximately $0.2 million, $0.3 million and $0.2 million, for fiscal years2009, 2008 and 2007, respectively, and are included in cost of sales. 

The healthcare trend rate used to value the accumulated benefit obligation at August 29,2009 is a rate of 10% per year, declining by 1% per year to an ultimate rate of5% in 2011 and thereafter.  The discount rate used to value the accumulatedbenefit obligation is 7%.  The unfunded accumulated benefit obligation was $1.5million and $1.6 million at August 29, 2009 and August 30, 2008, respectively,and has been recorded in the consolidated financial statements as non-currentother liabilities.

 (7)      Other Income

Othernon-operating expense, net was $6.4 million in the fiscal year ended 2009 whileother non-operating income, net was $5.8 million and $1.4 million in the fiscalyears ended 2008 and 2007, respectively.  Other, net includes miscellaneousnon-operating items of income and expense such as adjustments to unamortizedloan costs as discussed in Note 2. *Basis of Presentation and AccountingPolicies*, *Debt Issuance Costs,* adjustments to postretirementbenefits costs as discussed in Note 6. *Employee Compensation and Benefits,*and gains or losses on the disposal of fixed assets as discussed in Note 2. *Basisof Presentation and Accounting Policies, Property, Plant and Equipment,*anddisclosed on the consolidated statements of cash flows.  Other non-operatingexpense for fiscal year 2009 includes approximately $5.6 million in legal feeswhich was primarily related to the termination of a purchase agreement inFebruary 2009 and approximately $1.5 million related to the write-off of debtissuance costs.  In addition, approximately $0.7 million of obsolete parts werewritten off at our case ready facilities during fiscal year 2009.  Othernon-operating income for fiscal year 2008 includes approximately $3.4 millionfor the settlement of a lawsuit related to corrugated packaging materials andabout $1.3 million related to proceeds received in redemption of an investmentinterest in which NBP’s basis had previously been written down to zero.   

 

F-24

 

 

 

 

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES

Notes to ConsolidatedFinancial Statements

 

 (8)      Income Taxes 

Income tax expense includes thefollowing current and deferred provisions (dollars in thousands):

 

 

 

 

**52 weeks ended**

 

**51 weeks ended**

 

**52 weeks ended**

 

 

 

**August 29,**

 

**August 30,**

 

**August 25,**

 

 

 

**2009**

			   

**2008**

			   

**2007**

Current provision:

 

 

 

 

 

 

Federal

$

144 

 

$

297 

 

$

1,098 

 

State

733 

 

638 

 

227 

 

Foreign

77 

 

18 

 

16 

 

 

Total current tax expense

954 

 

953 

 

1,341 

 

 

 

 

 

 

 

 

Deferred provision:

 

 

 

 

 

 

Federal

32 

 

625 

 

509 

 

State

(21)

 

193 

 

90 

 

Foreign

- 

 

- 

 

- 

 

 

Total deferred tax expense

11 

 

818 

 

599 

 

 

Total income tax expense

$

965 

 

$

1,771 

 

$

1,940 

 

 

 

 

 

 

 

 

 

Income tax expense differed from the “expected” incometax (computed by applying the federal income tax rate of 35% to earnings beforeincome taxes) as follows (dollars in thousands):

 

 

**52 weeks ended**

 

**53 weeks ended**

 

**52 weeks ended**

 

 

**August 29,**

 

**August 30,**

 

**August 25,**

 

 

**2009**

			   

**2008**

			   

**2007**

Computed “expected” income tax expense

$

35,332 

 

$

22,394 

 

$

4,055 

Passthrough income

(35,066)

 

(21,321)

 

(2,068)

State taxes, net of federal

686 

 

770 

 

210 

Other

13 

 

(72)

 

(257)

 

Total income tax expense

$

965 

 

$

1,771 

 

$

1,940 

 

 

 

 

 

 

 

 

The tax effects oftemporary differences that give rise to significant portions of the deferredtax assets and deferred tax liabilities at August 29, 2009 and August 30, 2008 arepresented below (dollars in thousands): 

 

 

 

 

 

**August 29,**

 

