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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 30, 2019	Apr. 20, 2019
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Registrant Name	BOSTON BEER CO INC
Entity Central Index Key	0000949870
Current Fiscal Year End Date	--12-29
Entity Filer Category	Large Accelerated Filer
Trading Symbol	SAM
Entity Emerging Growth Company	false
Entity Small Business	false
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,748,401
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,917,983

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 30, 2019	Dec. 29, 2018
Current Assets:
Cash and cash equivalents	$ 102,887	$ 108,399
Accounts receivable	54,525	34,073
Inventories	85,861	70,249
Prepaid expenses and other current assets	16,754	13,136
Income tax receivable	833	5,714
Total current assets	260,860	231,571
Property, plant and equipment, net	398,882	389,789
Right-of-use assets	26,177
Other assets	14,418	14,808
Goodwill	3,683	3,683
Total assets	704,020	639,851
Current Liabilities:
Accounts payable	61,620	47,102
Accrued expenses and other current liabilities	66,655	73,412
Current lease liabilities	3,727
Total current liabilities	132,002	120,514
Deferred income taxes, net	50,198	49,169
Non-current lease liabilities	27,161
Other liabilities	4,841	9,851
Total liabilities	214,202	179,534
Commitments and Contingencies (See Note H)
Stockholders' Equity:
Additional paid-in capital	411,481	405,711
Accumulated other comprehensive loss, net of tax	(1,160)	(1,197)
Retained earnings	79,382	55,688
Total stockholders' equity	489,818	460,317
Total liabilities and stockholders' equity	704,020	639,851
Common Class A
Stockholders' Equity:
Common Stock	86	86
Common Class B
Stockholders' Equity:
Common Stock	$ 29	$ 29

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 30, 2019	Dec. 29, 2018
Common Class A
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	22,700,000	22,700,000
Common Stock, shares issued	8,634,806	8,580,593
Common Stock, shares outstanding	8,634,806	8,580,593
Common Class B
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	4,200,000	4,200,000
Common Stock, shares issued	2,917,983	2,917,983
Common Stock, shares outstanding	2,917,983	2,917,983

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2018
Revenue	$ 267,559	$ 201,831
Less excise taxes	15,908	11,374
Net revenue	251,651	190,457
Cost of goods sold	127,111	94,360
Gross profit	124,540	96,097
Advertising, promotional and selling expenses	71,723	67,521
General and administrative expenses	23,374	19,338
Total operating expenses	95,097	86,859
Operating income	29,443	9,238
Interest income, net	637	205
Other expense, net	(252)	(285)
Total other income (expense), net	385	(80)
Income before income tax provision (benefit)	29,828	9,158
Income tax provision (benefit)	6,134	(152)
Net income	$ 23,694	$ 9,310
Net income per common share — basic	$ 2.04	$ 0.79
Net income per common share — diluted	$ 2.02	$ 0.78
Weighted-average number of common shares — basic	11,635	11,805
Weighted-average number of common shares - diluted	11,636	11,831
Net income	$ 23,694	$ 9,310
Other comprehensive income:
Foreign currency translation adjustment	37	11
Comprehensive income	$ 23,731	$ 9,321
Common Class A
Net income per common share — basic	$ 2.04	$ 0.79
Weighted-average number of common shares — basic	8,606	8,714
Common Class B
Net income per common share — basic	$ 2.04	$ 0.79
Weighted-average number of common shares — basic	2,918	3,018

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock Common Class A	Common Stock Common Class B	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income, net of tax	Retained Earnings
Balance at Dec. 30, 2017	$ 423,523	$ 86	$ 30	$ 372,590	$ (1,288)	$ 52,105
Balance (in shares) at Dec. 30, 2017		8,603,000	3,018,000
Net income	9,310					9,310
Stock options exercised and restricted shares activities (in shares)		188,000
Stock options exercised and restricted shares activities	20,234	$ 2		20,232
Stock-based compensation expense	1,491			1,491
Repurchase of Class A Common Stock (in shares)		(91,000)
Repurchase of Class A Common Stock	(16,639)	$ (1)				(16,638)
Currency translation adjustment	11				(11)
One time effect of adoption of ASU 2014-09, Revenue from Contracts with Customers, net of tax of $329	(982)					(982)
One time effect of adoption of ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income					(210)	210
Balance at Mar. 31, 2018	436,926	$ 87	$ 30	394,313	(1,509)	44,005
Balance (in shares) at Mar. 31, 2018		8,700,000	3,018,000
Balance at Dec. 29, 2018	460,317	$ 86	$ 29	405,711	(1,197)	55,688
Balance (in shares) at Dec. 29, 2018		8,580,000	2,918,000
Net income	$ 23,694					23,694
Stock options exercised and restricted shares activities (in shares)	33,983	54,000
Stock options exercised and restricted shares activities	$ 3,704			3,704
Stock-based compensation expense	2,066			2,066
Currency translation adjustment	37				37
Balance at Mar. 30, 2019	$ 489,818	$ 86	$ 29	$ 411,481	$ (1,160)	$ 79,382
Balance (in shares) at Mar. 30, 2019		8,634,000	2,918,000

Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2018 USD ($)
One time effect of adoption of ASU 2014-09, Revenue from Contracts with Customers, tax	$ 329

