0000950170-21-002211 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 25, 2021	Oct. 15, 2021
Document Information [Line Items]
Document Transition Report	false
Document Quarterly Report	true
Document Type	10-Q
Document Period End Date	Sep. 25, 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	Q3
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		10,203,620
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,078,000

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 25, 2021	Dec. 26, 2020
Current Assets:
Cash and cash equivalents	$ 86,504	$ 163,282
Accounts receivable	83,121	78,358
Inventories	196,455	130,910
Prepaid expenses and other current assets	24,127	30,230
Income tax receivable	40,919	10,393
Total current assets	431,126	413,173
Property, plant and equipment, net	665,374	623,083
Operating right-of-use assets	54,485	58,483
Goodwill	112,529	112,529
Intangible assets	103,740	103,930
Third-party production prepayments	74,392	56,843
Other assets	21,880	10,784
Total assets	1,463,526	1,378,825
Current Liabilities:
Accounts payable	136,462	121,647
Accrued expenses and other current liabilities	140,712	129,544
Current operating lease liabilities	8,313	8,232
Total current liabilities	285,487	259,423
Deferred income taxes, net	83,350	92,665
Non-current operating lease liabilities	54,950	59,171
Other liabilities	10,361	10,599
Total liabilities	434,148	421,858
Commitments and Contingencies (See Note K)
Stockholders' Equity:
Additional paid-in capital	605,853	599,737
Accumulated other comprehensive loss	(243)	(252)
Retained earnings	423,645	357,360
Total stockholders' equity	1,029,378	956,967
Total liabilities and stockholders' equity	1,463,526	1,378,825
Common Class A
Stockholders' Equity:
Common Stock	102	100
Common Class B
Stockholders' Equity:
Common Stock	$ 21	$ 22

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 25, 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	10,165,710	10,004,681
Common Stock, shares outstanding	10,165,710	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	2,078,000	2,177,983
Common Stock, shares outstanding	2,078,000	2,177,983

Condensed Consolidated Statements of Comprehensive Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2021	Sep. 26, 2020	Sep. 25, 2021	Sep. 26, 2020
Income Statement [Abstract]
Revenue	$ 599,971	$ 525,249	$ 1,822,994	$ 1,358,563
Less excise taxes	38,328	32,457	113,466	83,068
Net revenue	561,643	492,792	1,709,528	1,275,495
Cost of goods sold	388,947	252,207	1,011,513	677,313
Gross profit	172,696	240,585	698,015	598,182
Operating expenses:
Advertising, promotional and selling expenses	166,817	108,023	469,296	306,250
General and administrative expenses	32,066	30,340	96,973	87,054
Contract termination costs and other	35,428		35,428
Impairment of assets	14,158	441	15,389	2,796
Total operating expenses	248,469	138,804	617,086	396,100
Operating (loss) income	(75,773)	101,781	80,929	202,082
Other (expense) income:
Interest expense	(26)	(20)	(84)	(169)
Other (expense) income, net	(657)	190	(655)	(222)
Total other (expense) income, net	(683)	170	(739)	(391)
(Loss) income before income tax (benefit) provision	(76,456)	101,951	80,190	201,691
Income tax (benefit) provision	(18,035)	21,183	13,852	42,548
Net (loss) income	$ (58,421)	$ 80,768	$ 66,338	$ 159,143
Net (loss) income per common share - basic	$ (4.76)	$ 6.61	$ 5.40	$ 13.05
Net (loss) income per common share - diluted	$ (4.76)	$ 6.51	$ 5.33	$ 12.90
Weighted-average number of common shares - basic	12,282	12,221	12,279	12,191
Weighted-average number of common shares - diluted	12,282	12,333	12,450	12,259
Net (loss) income	$ (58,421)	$ 80,768	$ 66,338	$ 159,143
Other comprehensive (loss) income:
Foreign currency translation adjustment	(26)	61	9	(10)
Defined benefit plans liability adjustment		1,117		1,117
Total other comprehensive (loss) income, net of tax	(26)	1,178	9	1,107
Comprehensive (loss) income	$ (58,447)	$ 81,946	$ 66,347	$ 160,250

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 25, 2021	Sep. 26, 2020
Cash flows provided by operating activities:
Net income	$ 66,338	$ 159,143
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	52,953	48,937
Impairment of assets	15,389	2,796
Gain on disposal of property, plant and equipment	(202)	(173)
Change in right-of-use assets	5,959	5,465
Other non-cash (income) expense	(92)	746
Stock-based compensation expense	14,002	10,735
Deferred income taxes	(9,370)	14,160
Changes in operating assets and liabilities:
Accounts receivable	(5,184)	(39,775)
Inventories	(71,104)	(23,072)
Prepaid expenses, income tax receivable and other current assets	(39,239)	43
Third-party production prepayments	(2,733)	(21,397)
Other assets	(5,682)	(516)
Accounts payable	17,781	33,020
Accrued expenses and other current liabilities	18,127	18,024
Change in operating lease liabilities	(6,102)	(1,887)
Other liabilities	124	2,671
Net cash provided by operating activities	50,965	208,920
Cash flows used in investing activities:
Purchases of property, plant and equipment	(120,887)	(100,341)
Proceeds from disposal of property, plant and equipment	1,142	72
Other investing activities	145	392
Net cash used in investing activities	(119,600)	(99,877)
Cash flows (used in) provided by financing activities:
Proceeds from exercise of stock options and sale of investment shares	8,571	14,015
Net cash paid on note payable and finance leases	(1,181)	(906)
Cash borrowed on line of credit		100,000
Cash paid on line of credit		(100,000)
Payment of tax withholding on stock-based payment awards and investment shares	(15,533)	(1,692)
Net cash (used in) provided by financing activities	(8,143)	11,417
Change in cash and cash equivalents	(76,778)	120,460
Cash and cash equivalents at beginning of year	163,282	36,670
Cash and cash equivalents at end of period	86,504	157,130
Supplemental disclosure of cash flow information:
Income taxes paid	53,712	17,309
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows from operating leases	7,823	6,949
Operating cash flows from finance leases	95	106
Financing cash flows from finance leases	1,110	838
Right-of-use-assets obtained in exchange for operating lease obligations	1,961	11,698
Right-of-use-assets obtained in exchange for finance lease obligations	472	2,689
Change in purchase of property, plant and equipment in accounts payable and accrued expenses	$ (10,489)	$ (3,390)