**August 30,**

Deferred tax assets:

**2009**

 

**2008**

			  

Accounts receivable, due to allowance for doubtful accounts

 

$

94 

			   

$

119 

 

Intangible assets

 

222 

 

156 

 

Self-insurance and workers compensation accruals

 

1,028 

 

804 

 

Accrued vacation pay and bonuses

 

- 

 

10 

 

Employee benefit accruals

 

- 

 

10 

 

 

Total gross deferred tax assets

 

1,344 

 

1,099 

Deferred tax liabilities:

 

 

 

 

 

Prepaid assets

 

- 

 

4 

 

Property, plant, and equipment, principally due to differences in depreciation

 

740 

 

480 

 

 

Total gross deferred tax liabilities

 

740 

 

484 

 

 

 

Net deferred tax assets

 

$

604 

 

$

615 

 

 

 

 

 

 

 

 

 

 

F-25

 

 

 

 

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIESNotes to ConsolidatedFinancial Statements

 

Net deferred tax assets and liabilitiesat August 29, 2009 and August 30, 2008 are included in the consolidated balancesheet as follows (dollars in thousands):

 

**August 29,**

 

**August 30,**

 

**2009**

 

**2008**

Other assets

 

$

1,344 

 

$

1,099 

Other liabilities

 

740 

 

484 

 

 

$

604 

 

$

615 

 

Deferred taxassets and liabilities relate primarily to the operations of National Carriers,Inc.

There was novaluation allowance provided for at August 29, 2009 and August 30, 2008.  NBPmanagement believes that it is more likely than not that the results of futureoperations will generate sufficient taxable income to realize the deferred taxassets. 

Beginning in calendar year 2008, some states in whichNBP conducts business modified their business taxes, using net income, or amodification of net income, as the basis.  The modification of these statetaxes necessitated the inclusion of approximately $0.7 million of thesebusiness taxes in income tax expense during fiscal year 2008 as compared to thesame period of fiscal year 2007.  

The Company adopted FIN 48 in the first quarter of fiscal year 2008.  Asa result of the adoption, tax reserves relating to the potentialrecharacterization of income from patronage sourced to non-patronage sourced inthe amount of approximately $0.5 million were reversed.

 (9)      Related PartyTransactions

All of the Company’s directors hold units of the Company. By virtue of their ownership of the units, each of these individuals isobligated to deliver cattle to the Company. The amount and terms of thepayments received by these individuals (or the entities they represent) for thedelivery of cattle are made on exactly the same basis as those received byother unitholders of the Company for the delivery of their cattle.  

USPBfacilitates the delivery of cattle annually to NBP through its unitholders andassociates.  During the fiscal year ended August 29, 2009, USPB and its unitholdersand associates provided approximately 20% of NBP’s cattle requirements. Duringthe fiscal years ended August 20, 2008 and August 25, 2007, USPB providedapproximately 19% and 17%, respectively, of NBP’s cattle requirements.  Thepurchase price for the cattle is determined by NBP’s pricing grid, which, underthe terms of the agreement with U.S. Premium Beef, must be competitive with thepricing grids of NBP’s competitors and may not be less favorable than pricinggrids offered to other suppliers.

At August 29, 2009 and August 30, 2008, the Companyhad payables to unitholders in the amount of $0.0 million and $0.1 million,respectively.  At August 29, 2009 and August 30, 2008, the Company hadreceivables from unitholders in the amount of $0.1 million and $0.0 million,respectively.    

NBP enteredinto various transactions with a company affiliated with NBPCo Holdings in theordinary course of business. Sales transactions were based upon prevailingmarket prices, and purchases were on terms no less favorable to NBP than wouldbe obtained from an unaffiliated party.  