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2018
Cash flows provided by (used in) operating activities:
Net income	$ 23,694	$ 9,310
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,863	12,820
Loss on disposal of property, plant and equipment	271	143
Lease expense	859
Bad debt expense		47
Stock-based compensation expense	2,066	1,491
Deferred income taxes	1,029	178
Changes in operating assets and liabilities:
Accounts receivable	(20,452)	(16,615)
Inventories	(15,353)	(8,166)
Prepaid expenses, income tax receivable and other assets	1,336	(4,689)
Accounts payable	14,400	2,299
Accrued expenses and other current liabilities	(6,465)	(6,575)
Net lease liabilities	(624)
Other liabilities	19	(658)
Net cash provided by (used in) operating activities	13,643	(10,415)
Cash flows used in investing activities:
Purchases of property, plant and equipment	(22,080)	(11,477)
Proceeds from disposal of property, plant and equipment	1	2
Change in restricted cash	28	111
Net cash used in investing activities	(22,051)	(11,364)
Cash flows provided by financing activities:
Repurchase of Class A Common Stock		(16,640)
Proceeds from exercise of stock options	2,768	19,304
Cash paid on note payable	(72)	(63)
Net proceeds from sale of investment shares	200	186
Net cash provided by financing activities	2,896	2,787
Change in cash and cash equivalents	(5,512)	(18,992)
Cash and cash equivalents at beginning of year	108,399	65,637
Cash and cash equivalents at end of period	102,887	46,645
Supplemental disclosure of cash flow information:
Income taxes paid	207	459
Cash paid for amounts included in measurement of lease liabilities	901
Right-of-use assets obtained in exchange for lease obligations	27,037
Decrease in accounts receivable for ASU 2014-09 adoption		(1,310)
Increase in accounts payable for purchase of property, plant and equipment	$ 118	$ 2,741

Organization and Basis of Presentation

3 Months Ended

Mar. 30, 2019

Organization and Basis of Presentation

The Boston Beer Company, Inc. and certain subsidiaries (the “Company”) are engaged in the business of producing and selling alcohol beverages throughout the United States and in selected international markets, under the trade names, “The Boston Beer Company

”, “Twisted Tea Brewing Company

”, “Angry Orchard

Cider Company”, “Hard Seltzer Beverage Company”, “Angel City

Brewing Company”, “Concrete Beach Brewery

”, “Coney Island

Brewing Company”, “Marathon Brewing Company

™

”, and “American Fermentation Company”.

The accompanying unaudited consolidated balance sheet as of March 30, 2019, and the consolidated statements of comprehensive income, stockholders’ equity, and cash flows for the interim periods ended March 30, 2019 and March 31, 2018 have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnotes normally included in financial statements prepared in accordance with U.S generally accepted accounting principles have been condensed or omitted. These consolidated financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 29, 2018.

In the opinion of the Company’s management, the Company’s unaudited consolidated balance sheet as of March 30, 2019 and the results of its consolidated operations, stockholders’ equity, and cash flows for the interim periods ended March 30, 2019 and March 31, 2018, reflect all adjustments (consisting only of normal and recurring adjustments) necessary to present fairly the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full year.

Recent Accounting Pronouncements

3 Months Ended

Mar. 30, 2019

Recent Accounting Pronouncements

Accounting Pronouncements Recently Adopted

In May 2014, the FASB issued ASU No. 2014-09,

Revenue from Contracts with Customers (Topic 606)

. ASU 2014-09 supersedes virtually all existing revenue guidance. Under this standard, an entity is required to recognize revenue upon transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. As such, an entity needs to use more judgment and make more estimates than under the previous guidance. On December 31, 2017, the Company adopted the new accounting standard and all related amendments using the modified retrospective method which allows application only to the most current reporting period presented in the financial statements with a cumulative effect adjustment to retained earnings. In accordance with the new accounting standard, the majority of the Company’s revenue continues to be recognized at the time its products are shipped. Upon adoption, the Company began recognition of certain variable customer promotional discount programs earlier than it had under the previous revenue guidance which resulted in a $1.0 million, net of tax, cumulative effect adjustment to retained

earnings in the first quarter of 2018. The Company considers the impact of the adoption to be immaterial to its consolidated financial statements on an ongoing basis.

In February 2016, the FASB issued ASU No. 2016-02,

Leases (Topic 842)

. The guidance requires lessees to recognize right-of-use (“ROU”) assets and lease liabilities on the balance sheet for the rights and obligations created by all leases with terms of more than 12 months. Under ASU 2016-02, lessees are permitted to use a modified retrospective approach, which requires an entity to recognize and measure leases existing at, or entered into after, the beginning of the earliest comparative period presented for the year beginning December 30, 2018, with early adoption permitted. In July 2018, the FASB issued ASU No. 2018-11,

Leases (Topic

842)

, permitting the use of an alternative modified retrospective approach that would result in an entity recognizing a lease liability and ROU asset as of the effective date of the requirements, with all comparative periods presented and disclosed, in accordance with

ASC

840

, Leases

requirements, changing the date of initial application to the beginning of the period of adoption. On December 30, 2018, the Company adopted the new accounting standard using the alternative modified retrospective approach, applying ASC 840 to all comparative periods, including disclosures. Upon adoption, the Company recognized ROU assets of $27.0 million and lease liabilities of $31.5 million.

The Company considers the impact of the adoption to be immaterial to its consolidated financial statements on an ongoing basis.

Revenue Recognition

3 Months Ended

Mar. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenue Recognition

During the thirteen weeks ended March 30, 2019 approximately 96% of the Company’s revenue was from shipments of its products to domestic Distributors and 3% from shipments to international Distributors, primarily located in Canada. Approximately 1% of the Company’s revenue is from retail beer, cider and merchandise sales at the Company’s retail locations.

The Company recognizes revenue when obligations under the terms of a contract with its customer are satisfied; generally, this occurs with the transfer of control of its products. Revenue is measured as the amount of consideration expected to be received in exchange for transferring products. If the conditions for revenue recognition are not met, the Company defers the revenue until all conditions are met. As of March 30, 2019 and March 31, 2018, the Company has deferred $11.2 million and $8.1 million, respectively in revenue related to product shipped prior to these dates. These amounts are included in accrued expenses and other current liabilities in the accompanying consolidated balance sheets.