Condensed 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 (loss) 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. 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 (loss) income	159,143
Defined benefit plan liability adjustment, net of tax	1,117
Foreign currency translation adjustment	(10)
Balance at Sep. 26, 2020	918,530		$ 99	$ 23	594,427	(562)	324,543
Balance (in shares) at Sep. 26, 2020			9,869,000	2,308,000
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
Net (loss) income	60,141						60,141
Stock options exercised and restricted shares activities	4,582				4,582
Stock options exercised and restricted shares activities (in shares)			61,000
Stock-based compensation expense	4,537				4,537
Conversion from Class B to Class A			$ 2	$ (2)
Conversion from Class B to Class A (in shares)			215,000	(215,000)
Foreign currency translation adjustment	(13)					(13)
Balance at Jun. 27, 2020	827,483		$ 98	$ 23	585,327	(1,740)	243,775
Balance (in shares) at Jun. 27, 2020			9,835,000	2,308,000
Net (loss) income	80,768						80,768
Stock options exercised and restricted shares activities	5,469		$ 1		5,468
Stock options exercised and restricted shares activities (in shares)			34,000
Stock-based compensation expense	3,632				3,632
Defined benefit plan liability adjustment, net of tax	1,117					1,117
Foreign currency translation adjustment	61					61
Balance at Sep. 26, 2020	918,530		$ 99	$ 23	594,427	(562)	324,543
Balance (in shares) at Sep. 26, 2020			9,869,000	2,308,000
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 (loss) 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)			48,000
Stock-based compensation expense	4,957				4,957
Accounting Standards Update [Extensible List]		ASU 2019-12						ASU 2019-12
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
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 (loss) income	$ 66,338
Stock options exercised and restricted shares activities (in shares)	32,835
Foreign currency translation adjustment	$ 9
Balance at Sep. 25, 2021	1,029,378		$ 102	$ 21	605,853	(243)	423,645
Balance (in shares) at Sep. 25, 2021			10,166,000	2,078,000
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
Net (loss) income	59,195						59,195
Stock options exercised and restricted shares activities	(9,133)				(9,133)
Stock options exercised and restricted shares activities (in shares)			13,000
Stock-based compensation expense	5,334				5,334
Conversion from Class B to Class A			$ 1	$ (1)
Conversion from Class B to Class A (in shares)			100,000	(100,000)
Foreign currency translation adjustment	15					15
Balance at Jun. 26, 2021	1,084,135		$ 102	$ 21	602,163	(217)	482,066
Balance (in shares) at Jun. 26, 2021			10,166,000	2,078,000
Net (loss) income	(58,421)						(58,421)
Stock options exercised and restricted shares activities	(21)				(21)
Stock-based compensation expense	3,711				3,711
Foreign currency translation adjustment	(26)					(26)
Balance at Sep. 25, 2021	$ 1,029,378		$ 102	$ 21	$ 605,853	$ (243)	$ 423,645
Balance (in shares) at Sep. 25, 2021			10,166,000	2,078,000

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands	3 Months Ended
	Sep. 26, 2020 USD ($)
Statement of Stockholders' Equity [Abstract]
Defined benefit plans liability adjustment, tax	$ 378

Organization and Basis of Presentation

9 Months Ended

Sep. 25, 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”, “Dogfish Head® Craft Distillery”, “Angel City® Brewing Company”, “Coney Island® Brewing Company” and “American Fermentation Company”.

The accompanying unaudited condensed consolidated balance sheet as of September 25, 2021, and the unaudited condensed consolidated comprehensive statements of operations, stockholders’ equity, and cash flows for the interim periods ended September 25, 2021 and September 26, 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 condensed 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 condensed consolidated balance sheet as of September 25, 2021 and the results of its condensed consolidated operations, stockholders’ equity, and cash flows for the interim periods ended September 25, 2021 and September 26, 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. A reclassification has been made to the prior year’s condensed consolidated financial statements to conform to the current year’s presentation of third-party production prepayments. Refer to Note H of these condensed consolidated financial statements for further details.

