0001564590-21-020124 | 10-Q | XBRL Viewer

Print Document View Excel Document

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 27, 2021	Apr. 16, 2021
Document Information [Line Items]
Document Transition Report	false
Document Quarterly Report	true
Document Type	10-Q
Document Period End Date	Mar. 27, 2021
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Registrant Name	THE BOSTON BEER COMPANY, INC.
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	1-14092
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-3284048
Entity Address, Address Line One	One Design Center Place, Suite 850
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02210
City Area Code	617
Local Phone Number	368-5000
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000949870
Current Fiscal Year End Date	--12-26
Trading Symbol	SAM
Security Exchange Name	NYSE
Title of 12(b) Security	Class A Common Stock
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		10,108,792
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,177,983

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 27, 2021	Dec. 26, 2020
Current Assets:
Cash and cash equivalents	$ 144,658	$ 163,282
Accounts receivable	105,042	78,358
Inventories	160,671	130,910
Prepaid expenses and other current assets	36,061	30,230
Income tax receivable	4,115	10,393
Total current assets	450,547	413,173
Property, plant and equipment, net	636,007	623,083
Operating right-of-use assets	56,518	58,483
Goodwill	112,529	112,529
Intangible assets	103,867	103,930
Third-party production prepayments	93,243	56,843
Other assets	11,459	10,784
Total assets	1,464,170	1,378,825
Current Liabilities:
Accounts payable	157,085	121,647
Accrued expenses and other current liabilities	106,361	129,544
Current operating lease liabilities	8,183	8,232
Total current liabilities	271,629	259,423
Deferred income taxes, net	97,284	92,665
Non-current operating lease liabilities	57,200	59,171
Other liabilities	9,333	10,599
Total liabilities	435,446	421,858
Commitments and Contingencies (See Note J)
Stockholders' Equity:
Additional paid-in capital	605,962	599,737
Accumulated other comprehensive loss	(232)	(252)
Retained earnings	422,871	357,360
Total stockholders' equity	1,028,724	956,967
Total liabilities and stockholders' equity	1,464,170	1,378,825
Common Class A
Stockholders' Equity:
Common Stock	101	100
Common Class B
Stockholders' Equity:
Common Stock	$ 22	$ 22

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 27, 2021	Dec. 26, 2020
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	10,052,711	10,004,681
Common Stock, shares outstanding	10,052,711	10,004,681
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	2,177,983	2,177,983
Common Stock, shares outstanding	2,177,983	2,177,983

Consolidated Statements Income and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Income Statement [Abstract]
Revenue	$ 581,709	$ 352,225
Less excise taxes	36,629	21,660
Net revenue	545,080	330,565
Cost of goods sold	295,450	182,592
Gross profit	249,630	147,973
Operating expenses:
Advertising, promotional and selling expenses	140,859	97,891
General and administrative expenses	31,946	27,029
Impairment of assets	227	1,521
Total operating expenses	173,032	126,441
Operating income	76,598	21,532
Other (expense) income, net:
Interest (expense) income, net	(29)	63
Other (expense) income, net	(6)	(360)
Total other (expense) income, net	(35)	(297)
Income before income tax provision	76,563	21,235
Income tax provision	10,998	3,001
Net income	$ 65,565	$ 18,234
Net income per common share - basic	$ 5.34	$ 1.50
Net income per common share - diluted	$ 5.26	$ 1.49
Weighted-average number of common shares - basic	12,271	12,157
Weighted-average number of common shares - diluted	12,457	12,186
Net income	$ 65,565	$ 18,234
Other comprehensive income:
Foreign currency translation adjustment	20	(58)
Comprehensive income	$ 65,585	$ 18,176

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Cash flows provided by operating activities:
Net income	$ 65,565	$ 18,234
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,996	15,945
Impairment of assets	227	1,521
Gain on disposal of property, plant and equipment	(36)
Change in right-of-use assets	1,965	1,807
Credit loss (recovery) expense	(48)	552
Stock-based compensation expense	4,957	2,566
Deferred income taxes	4,565	2,379
Changes in operating assets and liabilities:
Accounts receivable	(26,723)	(4,436)
Inventories	(30,581)	(23,856)
Prepaid expenses, income tax receivable and other current assets	(14,369)	(2,077)
Third-party production prepayments	(21,584)	1,234
Other assets		(41)
Accounts payable	36,912	14,264
Accrued expenses and other current liabilities	(16,095)	(7,579)
Change in operating lease liabilities	(2,020)	(1,489)
Other liabilities	76	(100)
Net cash provided by operating activities	19,807	18,924
Cash flows used in investing activities:
Purchases of property, plant and equipment	(39,278)	(27,394)
Proceeds from disposal of property, plant and equipment	320	35
Other investing activities	145	96
Net cash used in investing activities	(38,813)	(27,263)
Cash flows provided by financing activities:
Proceeds from exercise of stock options and sale of investment shares	6,768	2,941
Net cash paid on note payable and finance leases	(435)	(209)
Cash borrowed on line of credit		100,000
Payment of tax withholding on stock-based payment awards and investment shares	(5,951)	(1,559)
Net cash provided by financing activities	382	101,173
Change in cash and cash equivalents	(18,624)	92,834
Cash and cash equivalents at beginning of year	163,282	36,670
Cash and cash equivalents at end of period	144,658	129,504
Supplemental disclosure of cash flow information:
Income taxes paid	4	5
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows from operating leases	2,602	2,097
Operating cash flows from finance leases	34	22
Financing cash flows from finance leases	364	141
Right-of-use-assets obtained in exchange for operating lease obligations		11,088
Change in purchase of property, plant and equipment in accounts payable and accrued expenses	$ (8,997)	$ (1,029)