Customer promotional discount programs are entered into by the Company with Distributors for certain periods of time. The reimbursements for discounts to Distributors are recorded as reductions to net revenue and were $6.2 million and $5.6 million for the thirteen weeks ended March 30, 2019 and March 31, 2018, respectively. The agreed-upon discount rates are applied to certain Distributors’ sales to retailers, based on volume metrics, in order to determine the total discounted amount. The computation of the discount allowance requires that management make certain estimates and assumptions that affect the timing and amounts of revenue and liabilities recorded. Actual promotional discounts owed and paid have historically been in line with allowances recorded by the Company, however, the amounts could differ from the estimated allowance.

Customer programs and incentives are a common practice in the alcohol beverage industry. Amounts paid in connection with customer programs and incentives are recorded as reductions to net revenue or as advertising, promotional and selling expenses

based on the nature of the expenditure. Customer incentives and other payments made to Distributors are primarily based upon performance of certain marketing and advertising activities. Depending on applicable state laws and regulations, these activities promoting the Company’s products may include, but are not limited to point-of-sale and merchandise placement, samples, product displays, promotional programs at retail locations and meals, travel and entertainment. Amounts paid to customers in connection with these programs that were recorded as reductions to revenue for the thirteen weeks ended March 30, 2019 and March 31, 2018 were $3.1 million and $2.0 million, respectively. Estimates are based on historical and projected experience for each type of program or customer and have historically been in line with actual costs incurred.

The Company benefited from a reduction in federal excise taxes of $1.7 million and $1.1 million for the thirteen weeks ended March 30, 2019 and March 31, 2018, respectively, as a result of the Tax Cuts and Jobs Act of 2017.

Shipments for the quarter increased at a significantly higher rate than depletions and resulted in significantly higher distributor inventory as of March 30, 2019 when compared to March 31, 2018. The Company believes distributor inventory as of March 30, 2019 averaged approximately 6 weeks on hand and was at an appropriate level based on inventory requirements to support forecasted growth of Truly and Twisted Tea brands over the summer. The Company expects wholesaler inventory levels in terms of weeks on hand to return to more normal levels of approximately 3 to 4 weeks on hand later in the year.

Inventories

3 Months Ended

Mar. 30, 2019

Inventories

Inventories consist of raw materials, work in process and finished goods. Raw materials, which principally consist of hops, apple juice, other brewing materials and packaging, are stated at the lower of cost, determined on the first-in, first-out basis, or net realizable value. The Company’s goal is to maintain on hand a supply of at least one year for essential hop varieties, in order to limit the risk of an unexpected reduction in supply. Inventories are generally classified as current assets. The Company classifies hops inventory in excess of two years of forecasted usage in other long-term assets. The cost elements of work in process and finished goods inventory consist of raw materials, direct labor and manufacturing overhead. Inventories consist of the following:

	March 30, 2019		December 29, 2018
	(in thousands)
Current inventory:
Raw materials	$	51,207	$	44,655
Work in process		9,198		8,252
Finished goods		25,456		17,342
Total current inventory		85,861		70,249
Long term inventory		11,360		11,619
Total inventory	$	97,221	$	81,868

Leases

3 Months Ended

Mar. 30, 2019

Leases [Abstract]

Leases

The Company has various lease agreements in place for facilities and equipment. Terms of these leases include, in some instances, scheduled rent increases, renewals, purchase options and maintenance costs, and vary by lease. These lease obligations expire at various dates through 2028. As the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate based on information available at commencement to determine the present value of the lease payments. Based on the present value of the lease payments for the remaining lease term of the Company’s existing leases, the Company recognized ROU assets of $27.0 million and lease liabilities of $31.5 million upon adoption on December 30, 2018. ROU assets and lease liabilities commencing after December 30, 2018 are recognized at commencement date based on the present value of lease payments over the lease term. As of March 30, 2019, total ROU assets and lease liabilities were approximately $26.2 million and $30.9 million, respectively. Leases with an initial term of 12 months or less (“short-term leases”) are not recorded on the balance sheet and are recognized on a straight-line basis over the lease term. Aggregate lease expense for the thirteen weeks ended March 30, 2019 was $1.5 million, consisting of $1.1 million in lease expense for lease liabilities recorded on the Company’s balance sheet and $0.4 million in short-term lease expense.

Maturities of lease liabilities as of March 30, 2019 are as follows:

	Operating Leases			Weighted-Average Remaining Term in Years
	(in thousands)
2019	$	3,482
2020		4,946
2021		4,809
2022		4,513
2023		4,395
After 2023		13,179
Total lease payments		35,324
Less imputed interest (based on 3.4% weighted-average discount rate)		(4,436	)
Present value of lease liability	$	30,888			7.5

The Company has additional lease liabilities of $

2.8

million which have not yet commenced as of March

2019

, and as such, have not been recognized on the Company’s Consolidated balance sheet. These leases are expected to commence during the second quarter of

2019

with a term of five years.

Net Income per Share

3 Months Ended

Mar. 30, 2019

Net Income per Share

The Company calculates net income per share using the two-class method, which requires the Company to allocate net income to its Class A Common Shares, Class B Common Shares and unvested share-based payment awards that participate in dividends with common stock, in the calculation of net income per share.