 

 

F-26

 

 

 

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES

Notes to ConsolidatedFinancial Statements

 

 

 

During fiscalyears 2009, 2008 and 2007, NBP had sales and purchases with the followingrelated parties (amounts in thousands):

 

 

 

 

 

**52 weeks ended**

 

**53 weeks ended**

 

**52 weeks ended**

 

 

 

**August 29, 2009**

 

**August 30, 2008**

 

**August 25, 2007**

Sales to:

 

			  

 

			  

 

 

Beef Products, Inc.   (1)

$

96,896 

 

$

132,415 

 

$

89,133 

 

 

Total Sales to Affiliate

$

96,896 

 

$

132,415 

 

$

89,133 

 

 

 

 

 

 

 

 

Purchases from:

 

 

 

 

 

 

Beef Products, Inc.   (1)

$

28,930 

 

$

15,710 

 

$

14,155 

 

 

Total Sales to Affiliate

$

28,930 

 

$

15,710 

 

$

14,155 

 

 

 

 

 

 

 

 

(1) Beef Products, Inc. (BPI) is an affiliate of NBPCo Holdings

 

 

 

 

 

 

 

 

 

At August 29,2009 and August 30, 2008, the amounts due from Beef Products, Inc. (BPI) forsale of beef trimmings were approximately $4.5 million and $4.9 million,respectively.  At August 29, 2009 and August 30, 2008, the amounts due to BPI forthe purchase of processed lean beef were approximately $1.0 million and $0.9million, respectively.

In October2003, NBP entered into an aircraft lease agreement under which NBP leased abusiness jet aircraft from John R. Miller Enterprises III, LLC, a limitedliability company of which Mr. Miller is the beneficial owner. The term of thelease is 81 months. The monthly lease payments will range from $25,400 in thefirst year of the lease to $45,380 in the fourth year of the lease andthereafter, and are adjusted quarterly based on the change in the three monthLIBOR interest rate.  During the fiscal year ended August 29, 2009, NBP paid$0.6 million to lease the aircraft and paid $0.1 million into an enginereplacement reserve account.  The funds in the reserve account are to be usedto finance new engines installed on the aircraft. 

In December2004, NBP entered into an aircraft lease agreement under which it leases abusiness jet aircraft from John R. Miller Enterprises III, LLC, a limitedliability company of which Mr. Miller is the beneficial owner. The term of thelease is 72 months. This aircraft replaces an aircraft leased from John R.Miller Enterprises, LLC in March 2001.  The base monthly lease payments willrange from $35,400 in the first year of the lease to $45,380 in the fourth yearof the lease and thereafter, and are adjusted quarterly based on the change inthe three month LIBOR interest rate.  During the fiscal year ended August 29,2009, NBP paid $0.6 million to lease the aircraft and paid less than $0.1million into an engine replacement reserve account.  The funds in the reserveaccount are to be used to finance new engines installed on the aircraft.

In January2007, NBP entered into an agreement with BPI for BPI to manufacture and installa grinding system in one of its plants.  In accordance with the agreement withBPI, NBP is to pay BPI a technology and support fee based on the number ofpounds of product produced using the grinding system.  The installation of thegrinding system was completed in fiscal year 2008.  During fiscal years 2009and 2008, NBP paid approximately $1.7 million and $0.7 million, respectively,to BPI in technology and support fees.

**(10)     Fair Value Measurements**

In September 2006, the FASB issued SFAS 157, *Fair Value Measurements*. This statement establishes a single authoritative definition of fair value tobe used when accounting rules require the use of fair value, sets out aframework for measuring fair value and requires additional disclosures aboutfair value measurement.  SFAS 157 clarifies that fair value is an exit price,representing the amount that would be received to sell an asset or paid totransfer a liability in an orderly transaction between market participants.

On August 31, 2008, the Company adopted portions of SFAS 157,*FairValue Measurements*, except for the non-financial assets and liabilitieswithin the scope of the deferral provided by FSP No. FAS 157-2 as discussed inNote 3. 

 

F-27

 

 

 

 

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES

Notes to ConsolidatedFinancial Statements

SFAS 157 establishes a three-level fair value hierarchy that prioritizesthe inputs used to measure fair value.  The fair value hierarchy gives thehighest priority to quoted market prices (Level 1) and the lowest priority tounobservable inputs (Level 3).  The three levels of inputs used to measure fairvalue are as follows:
-  Level 1 – quoted prices in active markets for identical assets orliabilities accessible by the reporting entity. 
-  Level 2 – observable inputs other than quoted prices included inLevel 1, such as quoted prices for similar assets and liabilities in activemarkets; quoted prices for identical or similar assets and liabilities inmarkets that are not active; or other inputs that are observable or can becorroborated by observable market data. 
-  Level 3 – unobservable inputs for an asset or liability. Unobservable inputs should only be used to the extent observable inputs are notavailable.