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock Common Class A	Common Stock Common Class B	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment
Balance at Dec. 28, 2019	$ 735,636		$ 94	$ 27	$ 571,784	$ (1,669)	$ 165,400
Balance (in shares) at Dec. 28, 2019			9,371,000	2,673,000
Net income	18,234						18,234
Stock options exercised and restricted shares activities	1,858				1,858
Stock options exercised and restricted shares activities (in shares)			38,000
Stock-based compensation expense	2,566				2,566
Conversion from Class B to Class A			$ 2	$ (2)
Conversion from Class B to Class A (in shares)			150,000	(150,000)
Foreign currency translation adjustment	(58)					(58)
Balance at Mar. 28, 2020	758,236		$ 96	$ 25	576,208	(1,727)	183,634
Balance (in shares) at Mar. 28, 2020			9,559,000	2,523,000
Balance at Dec. 26, 2020	956,967	$ (54)	$ 100	$ 22	599,737	(252)	357,360	$ (54)
Balance (in shares) at Dec. 26, 2020			10,005,000	2,178,000
Net income	65,565						65,565
Stock options exercised and restricted shares activities	$ 1,269		$ 1		1,268
Stock options exercised and restricted shares activities (in shares)	31,020		48,000
Stock-based compensation expense	$ 4,957				4,957
Accounting Standards Update [Extensible List]		us-gaap:AccountingStandardsUpdate201912Member						us-gaap:AccountingStandardsUpdate201912Member
Foreign currency translation adjustment	20					20
Balance at Mar. 27, 2021	$ 1,028,724		$ 101	$ 22	$ 605,962	$ (232)	$ 422,871
Balance (in shares) at Mar. 27, 2021			10,053,000	2,178,000

Organization and Basis of Presentation

3 Months Ended

Mar. 27, 2021

Accounting Policies [Abstract]

Organization and Basis of Presentation

A.Organization and Basis of Presentation

The Boston Beer Company, Inc. and certain subsidiaries (the “Company”) are engaged in the business of selling alcohol beverages throughout the United States and in selected international markets, under the trade names “The Boston Beer Company®”, “Twisted Tea Brewing Company®”, “Hard Seltzer Beverage Company”, “Angry Orchard® Cider Company”, “Dogfish Head® Craft Brewery”, “Angel City® Brewing Company”, “Coney Island® Brewing Company” and “American Fermentation Company”.

The accompanying unaudited consolidated balance sheet as of March 27, 2021, and the unaudited consolidated statements of income and comprehensive income, stockholders’ equity, and cash flows for the interim periods ended March 27, 2021 and March 28, 2020 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 GAAP have been condensed or omitted. All intercompany accounts and transactions have been eliminated. 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 26, 2020.

In the opinion of the Company’s management, the Company’s unaudited consolidated balance sheet as of March 27, 2021 and the results of its consolidated operations, stockholders’ equity, and cash flows for the interim periods ended March 27, 2021 and March 28, 2020, 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. Reclassifications have been made to the prior year’s consolidated financial statements to conform to the current year’s presentation which includes the separate presentation of Third-party production prepayments.

COVID-19 Pandemic

3 Months Ended

Mar. 27, 2021

Covid Nineteen Pandemic [Abstract]

COVID-19 Pandemic

B.COVID-19 Pandemic

The Company began seeing the impact of the COVID-19 pandemic on its business in early March 2020. The direct financial impact of the pandemic primarily included significantly reduced keg demand from the on-premise channel and higher labor and safety-related costs at the Company’s breweries. In addition to these direct financial impacts, COVID-19 related safety measures resulted in a reduction of brewery productivity. This has shifted more volume to third-party breweries, which increased production costs and negatively impacted gross margin rates. In the 13-week period ended March 28, 2020, the Company recorded COVID-19 pre-tax related reductions in net revenue and increases in other costs of $10.0 million. This amount consists of a $5.8 million reduction in net revenue for estimated keg returns from distributors and retailers and $4.2 million of other COVID-19 related direct costs, of which $3.6 million are recorded in cost of goods sold and $0.6 million are recorded in operating expenses. In 2021 and going forward, the Company has chosen not to report COVID-19 related direct costs separately as they are viewed to be a normal part of operations.

Goodwill and Intangible Assets

3 Months Ended

Mar. 27, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

C. Goodwill and Intangible Assets

There were no changes in the carrying value of goodwill during the thirteen weeks ended March 27, 2021 and March 28, 2020.

The Company’s intangible assets as of March 27, 2021 and December 26, 2020 were as follows:

			As of March 27, 2021							As of December 26, 2020
	Estimated Useful		Gross Carrying		Accumulated			Net Book		Gross Carrying		Accumulated			Net Book
	Life (Years)		Value		Amortization			Value		Value		Amortization			Value
								(in thousands)
Customer Relationships		15	$	3,800	$	(443	)	$	3,357	$	3,800	$	(380	)	$	3,420
Trade Names	Indefinite			100,510		—			100,510		100,510		—			100,510
Total intangible assets			$	104,310	$	(443	)	$	103,867	$	104,310	$	(380	)	$	103,930

The Company acquired intangible assets in fiscal year 2019 that consists of $98.5 million for the value of the Dogfish Head brand name and $3.8 million for the value of customer relationships. The customer relationship intangible will be amortized on a straight-line basis over the 15 year useful life. Amortization expense in the thirteen weeks ended March 27, 2021 was approximately $63,000. The Company expects to record amortization expense as follows over the remaining current year and the five subsequent years:

Fiscal Year	Amount (in thousands)
Remainder of 2021	$	190
2022		253
2023		253
2024		253
2025		253
2026		253

Recent Accounting Pronouncements

3 Months Ended

Mar. 27, 2021

Recent Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements

D.Recent Accounting Pronouncements

Accounting Pronouncements Recently Adopted

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The standard includes multiple key provisions, including removal of certain exceptions to ASC 740, Income Taxes, and simplification in several other areas such as accounting for a franchise tax (or similar tax) that is partially based on income. ASU 2019-12 is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company adopted the standard in the first quarter of fiscal 2021 and recorded an adjustment of $0.1 million to retained earnings. .