The Class A Common Stock has no voting rights, except (1) as required by law, (2) for the election of Class A Directors, and (3) that the approval of the holders of the Class A Common Stock is required for (a) certain future authorizations or issuances of additional securities which have rights senior to Class A Common Stock, (b) certain alterations of rights or terms of the Class A or Class B Common Stock as set forth in the Articles of Organization of the Company, (c) other amendments of the Articles of Organization of the Company, (d) certain mergers or consolidations with, or acquisitions of, other entities, and (e) sales or dispositions of any significant portion of the Company’s assets.

The Class B Common Stock has full voting rights, including the right to (1) elect a majority of the members of the Company’s Board of Directors and (2) approve all (a) amendments to the Company’s Articles of Organization, (b) mergers or consolidations with, or acquisitions of, other entities, (c) sales or dispositions of any significant portion of the Company’s assets, and (d) equity-based and other executive compensation and other significant corporate matters. The Company’s Class B Common Stock is not listed for trading. Each share of the Class B Common Stock is freely convertible into one share of Class A Common Stock, upon request of the respective Class B holder, and participates equally in dividends.

The Company’s unvested share-based payment awards include unvested shares (1) issued under the Company’s investment share program, which permits employees who have been with the Company for at least one year to purchase shares of Class A Common Stock and to purchase those shares at a discount ranging from 20% to 40% below market value based on years of employment starting after two years of employment, and (2) awarded as restricted stock awards at the discretion of the Company’s Board of Directors. The investment shares and restricted stock awards generally vest over five years in equal number of shares. The unvested shares participate equally in dividends. See Note L for a discussion of the current year unvested stock awards and issuances.

Included in the computation of net income per diluted common share are dilutive outstanding stock options and restricted stock that are vested or expected to vest. At its discretion, the Board of Directors grants stock options and restricted stock units to senior management and certain key employees. The terms of the employee stock options are determined by the Board of Directors at the time of grant. To date, stock options granted to employees vest over various service periods and/or based on the attainment of certain performance criteria and generally expire after ten years. The restricted stock generally vest over four years in equal number of shares. The unvested shares participate equally in dividends and are forfeitable. The Company also grants stock options to its non-employee directors upon election or re-election to the Board of Directors. The number of option shares granted to non-employee directors is calculated based on a defined formula and these stock options vest immediately upon grant and expire after ten years.

Net Income per Common Share—Basic

The following table sets forth the computation of basic net income per share using the two-class method:

	Thirteen weeks ended
	March 30,		March 31,
	2019		2018
	(in thousands, except per share data)
Net income	$	23,694	$	9,310
Allocation of net income for basic:
Class A Common Stock	$	17,525	$	6,872
Class B Common Stock		5,942		2,380
Unvested participating shares		227		58
	$	23,694	$	9,310
Weighted average number of shares for basic:
Class A Common Stock		8,606		8,714
Class B Common Stock*		2,918		3,018
Unvested participating shares		111		73
		11,635		11,805
Net income per share for basic:
Class A Common Stock	$	2.04	$	0.79
Class B Common Stock	$	2.04	$	0.79

*	Change in Class B Common Stock resulted from the conversion of 100,000 shares to Class A Common Stock on November 1, 2018 with the ending number of shares reflecting the weighted average for the period.

Net Income per Common Share—Diluted

The Company calculates diluted net income per share for common stock using the more dilutive of (1) the treasury stock method, or (2) the two-class method, which assumes the participating securities are not exercised.

The following table sets forth the computation of diluted net income per share, assuming the conversion of all Class B Common Stock into Class A Common Stock and using the two-class method for unvested participating shares:

	Thirteen weeks ended
	March 30, 2019						March 30, 2018
	Earnings to Common Shareholders		Common Shares		EPS		Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported—basic	$	17,525		8,606	$	2.04	$	6,872		8,714	$	0.79
Add: effect of dilutive potential common shares
Share-based awards		—		112				—		99
Class B Common Stock		5,942		2,918				2,380		3,018
Net effect of unvested participating shares		2		—				1		—
Net income per common share—diluted	$	23,469		11,636	$	2.02	$	9,253		11,831	$	0.78

Weighted-average stock options to purchase approximately 15,000 and 764,000 shares of Class A Common Stock were outstanding during the thirteen weeks ended March 30, 2019 and March 31, 2018, respectively, but not included in computing dilutive income per common share because their effects were anti-dilutive. Additionally, performance-based stock options to purchase approximately 10,000 and 53,000 shares of Class A Common Stock were outstanding as of March 30, 2019 and March 31, 2018, respectively, but not included in computing diluted income per common share because the performance criteria of these stock options was not met as of the end of the reporting period.

The performance-based stock options to purchase approximately 10,000 shares of Class A Common Stock that were excluded from computing diluted net income per common share as of March 30, 2019, were granted in 2016 to a key employee. The vesting of these shares requires annual depletions, or sales by Distributors to retailers, of certain of the Company’s brands to attain various thresholds during the period from 2017 to 2023.

Comprehensive Income or Loss

3 Months Ended

Mar. 30, 2019

Stockholders' Equity Note [Abstract]

Comprehensive Income

Comprehensive Income or Loss

Comprehensive income or loss represents net income or loss, plus defined benefit plans liability adjustment, net of tax effect and foreign currency translation adjustment.

The defined benefit plan’s liability

and foreign currency translation adjustments for the interim periods ended March 30, 2019 and March 31, 2018 were not material.

Commitments and Contingencies

3 Months Ended

Mar. 30, 2019

Commitments and Contingencies

Contract Obligations

The Company had outstanding total non-cancelable contract obligations of $184.9 million at March 30, 2019. These obligations are made up of hops, barley and wheat totaling $54.6 million, advertising contracts of $50.5 million, equipment and machinery of $40.4 million, other ingredients of $23.1 million, and other commitments of $16.3 million.