The following table details the assets and liabilities measured at fairvalue on a recurring basis as of August 29, 2009 and also the level within thefair value hierarchy used to measure each category of assets.

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

**Quoted Prices in**

 

 

 

 

 

 

 

**Active Markets for**

 

**Significant Other**

 

**Significant**

 

 

 

**Identical Assets**

 

**Observable Inputs**

 

**Unobservable**

**Description**

**August 29, 2009**

 

**(Level 1)**

 

**(Level 2)**

 

**Inputs (Level 3)**

 

 

 

 

 

 

 

 

Other current assets -

 

 

 

 

 

 

 

derivatives

$

1,442 

 

$

1,442 

 

$

- 

 

$

- 

 

 

 

 

 

 

 

 

Other accrued expenses and

 

 

 

 

 

 

 

liabilities - derivatives

$

5,087 

 

$

3,535 

 

$

1,552 

 

$

- 

 

 

 

 

 

 

 

 

Minority owners' interest

$

183,407 

 

$

- 

 

$

183,407 

 

$

- 

 

 

In February 2007, the FASB issued Statement of Financial AccountingStandards No. 159 (SFAS 159), *The Fair Value Option for Financial Assets andLiabilities*.  This statement provided companies with an option to reportselected financial assets and liabilities at fair value.  This statement waseffective for the Company as of August 31, 2008; however, the Company did notelect the option to report any of the selected financial assets and liabilitiesat fair value.

**(11)     Disclosure About Derivative Instruments and HedgingActivities**

As part of NBP’s ongoing operations, NBP is exposed to market risks suchas changes in commodity prices.  To manage these risks, NBP may enter into thefollowing derivative instruments pursuant to our established policies:
-  Forward purchase contracts for cattle for use in our beef plants 
-  Exchange traded futures contracts for cattle	
-  Exchange traded futures contracts for grain	

While management believes each of these instruments help mitigate variousmarket risks, they are not designated and accounted for as hedges as a resultof the extensive recordkeeping requirements associated with hedge accounting.  Accordingly,the gains and losses associated with the change in fair value of the instrumentsare recorded to net sales and cost of goods sold in the period of change. Certain firm commitments for live cattle purchases and all firm commitments forboxed beef sales are treated as normal purchases and sales and not recorded atfair value.

 

F-28

 

 

 

 

 

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES

Notes to ConsolidatedFinancial Statements

 

 

NBP entersinto certain commodity derivatives, primarily with a diversified group ofhighly rated counterparties.  The maximum amount of loss due to the credit riskof the counterparties, should the counterparties fail to perform according tothe terms of the contracts, is deemed to be immaterial as of August 29, 2009 asall derivatives in an asset position are exchange-traded contracts.  Theexchange-traded contracts have been entered into under a master nettingagreement.  None of the derivatives entered into have credit-related contingentfeatures.  NBP has $6.0 million in cash collateral posted on its derivativeliabilities.   

 

 

The followingtable presents the fair values as discussed in Note 11 and other informationregarding derivative instruments not designated as hedging instruments as ofAugust 29, 2009 (in thousands of dollars):

 

 

 

 

**Derivative Asset**

 

**Derivative Liability**

 

 

**As of August 29, 2009**

 

**As of August 29, 2009**

 

 

**Balance**

 

 

 

**Balance**

 

 

 

 

**Sheet**

 

 

 

**Sheet**

 

 

 

 

**Location**

 

**Fair Value**

 

**Location**

 

**Fair Value**

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accrued

 

 

 

 

Other current

 

 

 

expenses and

 

 

Commodity contracts

assets

 

 

$

1,442 

 

other liabilities

 

$

5,087 

 

Total

 

 

 

 

 

 