Slowdown of the Hard Seltzer Market Impact

9 Months Ended

Sep. 25, 2021

Market Risk Benefit [Abstract]

Slowdown of the Hard Seltzer Market Impact

B. Slowdown of the Hard Seltzer Market Impact

During the thirteen weeks ended September 25, 2021, the market for hard seltzer products continued to experience decelerating growth trends. The slowdown in growth trends greatly impacted the Company's volume of production and shipments within the thirteen weeks ended September 25, 2021, as well as its projections for the future. The volume reduction resulted in several supply chain related costs recorded during the third quarter. These costs include provisions for excess and obsolete inventories, property, plant and equipment impairments, write-offs of third-party production prepayments and provisions for costs associated with the termination of various third-party production contracts.

During the thirteen weeks ended September 25, 2021, the Company recorded excess and obsolete inventory reserves and other inventory related costs totaling $54.3 million related specifically to a decline in future volume projections, inclusive of estimated destruction costs of $7.5 million. The reserves were recorded for inventory that the Company believes will expire, not be used or otherwise offer no net realizable value to the Company based on its current volume and production forecasts. These reserves were recorded for Truly finished goods inventory that is not expected to be sold prior to expiration, Truly packaging, Truly flavorings and other raw materials that are not projected to be used or will expire prior to being used in production. The actual write-offs and costs to destroy the inventory identified as excess and obsolete may vary from this estimate. The inventory related reserves were recorded within cost of goods sold for the thirteen and thirty-nine weeks ended September 25, 2021.

The Company has several third-party production agreements in place to meet the expected increased demand for Truly. Due to the volume slowdown, the Company determined that not all of these agreements are needed to meet adjusted demand. Several of these agreements included guaranteed payments and payments for capital expenditures incurred by the third-parties that the Company is still obligated to pay. The Company recorded contract termination costs totaling $19.6 million in the thirteen weeks ended September 25, 2021 to terminate certain third-party production agreements which are recorded within contract termination costs and other for the thirteen and thirty-nine weeks ended September 25, 2021. Additionally, the Company wrote off $9.5 million relating to amounts prepaid pursuant to a third-party production agreement under which the Company has no future plans to utilize.

Due to the reduction in its production volume projections, the Company evaluated its construction in progress capital projects to determine if the assets would generate future economic benefits and concluded that certain projects were impaired. The Company recognized impairment expense of $12.7 million related to projects that will be cancelled due to the volume slowdown. Additionally, the Company recognized a provision of $6.3 million for amounts owed to third-parties under non-cancellable purchase orders for

components of the cancelled projects which was recorded within contract termination costs and other for the thirteen and thirty-nine weeks ended September 25, 2021.

The combined expense of $102.4 million recognized for the above items contributed to the Company's operating loss for the thirteen weeks ended September 25, 2021. The Company does expect to incur shortfall fees at certain of its ongoing third-party production facilities. These shortfall fees have been factored into the Company's estimates of future performance and financial outlook and are explained in greater detail within Note H of these financial statements.

COVID-19 Pandemic

9 Months Ended

Sep. 25, 2021

Covid Nineteen Pandemic [Abstract]

COVID-19 Pandemic

C. 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. In the first three quarters of 2020, the Company recorded COVID-19 related pre-tax reductions in net revenue and increases in other costs that total $14.2 million of which $10.0 million was recorded in the first quarter, $4.1 million was recorded in the second quarter and $0.1 million was recorded in the third quarter. The total amount consists of a $3.4 million reduction in net revenue for estimated keg returns from distributors and retailers and $10.8 million for inventory write-downs for obsolescence, increased costs for health and safety, increased salaries and benefits and other COVID-19 related direct costs, of which $7.4 million are recorded in cost of goods sold and $3.4 million are recorded in operating expenses. In 2021 and going forward, the Company will not report COVID-19 related direct costs separately as they are viewed to be a normal part of operations.

Goodwill and Intangible Assets

9 Months Ended

Sep. 25, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

D. Goodwill and Intangible Assets

There were no changes in the carrying value of goodwill during the thirteen or thirty-nine weeks ended September 25, 2021 and September 26, 2020.

The Company’s intangible assets as of September 25, 2021 and December 26, 2020 were as follows:


			As of September 25, 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	$	(570	)	$	3,230	$	3,800	$	(380	)	$	3,420
Trade Names	Indefinite			100,510		—			100,510		100,510		—			100,510
Total intangible assets			$	104,310	$	(570	)	$	103,740	$	104,310	$	(380	)	$	103,930

The Company acquired intangible assets in fiscal year 2019 that consist 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 is amortized on a straight-line basis over a 15 year useful life. Amortization expense in the thirteen and thirty-nine weeks ended September 25, 2021 was approximately $63,000 and $190,000, respectively. 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	$	63
2022		253
2023		253
2024		253
2025		253
2026		253

Recent Accounting Pronouncements

9 Months Ended

Sep. 25, 2021

Recent Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements

E. 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

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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

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+ Details

Revenue Recognition

9 Months Ended

Sep. 25, 2021

Disaggregation of Revenue [Abstract]

Revenue Recognition

F. Revenue Recognition

During the thirty-nine weeks ended September 25, 2021 and September 26, 2020, approximately 95% of the Company’s revenue was from shipments of its products to domestic distributors, 4% 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.