Currently, the Company has entered into contracts for barley and wheat with two major suppliers. The contracts include crop year 2018 and 2019 and cover the Company’s barley, wheat, and malt requirements for 2019. These purchase commitments outstanding at March 30, 2019 totaled $12.3 million.

The Company has entered into contracts for the supply of a portion of its hops requirements. These purchase contracts extend through crop year 2025 and specify both the quantities and prices, denominated in U.S. Dollars, Euros, New Zealand Dollars, and British Pounds, to which the Company is committed. Hops purchase commitments outstanding at March 30, 2019 totaled $42.3 million, based on the exchange rates on that date. The Company does not use forward currency exchange contracts and intends to purchase future hops using the exchange rate at the time of purchase.

Currently, the Company brews and packages more than 75% of its volume at Company-owned breweries. In the normal course of its business, the Company has historically entered into various production arrangements with other brewing companies.

Pursuant to these arrangements, the Company supplies raw materials to those brewing companies, and incurs conversion fees for labor at the time the liquid is produced and packaged.

On October 11, 2018, the Company amended an existing brewing services agreement to include a minimum capacity availability commitment by the third-party brewery. The amendment grants the Company the right to extend the agreement beyond the December 31, 2021 termination date on an annual basis through December 31, 2025. The amendment requires the Company to pay up to $4 million in both 2018 and 2019 for capital improvements at the third party’s brewing facilities. At March 30, 2019, $3.5 million of the 2018 payment was included in prepaid expenses and other current assets, and the $4 million 2019 payment was included in the Company’s contractual obligations.

Litigation

The Company is not a party to any pending or threatened litigation, the outcome of which would be expected to have a material adverse effect upon its financial condition or the results of its operations. In general, while the Company believes it conducts its business appropriately in accordance with laws, regulations and industry guidelines, claims, whether or not meritorious, could be asserted against the Company that might adversely impact the Company’s results.

Income Taxes

3 Months Ended

Mar. 30, 2019

Income Taxes

As of March 30, 2019 and December 29, 2018, the Company had approximately $0.9 million and $0.9 million, respectively, of unrecognized income tax benefits.

The Company’s practice is to classify interest and penalties related to income tax matters in income tax expense. As of March 30, 2019 and December 29, 2018, the Company had $0.1 million and $0.1 million, respectively, accrued for interest and penalties.

The Internal Revenue Service completed an examination of the 2015 consolidated corporate income tax return and issued a no change report in 2018. The Company’s state income tax returns remain subject to examination for three or four years depending on the state’s statute of limitations. The Company is being audited by one state as of March 30, 2019. In addition, the Company is generally obligated to report changes in taxable income arising from federal income tax audits.

The following table provides a summary of the income tax provision for the thirteen weeks ended March 30, 2019 and March 31, 2018:


	Thirteen weeks ended
	March 30,			March 31,
	2019			2018
	(in thousands)
Summary of income tax provision (benefit)
Tax provision based on net income	$	7,909		$	2,571
Benefit of ASU 2016-09		(1,775	)		(2,723	)
Total income tax provision (benefit)	$	6,134		$	(152	)

The Company’s effective tax rate for the thirteen weeks ended March 30, 2019, excluding the impact of ASU 2016-09, decreased to 26.5% from 28.0% for the thirteen weeks ended March 31, 2018

, primarily due to a decrease in non-deductible officer compensation under IRC Section 162(m).

Revolving Line of Credit

3 Months Ended

Mar. 30, 2019

Revolving Line of Credit

In March 2018, the Company amended its credit facility in place that provides for a $150.0 million revolving line of credit to extend the scheduled expiration date to March 31, 2023. As of March 30, 2019, the Company was not in violation of any of its financial covenants to the lender under the credit facility and there were no borrowings outstanding, so that the line of credit was fully available to the Company for borrowing.

Fair Value Measures

3 Months Ended

Mar. 30, 2019

Fair Value Measures

The Company defines fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements).

•

Level 1 — Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

•

Level 2 — Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability.

•

Level 3 — Level 3 inputs are unobservable inputs for the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date.

The Company’s money market funds are measured at fair value on a recurring basis (at least annually) and are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The money market funds are invested substantially in United States Treasury and government securities. The Company does not adjust the quoted market price for such financial instruments. Cash, receivables and payables are carried at their cost, which approximates fair value, because of their short-term nature.

At March 30, 2019 and December 29, 2018, the Company had money market funds with a “Triple A” rated money market fund. The Company considers the “Triple A” rated money market fund to be a large, highly-rated investment-grade institution. As of March 30, 2019 and December 29, 2018, the Company’s cash and cash equivalents balance was $102.9 million and $108.4 million, respectively, including money market funds amounting to $102.0 million and $107.5 million, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Common Stock and Share-Based Compensation

3 Months Ended

Mar. 30, 2019

Common Stock and Share-Based Compensation

Common Stock and Stock-Based Compensation

Option Activity

Information related to stock options under the Restated Employee Equity Incentive Plan and the Stock Option Plan for Non-Employee Directors is summarized as follows:

	Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term in Years		Aggregate Intrinsic Value (in thousands)
Outstanding at December 29, 2018		366,829		$	155.75
Granted		15,524			312.74
Forfeited		—			—
Expired		—			—
Exercised		(33,983	)		85.78
Outstanding at March 30, 2019		348,370		$	169.58		5.63	$	43,879
Exercisable at March 30, 2019		135,926		$	127.73		3.43	$	22,717
Vested and expected to vest at March 30, 2019		316,274		$	166.69		5.49	$	40,747

Of the total options outstanding at March 30, 2019, 65,306 shares were performance-based options for which the performance criteria had yet to be achieved.