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (g)(2)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-URI http://asc.fasb.org/topic&trid=2122394

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=112272810&loc=SL108384541-122693

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (i)(2)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (g)(1)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (j)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-URI http://asc.fasb.org/extlink&oid=112272810&loc=d3e31137-122693

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(3)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(1)

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(2)

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(3)

+ Details

Revenue Recognition

3 Months Ended

Mar. 27, 2021

Disaggregation Of Revenue [Abstract]

Revenue Recognition

E. Revenue Recognition

During the thirteen weeks ended March 27, 2021 approximately 97% of the Company’s revenue was from shipments of its products to domestic distributors, 3% from shipments to international distributors, primarily located in Canada, and less than 1% was from retail beer, cider, and merchandise sales at the Company’s retail locations. During the thirteen weeks ended March 28, 2020 approximately 96% of the Company’s revenue was from shipments of its products to domestic distributors, 3% from shipments to international distributors, primarily located in Canada, and 1% was 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 27, 2021 and December 26, 2020, the Company has deferred $24.3 million and $13.9 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 $23.4 million and $8.2 million for the thirteen weeks ended March 27, 2021 and March 28, 2020, 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 or as advertising, promotional and selling expenses for the thirteen weeks ended March 27, 2021 and March 28, 2020 were $33.5 million and $12.7 million, respectively. For the thirteen weeks ended March 27, 2021 and March 28, 2020, the Company recorded certain of these costs in the total amounts of $9.2 million and $4.2 million, respectively, as reductions to net revenue. Costs recognized in net revenues include, but are not limited to, promotional discounts, sales incentives and certain other promotional activities. Costs recognized in advertising, promotional and selling expenses include point of sale materials, samples and media advertising expenditures in local markets. These costs are recorded as incurred, generally

when invoices are received; however certain estimates are required at the period end. 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.

Shipment volume for the quarter was significantly higher than depletions volume and resulted in significantly higher distributor inventory as of March 27, 2021 when compared to March 28, 2020. The Company believes distributor inventory as of March 27, 2021 averaged approximately 7 weeks on hand and was at an appropriate level, based on supply chain capacity constraints and inventory requirements to support the forecasted growth of Truly and Twisted Tea brands over the summer. The Company expects wholesaler inventory levels in terms of weeks on hand to be between 3 and 7 weeks for the remainder of the year.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Inventories

3 Months Ended

Mar. 27, 2021

Inventory Disclosure [Abstract]

Inventories

F. Inventories

Inventories consist of raw materials, work in process and finished goods. Raw materials, which principally consist of hops, flavorings, 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 27, 2021		December 26, 2020
	(in thousands)
Current inventory:
Raw materials	$	75,545	$	69,272
Work in process		16,679		16,846
Finished goods		68,447		44,792
Total current inventory		160,671		130,910
Long term inventory		10,459		9,639
Total inventory	$	171,130	$	140,549

Third-Party Production Prepayments

3 Months Ended

Mar. 27, 2021

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Third Party Production Prepayments

G.Third-party production prepayments

During the thirteen weeks ended March 27, 2021, the Company brewed and packaged approximately 57% 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 generally supplies raw materials and packaging to those brewing companies, and incurs conversion fees for labor at the time the liquid is produced and packaged. The Company has made payments for capital improvements at these third-party brewing facilities that it expenses over the period of the contracts. As of March 27, 2021, and December 26, 2020 total third-party production prepayments were as follows:

	March 27, 2021		December 26, 2020
	(in thousands)
Prepaid expenses and other current assets	$	-	$	14,816
Third-party production prepayments		93,243		56,843
Total third-party production prepayments	$	93,243	$	71,659

The Company will expense the total prepaid amount of $93.2 million as a component of cost of goods sold over the contractual period ending December 31, 2025.

During the thirteen weeks ended March 27, 2021, the Company entered into a master transaction agreement with one of its existing brewing services providers to ensure access to capacity at a new location and continued access at certain existing locations. The agreement is effective upon the closing of the purchase of the new location by the third-party brewing services provider, expected to complete in April 2021. As part of the master transaction agreement, the Company paid $10.0 million for capital improvements for the new location, which amount is included within the third-party production prepayments balance as of March 27, 2021. The Company is required to pay an additional $17.9 million to ensure access to capacity once the third-party brewing services provider closes on the purchase of the new location and certain other conditions are met. The agreement additionally includes monthly shortfall fees beginning January 1, 2023. Based on current production volume projections, the Company believes that it will meet all annual volume commitments under these production arrangements and will not incur any shortfall fees. If future volume projections are

reduced below the minimum annual volume commitments and the Company estimates that shortfall fees will be incurred, the Company will expense the estimated shortfall fees in the period when incurring the shortfall fees becomes probable. As of March 27, 2021, if volume for the remaining term of the production arrangements were zero, the contractual shortfall fees would total $67.6 million through December 31, 2026. During the quarter ended March 27, 2021 the Company reclassified the $14.8 million of third-party prepayments at December 26, 2020 from current assets to non-current assets.