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 September 25, 2021 and December 26, 2020, the Company has deferred $10.4 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 condensed 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 $17.5 million and $59.3 million for the thirteen and thirty-nine weeks ended September 25, 2021, respectively, and were $19.0 million and $47.6 million for the thirteen and thirty-nine weeks ended September 26, 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 and thirty-nine weeks ended September 25, 2021 were $12.2 million and $35.5 million, respectively. For the thirteen and thirty-nine weeks ended September 25, 2021 the Company recorded certain of these costs in the total amounts of $9.8 million and $29.9 million, respectively, as reductions to net revenue. Amounts paid to customers in connection with these programs for the thirteen and thirty-nine weeks ended September 26, 2020 were $7.5 million and $16.9 million, respectively. For the thirteen and thirty-nine weeks ended September 26, 2020, the Company recorded certain of these costs in the total amount of $6.9 million and $15.9 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.

- 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
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Inventories

9 Months Ended

Sep. 25, 2021

Inventory Disclosure [Abstract]

Inventories

G. 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:


	September 25, 2021		December 26, 2020
	(in thousands)
Current inventory:
Raw materials	$	84,500	$	69,272
Work in process		20,021		16,846
Finished goods		91,934		44,792
Total current inventory		196,455		130,910
Long term inventory		15,198		9,639
Total inventory	$	211,653	$	140,549

As of September 25, 2021 and December 26, 2020, the Company has recorded inventory obsolescence reserves of $53.7 million and $6.3 million, respectively. The increase in inventory obsolescence was related to hard seltzer inventory that the Company believes will expire, not be used or otherwise offer no net realizable value to the Company based on its current volume and production forecasts. Refer to Note B of these condensed consolidated financial statements for further details.

Third-Party Production Prepayments

9 Months Ended

Sep. 25, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Third-Party Production Prepayments

H. Third-Party Production Prepayments

During the thirty-nine weeks ended September 25, 2021, the Company brewed and packaged approximately 54% 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. Total third-party production prepayments were as follows:


	September 25, 2021		December 26, 2020
	(in thousands)
Prepaid expenses and other current assets	$	-	$	14,816
Third-party production prepayments		74,392		56,843
Total third-party production prepayments	$	74,392	$	71,659

Effective March 27, 2021, the Company began classifying third-party production prepayments solely as non-current assets and reclassed the $14.8 million of third-party production prepayments at December 26, 2020 from current assets to non-current assets. The Company will expense the total prepaid amount of $74.4 million as of September 25, 2021 as a component of cost of goods sold over the contractual period ending December 31, 2025.

During the thirteen weeks ended September 25, 2021, as a result of lower than anticipated demand for certain Truly brand styles and packages, the Company adjusted its volume plans for production at certain third-party facilities. The Company terminated relationships with some of its third-party production suppliers and recorded $19.6 million of costs related to terminating these contracts. In addition, the Company wrote off $9.5 million relating to amounts prepaid pursuant to a third-party production agreement under which the Company has no future plans to utilize. Refer to Note B of these condensed consolidated financial statements for further details.

During the thirty-nine weeks ended September 25, 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 became effective during the thirteen weeks ended June 26, 2021, upon the closing of the purchase of the new location by the third-party brewing services provider. As part of the master transaction agreement, the Company paid $10.0 million for capital improvements at the new location, which is included within the third-party production prepayments balance as of September 25, 2021. The Company is required to pay an additional $17.9 million to ensure access to capacity once certain conditions are met of which $10.4 million was paid in early October 2021 and the remainder is expected to be paid later in the fourth quarter of 2021. The agreement additionally includes monthly shortfall fees beginning January 1, 2023.

At current production volume projections the Company believes that it will fall short of its future annual volume commitments at certain third-party production facilities, including those that are part of the master transaction agreement described above, and will incur shortfall fees. The Company will expense the shortfall fees during the contractual period when such fees are incurred as a component of cost of goods sold. As of September 25, 2021, if volume for the remaining term of the production arrangements was zero, the contractual shortfall fees would total approximately $175 million over the duration of the contracts which have expiration dates through December 31, 2028. At current volume projections the Company anticipates that it will recognize approximately $57 million of shortfall fees and expects to record those expenses as follows over the remaining current year and the five subsequent years:


	Expected Shortfall Fees to be Incurred
	(in millions)
2021	$	1
2022		15
2023		19
2024		13
2025		8
Thereafter		1
Total shortfall fees expected to be incurred	$	57

Net (Loss) Income per Share

9 Months Ended

Sep. 25, 2021

Earnings Per Share [Abstract]

Net (Loss) Income per Share

I. Net (Loss) Income per Share

The Company calculates net (loss) income per share using the two-class method, which requires the Company to allocate net (loss) 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 (loss) 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 N for a discussion of the current year unvested stock awards and issuances.

Included in the computation of net (loss) 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 (Loss) Income per Common Share - Basic

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


	Thirteen weeks ended					Thirty-nine weeks ended
	September 25, 2021			September 26, 2020		September 25, 2021		September 26, 2020
	(in thousands, except per share data)					(in thousands, except per share data)
Net (loss) income	$	(58,421	)	$	80,768	$	66,338	$	159,143
Allocation of net (loss) income for basic:
Class A Common Stock	$	(48,356	)	$	65,074	$	54,586	$	126,146
Class B Common Stock		(9,885	)		15,254		11,502		31,996
Unvested participating shares		(180	)		440		250		1,001
	$	(58,421	)	$	80,768	$	66,338	$	159,143
Weighted average number of shares for basic:
Class A Common Stock		10,166			9,846		10,103		9,663
Class B Common Stock*		2,078			2,308		2,129		2,451
Unvested participating shares		38			67		47		77
		12,282			12,221		12,279		12,191
Net (loss) income per share for basic:
Class A Common Stock	$	(4.76	)	$	6.61	$	5.40	$	13.05
Class B Common Stock	$	(4.76	)	$	6.61	$	5.40	$	13.05

*Change in Class B Common Stock resulted from the conversion of 130,000 shares to Class A Common Stock on November 3, 2020 and 99,983 shares to Class A Common Stock on May 14, 2021 with the ending number of shares reflecting the weighted average for the period.