On March 1, 2019, the Company granted options to purchase an aggregate of 14,680 shares of the Company’s Class A Common Stock to senior management with a weighted average fair value of $136.00 per share, of which all shares relate to performance-based stock options.

On March 14, 2019, the Company granted options to purchase an aggregate of 844 shares of the Company’s Class A Common Stock to the Company’s newly appointed non-employee Director. These options have a weighted average fair value of $136.10 per share, of which all shares vested immediately.

Non-Vested Shares Activity

The following table summarizes vesting activities of shares issued under the investment share program and restricted stock:

	Number of Shares			Weighted Average Fair Value
Non-vested at December 29, 2018		126,720		$	192.74
Granted		24,579		$	258.92
Vested		(20,230	)	$	163.83
Forfeited		(611	)	$	134.61
Non-vested at March 30, 2019		130,458		$	209.96

On January 1, 2019, the Company granted a key employee 207 shares of restricted stock units with a weighted average fair value of $240.84 and vests ratable over the service period of four years.

On March 1, 2019, the Company granted 16,471 shares of restricted stock units to certain officers, senior managers and key employees, of which all shares vest ratably over service periods of four years. On March 1, 2019, employees elected to purchase 7,901 shares under the Company’s investment share program. The weighted average fair value of the restricted stock units and investment shares, which are sold to employees at discount under its investment share program, was $312.56 and $147.98 per share, respectively.

Stock-Based Compensation

Stock-based compensation expense related to share-based awards recognized in the thirteen weeks ended March 30, 2019 and March 31, 2018 was $2.1 million and $1.5 million, respectively, and was calculated based on awards expected to vest.

Subsequent Events

3 Months Ended

Mar. 30, 2019

Subsequent Events

The Company evaluated subsequent events occurring after the balance sheet date, March 30, 2019, and concluded that there were no events of which management was aware that occurred after the balance sheet date that would require any adjustment to or disclosure in the accompanying consolidated financial statements.

Inventories (Tables)

3 Months Ended

Mar. 30, 2019

Components of Inventories

Inventories consist of the following:

	March 30, 2019		December 29, 2018
	(in thousands)
Current inventory:
Raw materials	$	51,207	$	44,655
Work in process		9,198		8,252
Finished goods		25,456		17,342
Total current inventory		85,861		70,249
Long term inventory		11,360		11,619
Total inventory	$	97,221	$	81,868

Leases (Tables)

3 Months Ended

Mar. 30, 2019

Leases [Abstract]

Schedule Of Maturities Of Leases Liabilities [Table Text Block]

Maturities of lease liabilities as of March 30, 2019 are as follows:

	Operating Leases			Weighted-Average Remaining Term in Years
	(in thousands)
2019	$	3,482
2020		4,946
2021		4,809
2022		4,513
2023		4,395
After 2023		13,179
Total lease payments		35,324
Less imputed interest (based on 3.4% weighted-average discount rate)		(4,436	)
Present value of lease liability	$	30,888			7.5

Net Income per Share (Tables)

3 Months Ended

Mar. 30, 2019

Computation of Earnings Per Share, Basic

The following table sets forth the computation of basic net income per share using the two-class method:

	Thirteen weeks ended
	March 30,		March 31,
	2019		2018
	(in thousands, except per share data)
Net income	$	23,694	$	9,310
Allocation of net income for basic:
Class A Common Stock	$	17,525	$	6,872
Class B Common Stock		5,942		2,380
Unvested participating shares		227		58
	$	23,694	$	9,310
Weighted average number of shares for basic:
Class A Common Stock		8,606		8,714
Class B Common Stock*		2,918		3,018
Unvested participating shares		111		73
		11,635		11,805
Net income per share for basic:
Class A Common Stock	$	2.04	$	0.79
Class B Common Stock	$	2.04	$	0.79

*	Change in Class B Common Stock resulted from the conversion of 100,000 shares to Class A Common Stock on November 1, 2018 with the ending number of shares reflecting the weighted average for the period.

Net Income per Common Share—Diluted

Computation of Earnings Per Share, Diluted

	Thirteen weeks ended
	March 30, 2019						March 30, 2018
	Earnings to Common Shareholders		Common Shares		EPS		Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported—basic	$	17,525		8,606	$	2.04	$	6,872		8,714	$	0.79
Add: effect of dilutive potential common shares
Share-based awards		—		112				—		99
Class B Common Stock		5,942		2,918				2,380		3,018
Net effect of unvested participating shares		2		—				1		—
Net income per common share—diluted	$	23,469		11,636	$	2.02	$	9,253		11,831	$	0.78

Income Taxes (Tables)

3 Months Ended

Mar. 30, 2019

Significant Components of Provisions for Income Taxes

The following table provides a summary of the income tax provision for the thirteen weeks ended March 30, 2019 and March 31, 2018:


	Thirteen weeks ended
	March 30,			March 31,
	2019			2018
	(in thousands)
Summary of income tax provision (benefit)
Tax provision based on net income	$	7,909		$	2,571
Benefit of ASU 2016-09		(1,775	)		(2,723	)
Total income tax provision (benefit)	$	6,134		$	(152	)

Common Stock and Share-Based Compensation (Tables)

3 Months Ended

Mar. 30, 2019

Summary of Stock Options under Equity Plan and Non-Employee Director Plan

Information related to stock options under the Restated Employee Equity Incentive Plan and the Stock Option Plan for Non-Employee Directors is summarized as follows:

	Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term in Years		Aggregate Intrinsic Value (in thousands)
Outstanding at December 29, 2018		366,829		$	155.75
Granted		15,524			312.74
Forfeited		—			—
Expired		—			—
Exercised		(33,983	)		85.78
Outstanding at March 30, 2019		348,370		$	169.58		5.63	$	43,879
Exercisable at March 30, 2019		135,926		$	127.73		3.43	$	22,717
Vested and expected to vest at March 30, 2019		316,274		$	166.69		5.49	$	40,747