Net Income per Share

3 Months Ended

Mar. 27, 2021

Earnings Per Share [Abstract]

Net Income per Share

H.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 O 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 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. In December 2018, the Employee Equity Incentive Plan was amended to permit the grant of restricted stock units. The restricted stock units generally vest over four years in equal number of shares. Each restricted stock unit represents an unfunded and unsecured right to receive one share of Class A Stock upon satisfaction of the vesting criteria. The unvested shares participate equally in dividends and are forfeitable. Prior to March 1, 2019, the Company granted restricted stock awards, generally vesting over five years in equal number of shares. 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 27, 2021		March 28, 2020
	(in thousands, except per share data)
Net income	$	65,565	$	18,234
Allocation of net income for basic:
Class A Common Stock	$	53,628	$	14,136
Class B Common Stock		11,638		3,967
Unvested participating shares		299		131
	$	65,565	$	18,234
Weighted average number of shares for basic:
Class A Common Stock		10,037		9,425
Class B Common Stock*		2,178		2,645
Unvested participating shares		56		87
		12,271		12,157
Net income per share for basic:
Class A Common Stock	$	5.34	$	1.50
Class B Common Stock	$	5.34	$	1.50

*Change in Class B Common Stock resulted from the conversion of 215,000 shares to Class A Common Stock on May 6, 2020 and 130,000 shares to Class A Common Stock on November 3, 2020 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 for the thirteen weeks ended March 27, 2021 and for the thirteen weeks ended March 28, 2020:

	Thirteen weeks ended
	March 27, 2021						March 28, 2020
	Earnings to Common Shareholders		Common Shares		EPS		Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	53,628		10,037	$	5.34	$	14,136		9,425	$	1.50
Add: effect of dilutive potential common shares
Share-based awards		—		162				—		116
Class B Common Stock		11,638		2,178				3,967		2,645
Net effect of unvested participating shares	299			80				1		—
Net income per common share - diluted	$	65,565		12,457	$	5.26	$	18,104		12,186	$	1.49

In accordance with the treasury stock method, weighted-average stock options to purchase approximately 6,035 shares of Class A Common stock and 4,027 unvested share based payments were outstanding during the thirteen weeks ended March 27, 2021 but not included in computing dilutive income per common share because their effects were anti-dilutive. In accordance with the two-class method, weighted average stock options to purchase approximately 33,000 shares of Class A Common Stock were outstanding during the thirteen weeks ended March 28, 2020 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 shares of Class A Common Stock

were outstanding as of March 28, 2020 but not included in computing diluted income per common share because the performance criteria of these stock options were not met as of the end of the reporting period.

Comprehensive Income or Loss

3 Months Ended

Mar. 27, 2021

Comprehensive Income Net Of Tax [Abstract]

Comprehensive Income or Loss

I.Comprehensive Income or Loss

Comprehensive income or loss represents net income or loss and foreign currency translation adjustment. The foreign currency translation adjustments for the interim periods ended March 27, 2021 and March 28, 2020 were not material.

Commitments and Contingencies

3 Months Ended

Mar. 27, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

J. Commitments and Contingencies

Contract Obligations

As of March 27, 2021, projected cash outflows under non-cancelable contractual obligations are as follows:

	Commitments
	(in thousands)
Brand support	$	104,494
Equipment and machinery		86,645
Ingredients (excluding hops and malt)		82,902
Hops and malt		47,658
Other		15,176
Total commitments	$	336,875

The majority of these contract obligations are for the 2021 fiscal years with the remainder extending no later than the 2026 fiscal year.

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. 27, 2021

Income Tax Disclosure [Abstract]

Income Taxes

K. Income Taxes

As of March 27, 2021 and December 26, 2020, the Company had approximately $0.8 million of unrecognized income tax benefits as of each date.

The Company’s practice is to classify interest and penalties related to income tax matters in income tax expense. As of March 27, 2021 and December 26, 2020, the Company had $0.2 million and $0.2 million, respectively, accrued for interest and penalties recorded in other liabilities.

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 currently under two state income tax audits as of March 27, 2021.

The following table provides a summary of the income tax provision for the thirteen weeks ended March 27, 2021 and March 28, 2020:

	Thirteen weeks ended
	March 27, 2021			March 28, 2020
	(in thousands)
Summary of income tax provision
Tax provision based on net income	$	19,613		$	5,005
Benefit of ASU 2016-09		(8,615	)		(2,004	)
Total income tax provision	$	10,998		$	3,001

The benefit of ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, increased by $6.6 million to $8.6 million for the thirteen weeks ended March 27, 2021 as compared to $2.0 million for the thirteen weeks ended March 28, 2020, primarily due to increases in number of shares exercised and increases in stock price.

The Company’s effective tax rate for the thirteen weeks ended March 27, 2021, excluding the impact of ASU 2016-09, increased to 25.6% from 23.6% for the thirteen weeks ended March 28, 2020, primarily due to one-time state tax benefits related to capital investments for the thirteen weeks ended March 28, 2020.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Revolving Line of Credit

3 Months Ended

Mar. 27, 2021

Debt Disclosure [Abstract]

Revolving Line of Credit

L.Revolving Line of Credit

In March 2018, the Company amended its existing credit facility that provides for a $150.0 million revolving line of credit to extend the scheduled expiration date to March 31, 2023. As of March 27, 2021, the Company was not in violation of any of its financial covenants to the lender under the credit facility and the full balance of $150.0 million under the line of credit was available to the Company for future borrowing.

Fair Value Measures

3 Months Ended

Mar. 27, 2021

Fair Value Disclosures [Abstract]

Fair Value Measures

M.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 27, 2021 and December 26, 2020, 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 27, 2021 and December 26, 2020, the Company’s cash and cash equivalents balance was $144.7 million and $163.3 million, respectively, including money market funds amounting to $140.6 million and $157.6 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 Stock-Based Compensation

3 Months Ended

Mar. 27, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Common Stock and Stock-Based Compensation

N.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 26, 2020		241,847		$	228.58
Granted		18,998			1,028.71
Forfeited		-			-
Expired		-			-
Exercised		(31,020	)		195.05
Outstanding at March 27, 2021		229,825		$	229.25		3.30	$	120,540
Exercisable at March 27, 2021		81,710		$	214.22		3.30	$	197,820
Vested and expected to vest at March 27, 2021		210,570		$	294.96		3.30	$	182,149

Of the total options outstanding at March 27, 2021, 23,019 shares were performance-based options for which the performance criteria had yet to be achieved.