$

1,442 

 

 

 

$

5,087 

 

 

The followingtable presents the impact of derivative instruments on the Consolidated Statementof Operations for the fiscal year ended August 29, 2009 (in thousands ofdollars):

** **

**Derivatives Not**

 

**Location of Gain (Loss)**

 

**Amount of Gain**

**Designated as Hedging**

			  

**Recognized in Income on**

			  

**(Loss) Recognized**

**Instruments**

 

**Derivatives**

 

**in Income On**

 

 

 

 

 

Fiscal year ended

 

 

 

 

 

August 29, 2009

 

 

 

 

 

 

Commodity contracts

 

Net sales

 

$

(37,386)

Commodity contracts

 

Cost of sales

 

22,224 

 

Total

 

 

 

$

(15,162)

** **

**  **

 (12)    Capital Sharesand Equities

LLC Structure

On August 18, 2004, the shareholders of U.S. Premium Beef, Ltd. approved the conversionof the cooperative into a Delaware LLC.  Under the new ownership structure,each share of common stock of the cooperative was converted to one unit ofClass A interest and one unit of Class B interest.  Immediately following theConversion, there were 691,845 Class A units and 691,845 Class B units.  For aperiod to be determined by the board of directors, each Class A unit will belinked to its corresponding Class B unit and each pair of linked units must, iftransferred, be transferred together.  Patronage Refunds for Reinvestment inthe cooperative were carried over at their face amount into the LLC as PatronageNotices.  

On June 1, 2006, U.S. Premium Beef’s majority owned subsidiary, NBP,completed the acquisition of the assets of Brawley Beef.  As a result of theacquisition, USPB issued 44,160 new Class A units and 44,160 new Class B unitsto Brawley Beef in exchange for 44,160 limited partnership units in NationalBeef California (NBC), a subsidiary of National Beef.  USPB then exchanged thelimited partnership units with National Beef for a higher ownership percentagein National Beef.  Immediately following the issuance, there were 736,005 ClassA units and 736,005 Class B units.  

 

 

F-29

 

 

 

 

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES

Notes to ConsolidatedFinancial Statements

 

 

 

*Class A Units*. Holders of Class A units are entitled to a pro rata share of 33% of the profitsand losses; to receive distributions of the Company’s net cash flow whendeclared by the board of directors; to participate in the distribution of theCompany’s assets in accordance with their positive capital account balances if theCompany dissolves or liquidates after payment of the Patronage Notices, and tovote on matters submitted to a vote of the Company’s Class A unitholders. Holders of Class A units are committed under Uniform Cattle Delivery andMarketing Agreements to deliver one head of cattle to the Company annually foreach unit held. 

*Class B Units*. Holders of Class B units are entitled to a pro rata share of 67% of the profitsand losses; to receive distributions of the Company’s net cash flow whendeclared by the board of directors; to participate in the distribution of theCompany’s assets in accordance with their positive capital account balances if theCompany dissolves or liquidates after the payment of the Patronage Notices, andto vote on matters submitted to a vote of the Company’s Class B unitholders. Holders of Class B interests have no cattle delivery commitment.

*Patronage Notices*.  Patronage Notices do not constitute units or membership interests inthe Company, and holders will not be unitholders or associates of the Companyby virtue of holding Patronage Notices. As was the case in the cooperative, PatronageNotices will be paid by the Company at such time and in such amounts as may bedetermined by the board of directors in its sole and absolute discretion. Uponliquidation, holders of Patronage Notices will be paid before Holders of ClassA and Class B interests.  Patronage Notices carry no other or additionalrights.