Summary of Vesting Activities of Shares Issued Under Investment Share Program and Restricted Stock Awards

The following table summarizes vesting activities of shares issued under the investment share program and restricted stock:

	Number of Shares			Weighted Average Fair Value
Non-vested at December 29, 2018		126,720		$	192.74
Granted		24,579		$	258.92
Vested		(20,230	)	$	163.83
Forfeited		(611	)	$	134.61
Non-vested at March 30, 2019		130,458		$	209.96

Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2019	Dec. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect on Retained Earnings, Net of Tax related to variable customer promotional discount programs	$ 1,000
Operating Lease, Right-of-Use Asset	26,200	$ 27,000
Operating Lease, Liability	$ 30,888	31,500
Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Right-of-Use Asset		27,000
Operating Lease, Liability		$ 31,500

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2018
Sales to domestic distributors as a percentage of total sales	96.00%
Sales to foreign distributors as a percentage of total sales	3.00%
Sales to retail locations as a percentage of total sales	1.00%
Deferred Revenue, Current	$ 11.2	$ 8.1
Reduction in federal excise taxes	1.7	1.1
Distributors [Member]
Amounts paid to distributors	6.2	5.6
Marketing and Advertising Expense	$ 3.1	$ 2.0

Components of Inventories (Detail) - USD ($) $ in Thousands	Mar. 30, 2019	Dec. 29, 2018
Current inventory:
Raw materials	$ 51,207	$ 44,655
Work in process	9,198	8,252
Finished goods	25,456	17,342
Total current inventory	85,861	70,249
Long term inventory	11,360	11,619
Total inventory	$ 97,221	$ 81,868

Leases (Maturities of lease liabilities) (Detail) - USD ($) $ in Thousands	Mar. 30, 2019	Dec. 30, 2018
Operating Leases
2019	$ 3,482
2020	4,946
2021	4,809
2022	4,513
2023	4,395
After 2023	13,179
Total lease payments	35,324
Less imputed interest	(4,436)
Present Value of Lease liability	$ 30,888	$ 31,500
Lease Weighted Average Remaining Lease Term	7 years 6 months
Operating lease weighted average discount rate	3.40%

Leases - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2019	Dec. 30, 2018
Lease expense	$ 1,100
Operating Lease, Liability	30,888	$ 31,500
Lease, cost	859
Short-term lease expense	400
Operating lease right of use asset	$ 26,200	$ 27,000
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract	5 years
Lessee Operating Lease Lease Not Yet Commenced Additional Lease Liability	$ 2,800

Computation of Earnings Per Share, Basic (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2018
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 23,694	$ 9,310
Allocation of net income for basic:
Allocation of net income for basic common stock	23,694	9,310
Allocation of net income for basic unvested participating shares	$ 227	$ 58
Weighted average number of shares for basic:
Weighted-average number of common shares — basic	11,635	11,805
Net income per share for basic:
Net income per common share — basic	$ 2.04	$ 0.79
Common Class A
Allocation of net income for basic:
Allocation of net income for basic common stock	$ 17,525	$ 6,872
Weighted average number of shares for basic:
Weighted-average number of common shares — basic	8,606	8,714
Net income per share for basic:
Net income per common share — basic	$ 2.04	$ 0.79
Common Class B
Allocation of net income for basic:
Allocation of net income for basic common stock	$ 5,942	$ 6,872
Weighted average number of shares for basic:
Weighted-average number of common shares — basic	2,918	3,018
Net income per share for basic:
Net income per common share — basic	$ 2.04	$ 0.79
Unvested participating shares
Weighted average number of shares for basic:
Weighted-average number of common shares — basic	111	73

Computation of Earnings Per Share, Basic (Parenthetical) (Detail)	Nov. 01, 2018 shares
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Conversion of Class B Common Stock into Class A Common Stock	100,000

Computation of Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2018
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Allocation of net income for basic common stock	$ 23,694	$ 9,310
Add: effect of dilutive potential common shares Share-based awards	112	99
Earnings to Common Shareholders, Net effect of unvested participating shares	$ 2	$ 1
Earnings to Common Shareholders, Net income per common share — diluted	$ 23,469	$ 9,253
Weighted-average number of common shares — basic	11,635	11,805
Weighted-average number of common shares — diluted	11,636	11,831
Net income per common share — basic	$ 2.04	$ 0.79
Net income per common share — diluted	$ 2.02	$ 0.78
Common Class A
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Allocation of net income for basic common stock	$ 17,525	$ 6,872
Weighted-average number of common shares — basic	8,606	8,714
Net income per common share — basic	$ 2.04	$ 0.79
Common Class B
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Allocation of net income for basic common stock	$ 5,942	$ 6,872
Class B Common Stock	2,918	3,018
Earnings to Common Shareholders, Class B Common Stock	$ 5,942	$ 2,380
Weighted-average number of common shares — basic	2,918	3,018
Net income per common share — basic	$ 2.04	$ 0.79