Net (Loss) Income per Common Share - Diluted

The Company calculates diluted net (loss) 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 (loss) income per share, assuming the conversion of all Class B Common Stock into Class A Common Stock for the thirteen and thirty-nine weeks ended September 25, 2021 and for the thirteen and thirty-nine weeks ended September 26, 2020:


	Thirteen weeks ended
	September 25, 2021								September 26, 2020
	Loss to Common Shareholders			Common Shares		EPS			Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	(48,356	)		10,166	$	(4.76	)	$	65,074		9,846	$	6.61
Add: effect of dilutive potential common shares
Share-based awards		—			—					—		179
Class B Common Stock		(9,885	)		2,078					15,254		2,308
Net effect of unvested participating shares		(180	)		38					6		—
Net (loss) income per common share - diluted	$	(58,421	)		12,282	$	(4.76	)	$	80,334		12,333	$	6.51


	Thirty-nine weeks ended
	September 25, 2021								September 26, 2020
	Earnings to Common Shareholders			Common Shares		EPS			Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	54,586			10,103	$	5.40		$	126,146		9,663	$	13.05
Add: effect of dilutive potential common shares
Share-based awards		—			151					—		145
Class B Common Stock		11,502			2,129					31,996		2,451
Net effect of unvested participating shares	250				67					12		—
Net income per common share - diluted	$	66,338			12,450	$	5.33		$	158,154		12,259	$	12.90

For the thirteen weeks ended September 25, 2021 approximately 182,000 unvested or unexercised securities were excluded from the computation of diluted shares because the net loss position of the Company made them antidilutive. During the thirty-nine weeks ended September 25, 2021, in accordance with the treasury stock method, weighted-average stock options to purchase approximately 16,000 shares of Class A Common stock were outstanding 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 0 and 1,000 shares of Class A Common Stock were outstanding during the thirteen and thirty-nine weeks ended September 26, 2020 but not included in computing dilutive income per common share because their effects were anti-dilutive.

Comprehensive Income or Loss

9 Months Ended

Sep. 25, 2021

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Comprehensive Income or Loss

J. Comprehensive Income or Loss

Comprehensive income or loss represents net income or loss, plus a defined benefit plans liability adjustment, net of tax effect, and foreign currency translation adjustment. The foreign currency translation adjustments for the interim periods ended September 25, 2021 and September 26, 2020 were not material. During the thirteen weeks ended September 26, 2020, the Company incurred a $1.1 million settlement loss, net of tax, as a result of terminating a defined benefit plan.

Commitments and Contingencies

9 Months Ended

Sep. 25, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

K. Commitments and Contingencies

Contract Obligations

As of September 25, 2021, projected cash outflows under non-cancelable contractual obligations are as follows:


	Commitments
	(in thousands)
Ingredients (excluding hops and malt)	$	138,401
Brand support		67,847
Hops and malt		47,159
Equipment and machinery		34,368
Packaging		25,489
Other		10,082
Total commitments	$	323,346

The majority of these contract obligations are for the 2021 fiscal year with the remainder extending no later than the 2025 fiscal year.

Litigation

The Company is and in the future may be party to legal proceedings and claims, including class action claims, where significant damages are asserted against it. Given the inherent uncertainty of litigation, it is possible that the Company could incur liabilities as a consequence of these claims, which may or may not have a material adverse effect on the Company’s financial condition or the results of its operations. The Company has contingencies and may record provisions for which, even if in the opinion of management and its legal counsel, the risk of loss is probable and estimable. The most significant contingencies are discussed below.

Securities Litigation. On September 14, 2021, a purported class action lawsuit was filed by an individual shareholder in the United States District Court for the Southern District of New York against the Company and three of its officers. The complaint alleges claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 between April 22, 2021 and September 8, 2021. The plaintiff claims that defendants made materially false and/or misleading statements or failed to disclose material adverse facts about the Company’s business, operations, and prospects. On October 8, 2021, a nearly identical complaint was filed against the Company by an individual shareholder in the United States District Court for the Southern District of New York. The Company intends to vigorously defend against these lawsuits. A range of potential loss is not estimable at this time.

False Advertising. On August 26, 2021, a proposed class action lawsuit was filed by two individuals in the United States District Court for the Southern District of California against the Company. The complaint alleges claims for false advertising, breach of warranty, unlawful business practices, unfair competition, and violations of certain California and New York consumer protection acts. The plaintiff claims that the Company falsely or misleadingly labelled its Truly products with respect to the ingredients contained therein. The Company intends to vigorously assert and defend its rights in this lawsuit. A range of potential loss is not estimable at this time.