(13)     MinorityInterest

At anytime after certain dates, the earliest being July 31, 2010, the latest beingJuly 31, 2011, affiliates of NBP’s Chief Executive Officer, Timothy M. Klein(Mr. Klein) and/or NBPCo Holdings have the right to request that NBP repurchasetheir interests, the value of which is to be determined by a specified formulaor a mutually agreed process.  If NBP is unable to effect the repurchase withina specified time, the requesting member(s) have the right to cause a saleprocess to commence.  On April 13, 2009, NBP entered into two Unit RedemptionAgreements pursuant to Section 12.5 of its Limited Liability CompanyAgreement, dated as of August 6, 2003 (as amended from time to time, theLLC Agreement) to redeem at agreed upon redemption prices all of the membershipinterests in NBP that are owned or controlled by NBP’s then Chief ExecutiveOfficer, John R. Miller (Mr. Miller), and an affiliate of NBP’s then GeneralCounsel, Scott H. Smith (Mr. Smith), as well as 25% of the membershipinterests in NBP that are owned by affiliates of NBP’s then President and ChiefOperating Officer, Mr. Klein.  As a result, Mr. Miller and Mr. Smithand their affiliates received approximately $91.3 million and $22.8 million,respectively, for their units and are no longer members of NBP. Mr. Klein’s affiliates received approximately $11.4 million for theirredeemed units. 

USPB accountsfor changes in the redemption value of these interests by accreting the changein value from the date of change through the earliest redemption date of therespective interests.  At August 29, 2009, the value of the minority owners’interest**was determined to be $240.6 million, which was in excess of itscarrying value.  After giving effect to the redemption of interests in April2009 and the accretion of value, the carrying value of minority owners’interest at August 29, 2009 was $183.4 million.  Offsetting the change in thevalue of the minority owners’ interest is a corresponding change in themembers’ capital.    

F-30

 

 

 

 

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES

Notes to ConsolidatedFinancial Statements

 

 

Generallyaccepted accounting principles require USPB to determine the fair value of the minorityowners’ interest at the end of each reporting period.  To the extent that thisvalue increases, this change in fair value is accreted over the redemptionperiod as discussed above.  At February 28, 2009, May 30, 2009, and August 29,2009, management used the agreed upon redemption prices that were used in theUnit Redemption Agreements discussed above in measuring the fair value of the minorityowners’ interest.  The Unit Redemption agreement between NBP and Timothy Kleinand affiliates provides for a formula-based method of calculating their Class Binterests which was used in valuing the interest of Timothy Klein andaffiliates at August 29, 2009.

The totalvalue of the minority owners’ interest at August 29, 2009, increased by approximately$20.3 million compared to the value at August 30, 2008.  The decrease in thevalue of the minority owners’ interest recorded on the balance sheet reflectsthe increase in the unit value represented by the Unit Redemption Agreement,offset by the purchase of certain interests in fiscal year 2009.. 

 (14)    Legal Proceedings

NBL, a wholly-owned subsidiary of NBP, has been named as a defendant in elevencurrently pending lawsuits involving NBL’s tannery located in St. Joseph,Missouri.  NBL purchased certain assets of the tannery from Prime Tanning inMarch 2009.  The lawsuits are pending in the Circuit Courts of Buchanan County,Clinton County and DeKalb County, Missouri and in the U.S. District Court forthe Western District of Missouri and were filed between April 22, 2009 andAugust 21, 2009.  The lawsuits allege that Prime and NBL spread wastewatersludge containing hexavalent chromium in four counties in northwest Missouri.  Thelawsuits currently include nine actions filed by individuals and two purportedclass actions.  The plaintiffs are seeking an unspecified amount of damages forwrongful death, personal injury, pain and suffering, economic damages, punitivedamages, diminished property values and medical monitoring.  NBL is vigorouslydefending the cases.  

NBP is a party to a number of other lawsuits and claims arising out ofthe operation of its business.  NBP management believes the ultimate resolutionof such matters should not have a material adverse effect on NBP’s financialcondition, results of operations or liquidity.

NBP's wholly owned subsidiary, National Carriers, has variousindependent contractor drivers who are involved in accidents from time to time,which in the aggregate could result in a material liability for NBP.  

(15)     BusinessSegments

In June of 1997, the Financial AccountingStandards Board issued Statement of Financial Accounting Standards No. 131(SFAS 131), *Disclosures about Segments of an Enterprise and RelatedInformation*. SFAS 131 establishes annual and interim reporting standardsfor operating segments of a company. It also requires entity wide disclosuresabout the products and services an entity provides, the material countries inwhich it holds assets and reports revenues, and its major customers. USPB isnot organized by multiple operating segments for the purpose of makingoperating decisions or assessing performance. Accordingly, USPB operates in oneoperating segment and reports only certain enterprise‐wide disclosures.