Net Income per Share - Additional Information (Detail)			3 Months Ended		12 Months Ended
Net Income per Share - Additional Information (Detail)	Mar. 01, 2019	Jan. 01, 2019	Mar. 30, 2019 employee shares	Mar. 31, 2018 shares	Dec. 31, 2016 employee shares
Investment Share Program
Earnings Per Share Note [Line Items]
Vesting period			5 years
Investment Share Program \| Maximum
Earnings Per Share Note [Line Items]
Discount from current market value			40.00%
Investment Share Program \| Minimum
Earnings Per Share Note [Line Items]
Requirement tenure of employee for investment share program			1 year
Discount from current market value			20.00%
Restricted Stock Awards
Earnings Per Share Note [Line Items]
Vesting period	4 years	4 years
Common Class A
Earnings Per Share Note [Line Items]
Antidilutive securities excluded from computation of earnings per share			15,000	764,000
Common Class A \| Performance-Based Awards
Earnings Per Share Note [Line Items]
Number of shares not included because the performance criteria was not expected to be met			10,000	53,000
Common Class A \| Performance-Based Awards \| Key employee
Earnings Per Share Note [Line Items]
Number Of Employees \| employee			1		1
Options granted in period					10,000

Commitments and Contingencies - Additional Information (Detail) $ in Millions	1 Months Ended	3 Months Ended
	Oct. 11, 2018 USD ($)	Mar. 30, 2019 USD ($) vendor
Commitments and Contingencies Disclosure [Line Items]
Amendment date description	The amendment grants the Company the right to extend the agreement beyond the December 31, 2021 termination date on an annual basis through December 31, 2025.
Contractual obligations		$ 184.9
Prepaid Expense, Current		3.5
Machinery and Equipment [Member]
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations		40.4
Third Party Brewery
Commitments and Contingencies Disclosure [Line Items]
Capital improvement for 2018	$ 4.0
Capital improvement for 2019	$ 4.0
Contractual obligations		$ 4.0
Minimum
Commitments and Contingencies Disclosure [Line Items]
Company's current brewing and packaging percentage		75.00%
Barley and Wheat
Commitments and Contingencies Disclosure [Line Items]
Number of suppliers \| vendor		2
Purchase commitments outstanding		$ 12.3
Hops
Commitments and Contingencies Disclosure [Line Items]
Purchase commitments		42.3
Hops \| Barley and Wheat
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations		54.6
Advertising contract [Member]
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations		50.5
Other Ingredients [Member]
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations		23.1
Other Commitments
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations		$ 16.3

Summary of Income Tax Benefit (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2018
Summary of income tax provision (benefit)
Tax provision based on net income	$ 7,909	$ 2,571
Benefit of ASU 2016-09	(1,775)	(2,723)
Total income tax provision (benefit)	$ 6,134	$ (152)

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Dec. 29, 2018
Income Taxes [Line Items]
Accrued interest and penalties	$ 0.1		$ 0.1
unrecognized income tax benefits	$ 0.9		$ 0.9
Effective Income Tax Rate Reconciliation, Percent, Total	26.50%	28.00%
State and Local Jurisdiction \| Minimum
Income Taxes [Line Items]
Income tax return examination period	3 years
State and Local Jurisdiction \| Maximum
Income Taxes [Line Items]
Income tax return examination period	4 years

Revolving Line of Credit - Additional Information (Detail) $ in Millions	1 Months Ended
	Mar. 31, 2018 USD ($)
Debt Instrument [Line Items]
Line of credit, expiration date	Mar. 31, 2023
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, current borrowing capacity	$ 150.0

Fair Value Measures - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 30, 2019	Dec. 29, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 102,887	$ 108,399
Money market fund	$ 102,000	$ 107,500

Summary of Stock Options under Employee Equity Incentive Plan and Stock Option Plan for Non-Employee Directors (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 30, 2019	Dec. 30, 2018
Shares
Outstanding at beginning of period	366,829
Granted	15,524
Forfeited	0
Expired	0
Exercised	(33,983)
Outstanding at end of period	348,370
Exercisable at end of period		135,926
Vested and expected to vest at end of period		316,274
Weighted-Average Exercise Price
Outstanding at beginning of period	$ 155.75
Granted	312.74
Forfeited	0
Expired	0
Exercised	85.78
Outstanding at end of period	$ 169.58
Exercisable at end of period		$ 127.73
Vested and expected to vest at end of period		$ 166.69
Weighted-Average Remaining Contractual Term
Outstanding at end of period	5 years 7 months 17 days
Exercisable at end of period	3 years 5 months 4 days
Vested and expected to vest at end of period	5 years 5 months 26 days
Aggregate Intrinsic Value
Outstanding at end of period	$ 43,879
Exercisable at end of period	22,717
Vested and expected to vest at end of period	$ 40,747

Summary of Vesting Activities for Investment Share Program and Restricted Stock Awards (Detail)	3 Months Ended
	Mar. 30, 2019 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested at beginning of period \| shares	126,720
Granted \| shares	24,579
Vested \| shares	(20,230)
Forfeited \| shares	(611)
Non-vested at end of period \| shares	130,458
Non-vested at beginning of period \| $ / shares	$ 192.74
Granted \| $ / shares	258.92
Vested \| $ / shares	163.83
Forfeited \| $ / shares	134.61
Non-vested at end of period \| $ / shares	$ 209.96

Common Stock and Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended
	Mar. 14, 2019	Mar. 01, 2019	Jan. 01, 2019	Mar. 30, 2019	Mar. 31, 2018	Dec. 29, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options granted in period				24,579
Stock option outstanding				348,370		366,829
Stock-based compensation expense				$ 2,066	$ 1,491
Weighted average fair value of stock awards				$ 258.92
Performance-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option outstanding				65,306
Investment Share Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares employees elected to purchase		7,901
Weighted average fair value of stock awards		$ 147.98
Non Employee Director Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period	844
Options granted in period - weighted average fair value	$ 136.10
Employee Stock Compensation Plan \| Senior Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period		14,680
Options granted in period - weighted average fair value		$ 136.00
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years	4 years
Other than options granted in period		16,471	207
Weighted average fair value of stock awards		$ 312.56	$ 240.84