On March 1, 2021, the Company granted options to purchase an aggregate of 8,063 shares of the Company’s Class A Common Stock to senior management with a weighted average fair value of $449.93 per share, of which all shares relate to performance-based stock options.

On March 1, 2021 the Company granted options to purchase an aggregate of 10,935 shares of the Company’s Class A Common Stock to the Chief Executive Officer with a weighted average fair value of $457.25 per share, of which all shares relate to service-based stock options.

Weighted average assumptions used to estimate fair values of stock options on the date of grants are as follows:

	2021
Expected Volatility		36.1	%
Risk-free interest rate		1.4	%
Expected Dividends		0.0	%
Exercise factor	2.5 times
Discount for post-vesting restrictions		0.0	%

Non-Vested Shares Activity

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

	Number of Shares			Weighted Average Fair Value
Non-vested at December 26, 2020		114,316		$	263.47
Granted		17,632			880.81
Vested		(22,885	)		221.81
Forfeited		(196	)		150.24
Non-vested at March 27, 2021		108,867		$	373.08

Of the total shares outstanding at March 27, 2021, 2,696 shares were performance-based shares for which the performance criteria had yet to be achieved.

On March 1, 2021, the Company granted a combined 7,817 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. Additionally on March 1, 2020, the Company granted 4,861 shares of restricted stock units to the Chief Executive Officer, of which all shares vest over five years. On March 1, 2021,

employees elected to purchase a combined 4,954 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 $1,028.71 and $502.32 per share, respectively.

Stock-Based Compensation

The following table provides information regarding stock-based compensation expense included in operating expenses in the accompanying consolidated statements of comprehensive income:

	Thirteen weeks ended
	March 27, 2021		March 28, 2020
	(in thousands)
Amounts included in advertising, promotional and selling expenses	$	1,672	$	705
Amounts included in general and administrative expenses		3,285		1,861
Total stock-based compensation expense	$	4,957	$	2,566

Related Party Transactions

3 Months Ended

Mar. 27, 2021

Related Party Transactions

O.Related Party Transactions

In connection with the Dogfish Head Transaction, the Company entered a lease with the Dogfish Head founders and other owners of buildings used in certain of the Company’s restaurant operations. The lease is for ten years with renewal options. The total payments due under the initial ten year term is $3.6 million. Total related party expense recognized for the thirteen weeks ended March 27, 2021 related to the lease was approximately $91,000. Additionally, during the thirteen weeks ended March 27, 2021, the Company incurred expenses of less than $50,000 to various other suppliers affiliated with the Dogfish Head founders.

Subsequent Events

3 Months Ended

Mar. 27, 2021

Subsequent Events [Abstract]

Subsequent Events

P.Subsequent Events

The Company evaluated subsequent events occurring after the balance sheet date, March 27, 2021, 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.

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 27, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Schedule of intangible assets

The Company’s intangible assets as of March 27, 2021 and December 26, 2020 were as follows:

			As of March 27, 2021							As of December 26, 2020
	Estimated Useful		Gross Carrying		Accumulated			Net Book		Gross Carrying		Accumulated			Net Book
	Life (Years)		Value		Amortization			Value		Value		Amortization			Value
								(in thousands)
Customer Relationships		15	$	3,800	$	(443	)	$	3,357	$	3,800	$	(380	)	$	3,420
Trade Names	Indefinite			100,510		—			100,510		100,510		—			100,510
Total intangible assets			$	104,310	$	(443	)	$	103,867	$	104,310	$	(380	)	$	103,930

Schedule of amortization expense

The Company expects to record amortization expense as follows over the remaining current year and the five subsequent years:

Fiscal Year	Amount (in thousands)
Remainder of 2021	$	190
2022		253
2023		253
2024		253
2025		253
2026		253

Inventories (Tables)

3 Months Ended

Mar. 27, 2021

Inventory Disclosure [Abstract]

Components of Inventories

Inventories consist of the following:

	March 27, 2021		December 26, 2020
	(in thousands)
Current inventory:
Raw materials	$	75,545	$	69,272
Work in process		16,679		16,846
Finished goods		68,447		44,792
Total current inventory		160,671		130,910
Long term inventory		10,459		9,639
Total inventory	$	171,130	$	140,549

Third-Party Production Prepayments (Tables)

3 Months Ended

Mar. 27, 2021

Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]

Schedule of Third-Party Production Prepayments

As of March 27, 2021, and December 26, 2020 total third-party production prepayments were as follows:

	March 27, 2021		December 26, 2020
	(in thousands)
Prepaid expenses and other current assets	$	-	$	14,816
Third-party production prepayments		93,243		56,843
Total third-party production prepayments	$	93,243	$	71,659

Net Income per Share (Tables)

3 Months Ended

Mar. 27, 2021

Earnings Per Share [Abstract]

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 27, 2021		March 28, 2020
	(in thousands, except per share data)
Net income	$	65,565	$	18,234
Allocation of net income for basic:
Class A Common Stock	$	53,628	$	14,136
Class B Common Stock		11,638		3,967
Unvested participating shares		299		131
	$	65,565	$	18,234
Weighted average number of shares for basic:
Class A Common Stock		10,037		9,425
Class B Common Stock*		2,178		2,645
Unvested participating shares		56		87
		12,271		12,157
Net income per share for basic:
Class A Common Stock	$	5.34	$	1.50
Class B Common Stock	$	5.34	$	1.50

Computation of Earnings Per Share, Diluted

	Thirteen weeks ended
	March 27, 2021						March 28, 2020
	Earnings to Common Shareholders		Common Shares		EPS		Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	53,628		10,037	$	5.34	$	14,136		9,425	$	1.50
Add: effect of dilutive potential common shares
Share-based awards		—		162				—		116
Class B Common Stock		11,638		2,178				3,967		2,645
Net effect of unvested participating shares	299			80				1		—
Net income per common share - diluted	$	65,565		12,457	$	5.26	$	18,104		12,186	$	1.49