CustomerConcentration

In the fiscalyear ended August 29, 2009, one customer with its consolidated subsidiariesrepresented 9.6% of total sales, with no other customer representing more than4.0% of total sales.  In the fiscal year ended August 29, 2008, one customerwith its consolidated subsidiaries represented 7.8% of total sales, with noother customer representing more than 3.8% of total sales. In the fiscal yearended August 25, 2007, one customer with its consolidated subsidiariesrepresented approximately 6.8% of total sales with no other single customerrepresenting more than 3.6% of total sales. 

Salesto Foreign Countries

NBP had sales outside the United States of America inthe fiscal years ended August 29, 2009, August 30, 2008 and August 25, 2007 ofapproximately $608.2 million, $675.1 million and $561.9 million, respectively. No single country accounted for more than 3% of total sales. The amount ofassets maintained outside the United States of America is not material.  

 

 

F-31

 

 

 

 

 

U.S. PREMIUM BEEF, LLC AND SUBSIDIARIES

Notes to ConsolidatedFinancial Statements

 

(16)     Quarterly Results (Unaudited)

Selected quarterly financial data for fiscalyears 2009 and 2008 is set forth below (dollars in thousands, except per unitdata):
			 
 

 

 

 

 

**Operating**

 

**Net**

 

 

 

 

 

 

 

 
			 
 

 

 

 

 

**Income**

 

**Income**

 

**Basic Earnings / (Loss) Per**

 

**Diluted Earnings / (Loss) Per**
			 
 

 

**Net Sales**

 

**(Loss)**

 

**(Loss)**

 

**Class A Unit**

 

**Class B Unit**

 

**Class A Unit**

 

**Class B Unit**

   2009 quarterly results:

 

 

 

 

 

 

 

 

 

 

 

 

 

 
			 
 

November 29, 2008

 

$

1,428,977 

 

$

2,084 

 

$

(3,245)

 

$

(1.46)

 

$

(2.96)

 

$

(1.46)

 

$

(2.96)
			 
 

February 28, 2009

 

1,298,218 

 

40,631 

 

31,430 

 

$

14.10 

 

$

28.64 

 

$

13.90 

 

$

28.22 
			 
 

May 30, 2009

 

1,318,020 

 

51,342 

 

27,692 

 

$

12.43 

 

$

25.23 

 

$

12.24 

 

$

24.84 
			 
 

August 29, 2009

 

1,404,063 

 

73,319 

 

44,106 

 

$

19.79 

 

$

39.12 

 

$

19.51 

 

$

39.12 
			 
 

 

 

$

5,449,278 

 

$

167,376 

 

$

99,983 

 

 

 

 

 

 

 

 
			 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   2008 quarterly results:

 

 

 

 

 

 

 

 

 

 

 

 

 

 
			 
 

November 24, 2007

 

$

1,398,102 

 

$

(16,078)

 

$

(13,712)

 

$

(6.15)

 

$

(12.49)

 

$

(6.15)

 

$

(12.49)
			 
 

February 23, 2008

 

1,305,950 

 

(4,211)

 

(7,550)

 

$

(3.39)

 

$

(6.88)

 

$

(3.39)

 

$

(6.88)
			 
 

May 31, 2008

 

1,529,624 

 

77,902 

 

39,282 

 

$

17.63 

 

$

35.79 

 

$

17.37 

 

$

35.27 
			 
 

August 30, 2008

 

1,613,616 

 

89,187 

 

44,191 

 

$

19.83 

 

$

40.26 

 

$

19.54 

 

$

39.68 
			 
 

 

 

$

5,847,292 

 

$

146,800 

 

$

62,211 

 

 

 

 

 

 

 

 
			 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
			 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

**(17)     SubsequentEvents**

The Company has evaluated subsequent events forpotential disclosure or recognition through November 13, 2009, the issuancedate of the financial statements.

F-32

 

 

  |