Income Taxes

9 Months Ended

Sep. 25, 2021

Income Tax Disclosure [Abstract]

Income Taxes

L. Income Taxes

As of September 25, 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 September 25, 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 not currently under any income tax audits as of September 25, 2021.

The following table provides a summary of the income tax (benefit) provision for the thirteen and thirty-nine weeks ended September 25, 2021 and September 26, 2020:


	Thirteen weeks ended
	September 25, 2021			September 26, 2020
	(in thousands)
Summary of income tax (benefit) provision
Tax (benefit) provision based on net (loss) income	$	(17,772	)	$	26,325
Benefit of ASU 2016-09		(263	)		(5,142	)
Total income tax (benefit) provision	$	(18,035	)	$	21,183

	Thirty-nine weeks ended
	September 25, 2021			September 26, 2020
	(in thousands)
Summary of income tax provision
Tax provision based on net income	$	23,156		$	52,029
Benefit of ASU 2016-09		(9,304	)		(9,481	)
Total income tax provision	$	13,852		$	42,548

The benefit of ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, decreased by $4.8 million to $0.3 million for the thirteen weeks ended September 25, 2021 as compared to $5.1 million for the thirteen weeks ended September 26, 2020, primarily due to decreases in number of shares exercised. The benefit of ASU 2016-09, decreased by $0.2 million to $9.3 million for the thirty-nine weeks ended September 25, 2021 as compared to $9.5 million for the thirty-nine weeks ended September 26, 2020, primarily due to decreases in number of shares exercised.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revolving Line of Credit	9 Months Ended
Revolving Line of Credit	Sep. 25, 2021
Debt Disclosure [Abstract]
Revolving Line of Credit	M. 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 September 25, 2021, the Company was in compliance with all 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.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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+ Details

Fair Value Measures

9 Months Ended

Sep. 25, 2021

Fair Value Disclosures [Abstract]

Fair Value Measures

N. 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 September 25, 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 September 25, 2021 and December 26, 2020, the Company’s cash and cash equivalents balance was $86.5 million and $163.3 million, respectively, including money market funds amounting to $83.0 million and $157.6 million, respectively.

During the thirteen weeks ended September 25, 2021, the Company determined that it would be unable to use or repurpose certain of its in-service and under construction capital projects to generate future economic benefits. Accordingly, property, plant and equipment with a carrying value of $17.8 million was written down to its estimated fair value of $5.1 million. This $12.7 million charge was included within asset impairments for the thirteen and thirty-nine weeks ended September 25, 2021. The estimate of fair value was determined based on the expected salvage value of the assets. Also relating to discontinued capital projects, the Company recognized a provision of $6.3 million for amounts owed to third-parties under non-cancellable purchase orders for components of the capital projects which were determined to have no future economic benefit. Refer to Note B of these financial statements for further details.

- 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

9 Months Ended

Sep. 25, 2021

Share-based Payment Arrangement [Abstract]

Common Stock and Stock-Based Compensation

O. 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		20,420			1,031.01
Forfeited		-			-
Expired		-			-
Exercised		(32,835	)		197.25
Outstanding at September 25, 2021		229,432		$	304.49		5.68	$	59,372
Exercisable at September 25, 2021		81,317		$	228.58		4.82	$	24,398
Vested and expected to vest at September 25, 2021		210,177		$	300.67		5.64	$	54,825

Of the total options outstanding at September 25, 2021, 30,049 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.

On May 19, 2021, the Company granted options to purchase an aggregate of 1,422 shares of the Company’s Class A Common Stock to the Company’s non-employee Directors. These options have a weighted average fair value of $484.33 per share. All of the options vested immediately on the date of the grant.

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		1.5	%
Expected Dividends		0.0	%
Exercise factor	2.6 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		17,821			877.10
Vested		(42,019	)		227.46
Forfeited		(1,000	)		370.68
Non-vested at September 25, 2021		89,118		$	402.77

Of the total shares outstanding at September 25, 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 condensed consolidated statements of comprehensive operations:


	Thirteen weeks ended				Thirty-nine weeks ended
	September 25, 2021		September 26, 2020		September 25, 2021		September 26, 2020
	(in thousands)				(in thousands)
Amounts included in advertising, promotional and selling expenses	$	1,064	$	1,203	$	4,004	$	3,054
Amounts included in general and administrative expenses		2,647		2,429		9,998		7,681
Total stock-based compensation expense	$	3,711	$	3,632	$	14,002	$	10,735

Licensing Agreements

9 Months Ended

Sep. 25, 2021

Licensing agreements

Licensing Agreements

P. Licensing Agreements

Beam Suntory Licensing Agreement

On July 14, 2021, the Company signed two agreements with Jim Beam Brands Co. (“Jim Beam”) to develop, market and sell alcohol beverages. These agreements are perpetual, with regular assessments of the partnership performance every 5 years, beginning in Year 5, giving rise to the option to continue agreement terms or terminate the partnership. Under the first of these agreements, the Company is responsible for developing and bringing to market through its distribution network one or more flavored malt beverage products under brand name(s) from the Jim Beam portfolio, beginning with the Sauza brand. Under the second agreement, Jim Beam is responsible for developing and bringing to market through its distribution network one or more full bottled distilled spirits products under brand(s) from the Company’s portfolio, beginning with the Truly brand. The parties expect to begin shipping beverages to customers under these agreements in early 2022.