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 27, 2021

Commitments And Contingencies Disclosure [Abstract]

Non-cancelable Contractual Obligations

As of March 27, 2021, projected cash outflows under non-cancelable contractual obligations are as follows:

	Commitments
	(in thousands)
Brand support	$	104,494
Equipment and machinery		86,645
Ingredients (excluding hops and malt)		82,902
Hops and malt		47,658
Other		15,176
Total commitments	$	336,875

Income Taxes (Tables)

3 Months Ended

Mar. 27, 2021

Income Tax Disclosure [Abstract]

Significant Components of Provisions for Income Taxes

The following table provides a summary of the income tax provision for the thirteen weeks ended March 27, 2021 and March 28, 2020:

	Thirteen weeks ended
	March 27, 2021			March 28, 2020
	(in thousands)
Summary of income tax provision
Tax provision based on net income	$	19,613		$	5,005
Benefit of ASU 2016-09		(8,615	)		(2,004	)
Total income tax provision	$	10,998		$	3,001

Common Stock and Stock-Based Compensation (Tables)

3 Months Ended

Mar. 27, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Options under Employee Equity Incentive Plan and Stock Option Plan for Non-Employee Directors

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 26, 2020		241,847		$	228.58
Granted		18,998			1,028.71
Forfeited		-			-
Expired		-			-
Exercised		(31,020	)		195.05
Outstanding at March 27, 2021		229,825		$	229.25		3.30	$	120,540
Exercisable at March 27, 2021		81,710		$	214.22		3.30	$	197,820
Vested and expected to vest at March 27, 2021		210,570		$	294.96		3.30	$	182,149

Weighted Average Assumptions used to Estimate Fair Value of Stock Options

Weighted average assumptions used to estimate fair values of stock options on the date of grants are as follows:

	2021
Expected Volatility		36.1	%
Risk-free interest rate		1.4	%
Expected Dividends		0.0	%
Exercise factor	2.5 times
Discount for post-vesting restrictions		0.0	%

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 awards:

	Number of Shares			Weighted Average Fair Value
Non-vested at December 26, 2020		114,316		$	263.47
Granted		17,632			880.81
Vested		(22,885	)		221.81
Forfeited		(196	)		150.24
Non-vested at March 27, 2021		108,867		$	373.08

Stock-Based Compensation Expense Included in Operating Expenses

The following table provides information regarding stock-based compensation expense included in operating expenses in the accompanying consolidated statements of comprehensive income:

	Thirteen weeks ended
	March 27, 2021		March 28, 2020
	(in thousands)
Amounts included in advertising, promotional and selling expenses	$	1,672	$	705
Amounts included in general and administrative expenses		3,285		1,861
Total stock-based compensation expense	$	4,957	$	2,566

COVID-19 Pandemic - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Reductions in net revenue and increases in other costs
Net effect of COVID-19 on revenue, cost of goods sold and operating expense	$ 76,598	$ 21,532
Cost of goods sold	295,450	182,592
Operating expenses	$ 173,032	126,441
COVID-19 Pandemic [Member]
Reductions in net revenue and increases in other costs
Net effect of COVID-19 on revenue, cost of goods sold and operating expense		10,000
Reduction in net revenue		5,800
Other direct costs		4,200
Cost of goods sold		3,600
Operating expenses		$ 600

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020	Dec. 28, 2019
Goodwill, period increase (Decrease)	$ 0	$ 0
Intangible assets amortization	$ 63,000
Trade Names \| Dogfish Head Brewery
Brand			$ 98,500,000
Customer Relationships
Estimated fair value			$ 3,800,000
Useful life of finite lived intangibles	15 years

Goodwill and Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Dec. 26, 2020
Gross Carrying Value	$ 104,310	$ 104,310
Accumulated Amortization	(443)	(380)
Net Book Value	$ 103,867	103,930
Customer Relationships
Estimated Useful Life	15 years
Gross Carrying Value	$ 3,800	3,800
Accumulated Amortization	(443)	(380)
Net Book Value	3,357	3,420
Trade Names
Gross Carrying Value	100,510	100,510
Net Book Value	$ 100,510	$ 100,510

Goodwill and Intangible Assets - Schedule of Amortization Expense (Detail) $ in Thousands	Mar. 27, 2021 USD ($)
Goodwill And Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 190
2022	253
2023	253
2024	253
2025	253
2026	$ 253

Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 27, 2021	Dec. 26, 2020
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Adoption of accounting standards, adjustment to retained earnings	$ 422,871	$ 357,360
Cumulative Effect, Period of Adoption, Adjustment \| ASU 2019-12
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Adoption of accounting standards, adjustment to retained earnings	$ 100

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020	Dec. 26, 2020
Disaggregation Of Revenue [Line Items]
Sales to domestic distributors as a percentage of total sales	97.00%	96.00%
Sales to foreign distributors as a percentage of total sales	3.00%	3.00%
Sales to retail locations as a percentage of total sales	1.00%	1.00%
Deferred Revenue, Current	$ 24,300		$ 13,900
Reimbursements for discounts to distributors	23,400	$ 8,200
Advertising, promotional and selling expenses	$ 140,859	97,891
Distributor average inventory period	49 days
Minimum
Disaggregation Of Revenue [Line Items]
Wholesale inventory level period	21 days
Maximum
Disaggregation Of Revenue [Line Items]
Wholesale inventory level period	49 days
Distributors
Disaggregation Of Revenue [Line Items]
Reduction in revenue related to advertising, promotional and selling expenses	$ 9,200	4,200
Customers programs and incentives
Disaggregation Of Revenue [Line Items]
Advertising, promotional and selling expenses	$ 33,500	$ 12,700

Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands	Mar. 27, 2021	Dec. 26, 2020
Current inventory:
Raw materials	$ 75,545	$ 69,272
Work in process	16,679	16,846
Finished goods	68,447	44,792
Total current inventory	160,671	130,910
Long term inventory	10,459	9,639
Total inventory	$ 171,130	$ 140,549

Third-Party Production Prepayments (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Dec. 26, 2020
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Percentage of brews and packages	57.00%
Total third-party production prepayments	$ 93,243	$ 56,843
Payments for capital improvements	10,000
Additional payment for accessing facility	17,900
Contractual shortfall fees	67,600
Reclassification of third-party prepayments from current assets to non-current assets	$ 14,800

Third- Party Production Prepayments - Schedule of Third-Party Production Prepayments (Detail) - USD ($) $ in Thousands	Mar. 27, 2021	Dec. 26, 2020
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Prepaid expenses and other current assets		$ 14,816
Third-party production prepayments	$ 93,243	56,843
Total third-party production prepayments	$ 93,243	$ 71,659

Net Income per Share - Additional Information (Detail) - shares					3 Months Ended
	Mar. 01, 2021	Mar. 01, 2020	Mar. 01, 2019	Jan. 01, 2019	Mar. 27, 2021	Mar. 28, 2020
Earnings Per Share Note [Line Items]
Antidilutive securities excluded from computation of earnings per share					4,027
Common Class A
Earnings Per Share Note [Line Items]
Antidilutive securities excluded from computation of earnings per share					6,035	33,000
Investment Share Program
Earnings Per Share Note [Line Items]
Vesting period					5 years
Investment Share Program \| Minimum
Earnings Per Share Note [Line Items]
Requirement tenure of employee for investment share program, purchase shares at discount					1 year
Discount from current market value					20.00%
Investment Share Program \| Maximum
Earnings Per Share Note [Line Items]
Requirement tenure of employee for investment share program, purchase shares at discount					2 years
Discount from current market value					40.00%
Restricted Stock Awards
Earnings Per Share Note [Line Items]
Vesting period	4 years	4 years	4 years	5 years
Performance Based Awards \| Common Class A
Earnings Per Share Note [Line Items]
Number of shares not included because the performance criteria was not expected to be met						10,000

Net Income per Share - Computation of Earnings Per Share, Basic (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

Mar. 27, 2021

Mar. 28, 2020

Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]

Net income

$ 65,565

$ 18,234

Allocation of net income for basic:

Allocation of net income for basic common stock

$ 65,565

$ 18,234

Weighted average number of shares for basic:

Weighted-average number of common shares — basic

12,271

12,157

Net income per share for basic:

Net income per common share - basic

$ 5.34

$ 1.50

Common Class A

Allocation of net income for basic:

Allocation of net income for basic common stock

$ 53,628

$ 14,136

Weighted average number of shares for basic:

Weighted-average number of common shares — basic

10,037

9,425

Net income per share for basic:

Net income per common share - basic

$ 5.34

$ 1.50

Common Class B

Allocation of net income for basic:

Allocation of net income for basic common stock

$ 11,638

$ 3,967

Weighted average number of shares for basic:

Weighted-average number of common shares — basic

^[1]

2,178

2,645

Net income per share for basic:

Net income per common share - basic

$ 5.34

$ 1.50

Unvested participating shares

Allocation of net income for basic:

Allocation of net income for basic unvested participating shares

$ 299

$ 131

Weighted average number of shares for basic:

Weighted-average number of common shares — basic

[1]	Change in Class B Common Stock resulted from the conversion of 215,000 shares to Class A Common Stock on May 6, 2020 and 130,000 shares to Class A Common Stock on November 3, 2020 with the ending number of shares reflecting the weighted average for the period.

Net Income per Share - Computation of Earnings Per Share, Basic (Parenthetical) (Detail) - shares	Nov. 03, 2020	May 06, 2020
Earnings Per Share [Abstract]
Conversion of Class B Common Stock into Class A Common Stock	130,000	215,000

Net Income per Share - Computation of Diluted Net Income Per Share (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands

3 Months Ended

Mar. 27, 2021

Mar. 28, 2020

Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]

Earnings to Common Shareholders, As reported - basic

$ 65,565

$ 18,234

Weighted-average number of common shares — basic

12,271

12,157

EPS, As reported - basic

$ 5.34

$ 1.50

Add: effect of dilutive potential common shares Share-based awards

162

116

Earnings to Common Shareholders, Net effect of unvested participating shares

$ 299

$ 1

Common Shares, Net effect of unvested participating shares

Earnings to Common Shareholders, Net income per common share — diluted

$ 65,565

$ 18,104

Common Shares, Net income per common share — diluted

12,457

12,186

EPS, Net income per common share — diluted

$ 5.26

$ 1.49

Common Class A

Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]

Earnings to Common Shareholders, As reported - basic

$ 53,628

$ 14,136

Weighted-average number of common shares — basic

10,037

9,425

EPS, As reported - basic

$ 5.34

$ 1.50

Common Class B

Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]

Earnings to Common Shareholders, As reported - basic

$ 11,638

$ 3,967

Weighted-average number of common shares — basic

^[1]

2,178

2,645

EPS, As reported - basic

$ 5.34

$ 1.50

Earnings to Common Shareholders, Class B Common Stock

$ 11,638

$ 3,967

Class B Common Stock

2,178

2,645

[1]	Change in Class B Common Stock resulted from the conversion of 215,000 shares to Class A Common Stock on May 6, 2020 and 130,000 shares to Class A Common Stock on November 3, 2020 with the ending number of shares reflecting the weighted average for the period.