Pepsi Licensing Agreement

On August 9, 2021, the Company signed an agreement with PepsiCo, Inc. (“Pepsi”) to develop, market and sell alcohol beverages. The term of this agreement is perpetual, with provisions to terminate within the initial 2-years for a limited number of reasons. Under this agreement the Company is responsible for developing, manufacturing, and marketing a flavored malt beverage product under Pepsi’s MTN DEW® brand. As part of the agreement, Pepsi provides certain proprietary ingredients and licenses the Company to use its MTN DEW® and Hard MTN DEW® trademarks in connection with manufacturing, promoting, marketing, and distributing the developed product through the Pepsi distribution network. The Company retains the right to distribute the developed product through its own distribution network for the on-premise channel. The parties expect to begin shipping beverages to customers under this agreement in early 2022.

Related Party Transactions

9 Months Ended

Sep. 25, 2021

Related Party Transactions

Q. Related Party Transactions

In connection with the Dogfish Head Transaction, the Company entered into 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 and thirty-nine weeks ended September 25, 2021 related to the lease was approximately $91,000 and $274,000, respectively. Additionally, during the thirteen and thirty-nine weeks ended September 25, 2021, the Company incurred expenses of less than $22,000 and $72,000, respectively, to various other suppliers affiliated with the Dogfish Head founders.

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 25, 2021
Subsequent Events [Abstract]
Subsequent Events	. Subsequent Events The Company evaluated subsequent events occurring after the balance sheet date 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 condensed consolidated financial statements.

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 25, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets

The Company’s intangible assets as of September 25, 2021 and December 26, 2020 were as follows:


			As of September 25, 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	$	(570	)	$	3,230	$	3,800	$	(380	)	$	3,420
Trade Names	Indefinite			100,510		—			100,510		100,510		—			100,510
Total intangible assets			$	104,310	$	(570	)	$	103,740	$	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	$	63
2022		253
2023		253
2024		253
2025		253
2026		253

Inventories (Tables)

9 Months Ended

Sep. 25, 2021

Inventory Disclosure [Abstract]

Components of Inventories

Inventories consist of the following:


	September 25, 2021		December 26, 2020
	(in thousands)
Current inventory:
Raw materials	$	84,500	$	69,272
Work in process		20,021		16,846
Finished goods		91,934		44,792
Total current inventory		196,455		130,910
Long term inventory		15,198		9,639
Total inventory	$	211,653	$	140,549

Third-Party Production Prepayments (Tables)

9 Months Ended

Sep. 25, 2021

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Third-Party Production Prepayments

Total third-party production prepayments were as follows:


	September 25, 2021		December 26, 2020
	(in thousands)
Prepaid expenses and other current assets	$	-	$	14,816
Third-party production prepayments		74,392		56,843
Total third-party production prepayments	$	74,392	$	71,659

Schedule of Expected Shortfall Fees to be Incurred

expects to record those expenses as follows over the remaining current year and the five subsequent years:


	Expected Shortfall Fees to be Incurred
	(in millions)
2021	$	1
2022		15
2023		19
2024		13
2025		8
Thereafter		1
Total shortfall fees expected to be incurred	$	57

Net (Loss) Income per Share (Tables)

9 Months Ended

Sep. 25, 2021

Earnings Per Share [Abstract]

Computation of (Loss) Earnings Per Share, Basic

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


	Thirteen weeks ended					Thirty-nine weeks ended
	September 25, 2021			September 26, 2020		September 25, 2021		September 26, 2020
	(in thousands, except per share data)					(in thousands, except per share data)
Net (loss) income	$	(58,421	)	$	80,768	$	66,338	$	159,143
Allocation of net (loss) income for basic:
Class A Common Stock	$	(48,356	)	$	65,074	$	54,586	$	126,146
Class B Common Stock		(9,885	)		15,254		11,502		31,996
Unvested participating shares		(180	)		440		250		1,001
	$	(58,421	)	$	80,768	$	66,338	$	159,143
Weighted average number of shares for basic:
Class A Common Stock		10,166			9,846		10,103		9,663
Class B Common Stock*		2,078			2,308		2,129		2,451
Unvested participating shares		38			67		47		77
		12,282			12,221		12,279		12,191
Net (loss) income per share for basic:
Class A Common Stock	$	(4.76	)	$	6.61	$	5.40	$	13.05
Class B Common Stock	$	(4.76	)	$	6.61	$	5.40	$	13.05

Computation of (Loss) Earnings Per Share, Diluted


	Thirteen weeks ended
	September 25, 2021								September 26, 2020
	Loss to Common Shareholders			Common Shares		EPS			Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	(48,356	)		10,166	$	(4.76	)	$	65,074		9,846	$	6.61
Add: effect of dilutive potential common shares
Share-based awards		—			—					—		179
Class B Common Stock		(9,885	)		2,078					15,254		2,308
Net effect of unvested participating shares		(180	)		38					6		—
Net (loss) income per common share - diluted	$	(58,421	)		12,282	$	(4.76	)	$	80,334		12,333	$	6.51