Commitments and Contingencies - Summary of Non-cancelable Contractual Obligations (Detail) $ in Thousands	Mar. 27, 2021 USD ($)
Long-term Purchase Commitment [Line Items]
Commitments	$ 336,875
Equipment and machinery
Long-term Purchase Commitment [Line Items]
Commitments	86,645
Brand Support
Long-term Purchase Commitment [Line Items]
Commitments	104,494
Ingredients (excluding hops and malt)
Long-term Purchase Commitment [Line Items]
Commitments	82,902
Hops and Malt
Long-term Purchase Commitment [Line Items]
Commitments	47,658
Other
Long-term Purchase Commitment [Line Items]
Commitments	$ 15,176

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended
	Mar. 26, 2021	Mar. 27, 2021	Mar. 28, 2020	Dec. 26, 2020
Income Taxes [Line Items]
Unrecognized income tax benefits		$ 800		$ 800
Accrued interest and penalties		200		$ 200
Tax benefit of improvements to employee share-based payment		8,615	$ 2,004
ASU 2016-09
Income Taxes [Line Items]
Tax benefit of improvements to employee share-based payment	$ 6,600	$ 8,600	$ 2,000
Effective Income Tax Rate Reconciliation, Percent, Total		25.60%	23.60%
State and Local Jurisdiction
Income Taxes [Line Items]
Income tax return examination		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.
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

Income Taxes - Summary of Income Tax Provision (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Summary of income tax provision
Tax provision based on net income	$ 19,613	$ 5,005
Benefit of ASU 2016-09	(8,615)	(2,004)
Total income tax provision	$ 10,998	$ 3,001

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Revolving Line of Credit - Additional Information (Detail) - Revolving Credit Facility - USD ($) $ in Millions	1 Months Ended
	Mar. 31, 2018	Mar. 27, 2021
Debt Instrument [Line Items]
Line of credit, current borrowing capacity	$ 150.0	$ 150.0
Line of credit, expiration date	Mar. 31, 2023

Fair Value Measures - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 27, 2021	Dec. 26, 2020
Fair Value Disclosures [Abstract]
Cash and cash equivalents	$ 144,658	$ 163,282
Money market fund	$ 140,600	$ 157,600

Common Stock and Stock-Based Compensation - Summary of Stock Options under Employee Equity Incentive Plan and Stock Option Plan for Non-Employee Directors (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 27, 2021 USD ($) $ / shares shares
Shares
Outstanding at beginning of period \| shares	241,847
Granted \| shares	18,998
Exercised \| shares	(31,020)
Outstanding at end of period \| shares	229,825
Exercisable at end of period \| shares	81,710
Vested and expected to vest at end of period \| shares	210,570
Weighted-Average Exercise Price
Outstanding at beginning of period \| $ / shares	$ 228.58
Granted \| $ / shares	1,028.71
Exercised \| $ / shares	195.05
Outstanding at end of period \| $ / shares	229.25
Exercisable at end of period \| $ / shares	214.22
Vested and expected to vest at end of period \| $ / shares	$ 294.96
Weighted-Average Remaining Contractual Term
Outstanding at end of period	3 years 3 months 18 days
Exercisable at end of period	3 years 3 months 18 days
Vested and expected to vest at end of period	3 years 3 months 18 days
Aggregate Intrinsic Value
Outstanding at end of period \| $	$ 120,540
Exercisable at end of period \| $	197,820
Vested and expected to vest at end of period \| $	$ 182,149

Common Stock and Stock-Based Compensation - Additional Information (Detail) - $ / shares					3 Months Ended
	Mar. 01, 2021	Mar. 01, 2020	Mar. 01, 2019	Jan. 01, 2019	Mar. 27, 2021	Dec. 26, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option outstanding					229,825	241,847
Other than options granted in period					17,632
Weighted average fair value of stock awards					$ 880.81
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options granted in period	7,817
Vesting period	4 years	4 years	4 years	5 years
Weighted average fair value of stock awards	$ 1,028.71
Restricted Stock Awards \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options granted in period		4,861
Vesting period		5 years
Service-Based Stock Options \| Employee Stock Compensation Plan \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period	10,935
Options granted in period - weighted average fair value	$ 457.25
Performance Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option outstanding					23,019
Total shares outstanding					2,696
Performance Based Awards \| Employee Stock Compensation Plan \| Senior Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period	8,063
Options granted in period - weighted average fair value	$ 449.93
Investment Share Program \| Employee Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares employees elected to purchase	4,954
Weighted average fair value of stock awards	$ 502.32

Common Stock and Stock-Based Compensation - Summary Of Weighted Average Assumptions used to Estimate Fair Value of Stock Options (Detail)	3 Months Ended
	Mar. 27, 2021 Time
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected Volatility	36.10%
Risk-free interest rate	1.40%
Expected Dividends	0.00%
Exercise factor	2.5
Discount for post-vesting restrictions	0.00%

Common Stock and Stock-Based Compensation - Summary of Vesting Activities of Shares Issued Under Investment Share Program and Restricted Stock Awards (Detail)	3 Months Ended
	Mar. 27, 2021 $ / shares shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Non-vested at beginning of period \| shares	114,316
Granted \| shares	17,632
Vested \| shares	(22,885)
Forfeited \| shares	(196)
Non-vested at end of period \| shares	108,867
Non-vested at beginning of period \| $ / shares	$ 263.47
Granted \| $ / shares	880.81
Vested \| $ / shares	221.81
Forfeited \| $ / shares	150.24
Non-vested at end of period \| $ / shares	$ 373.08

Common Stock and Stock-Based Compensation - Stock-Based Compensation Expense Included in Operating Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 27, 2021	Mar. 28, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 4,957	$ 2,566
Advertising, promotional and selling expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,672	705
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 3,285	$ 1,861

Related Party Transactions - Additional Information (Detail) - Dogfish Head Brewery	3 Months Ended
	Mar. 27, 2021 USD ($)
Related Party Transaction [Line Items]
Lease term of contract	10 years
Total payments due	$ 3,600,000
Related party expense	91,000
Transaction with related party expenses	$ 50,000