	Thirty-nine weeks ended
	September 25, 2021								September 26, 2020
	Earnings to Common Shareholders			Common Shares		EPS			Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	54,586			10,103	$	5.40		$	126,146		9,663	$	13.05
Add: effect of dilutive potential common shares
Share-based awards		—			151					—		145
Class B Common Stock		11,502			2,129					31,996		2,451
Net effect of unvested participating shares	250				67					12		—
Net income per common share - diluted	$	66,338			12,450	$	5.33		$	158,154		12,259	$	12.90

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 25, 2021

Commitments and Contingencies Disclosure [Abstract]

Non-cancelable Contractual Obligations

As of September 25, 2021, projected cash outflows under non-cancelable contractual obligations are as follows:


	Commitments
	(in thousands)
Ingredients (excluding hops and malt)	$	138,401
Brand support		67,847
Hops and malt		47,159
Equipment and machinery		34,368
Packaging		25,489
Other		10,082
Total commitments	$	323,346

Income Taxes (Tables)

9 Months Ended

Sep. 25, 2021

Income Tax Disclosure [Abstract]

Significant Components of Provision for Income Tax (benefit)

The following table provides a summary of the income tax (benefit) provision for the thirteen and thirty-nine weeks ended September 25, 2021 and September 26, 2020:


	Thirteen weeks ended
	September 25, 2021			September 26, 2020
	(in thousands)
Summary of income tax (benefit) provision
Tax (benefit) provision based on net (loss) income	$	(17,772	)	$	26,325
Benefit of ASU 2016-09		(263	)		(5,142	)
Total income tax (benefit) provision	$	(18,035	)	$	21,183

	Thirty-nine weeks ended
	September 25, 2021			September 26, 2020
	(in thousands)
Summary of income tax provision
Tax provision based on net income	$	23,156		$	52,029
Benefit of ASU 2016-09		(9,304	)		(9,481	)
Total income tax provision	$	13,852		$	42,548

Common Stock and Stock-Based Compensation (Tables)

9 Months Ended

Sep. 25, 2021

Share-based Payment Arrangement [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		20,420			1,031.01
Forfeited		-			-
Expired		-			-
Exercised		(32,835	)		197.25
Outstanding at September 25, 2021		229,432		$	304.49		5.68	$	59,372
Exercisable at September 25, 2021		81,317		$	228.58		4.82	$	24,398
Vested and expected to vest at September 25, 2021		210,177		$	300.67		5.64	$	54,825

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		1.5	%
Expected Dividends		0.0	%
Exercise factor	2.6 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		17,821			877.10
Vested		(42,019	)		227.46
Forfeited		(1,000	)		370.68
Non-vested at September 25, 2021		89,118		$	402.77

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 condensed consolidated statements of comprehensive operations:


	Thirteen weeks ended				Thirty-nine weeks ended
	September 25, 2021		September 26, 2020		September 25, 2021		September 26, 2020
	(in thousands)				(in thousands)
Amounts included in advertising, promotional and selling expenses	$	1,064	$	1,203	$	4,004	$	3,054
Amounts included in general and administrative expenses		2,647		2,429		9,998		7,681
Total stock-based compensation expense	$	3,711	$	3,632	$	14,002	$	10,735

Slowdown of the Hard Seltzer Market Impact - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2021	Sep. 26, 2020	Sep. 25, 2021	Sep. 26, 2020
Unusual Risk or Uncertainty [Line Items]
Assets write off	$ 14,158	$ 441	$ 15,389	$ 2,796
Hard Seltzer
Unusual Risk or Uncertainty [Line Items]
Excess and obsolete inventory reserves and other inventory related costs	54,300
Estimated destruction costs	7,500
Contract termination costs	19,600
Assets write off	9,500
Impairment expense related to cancelled projects	12,700		12,700
Provision for amounts owed to third-parties under non-cancellable purchase orders	6,300		$ 6,300
Combined expenses recognized	$ 102,400

COVID-19 Pandemic - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 25, 2021	Sep. 26, 2020	Jun. 27, 2020	Mar. 28, 2020	Sep. 25, 2021	Sep. 26, 2020
Reductions in net revenue and increases in other costs
Net effect of COVID-19 on revenue, cost of goods sold and operating expense	$ (75,773)	$ 101,781			$ 80,929	$ 202,082
Cost of goods sold	388,947	252,207			1,011,513	677,313
Operating expenses	$ 248,469	138,804			$ 617,086	396,100
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		$ 100	$ 4,100	$ 10,000		14,200
Reduction in net revenue						3,400
Other direct costs						10,800
Cost of goods sold						7,400
Operating expenses						$ 3,400

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 25, 2021	Sep. 26, 2020	Sep. 25, 2021	Sep. 26, 2020	Dec. 28, 2019
Goodwill, period increase (Decrease)	$ 0	$ 0	$ 0	$ 0
Intangible assets amortization	$ 63,000		$ 190,000
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	9 Months Ended
	Sep. 25, 2021	Dec. 26, 2020
Gross Carrying Value	$ 104,310	$ 104,310
Accumulated Amortization	(570)	(380)
Net Book Value	$ 103,740	103,930
Customer Relationships
Estimated Useful Life	15 years
Gross Carrying Value	$ 3,800	3,800
Accumulated Amortization	(570)	(380)
Net Book Value	3,230	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	Sep. 25, 2021 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2021	$ 63
2022	253
2023	253
2024	253
2025	253
2026	$ 253

Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 25, 2021	Mar. 27, 2021	Dec. 26, 2020
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Adoption of accounting standards, adjustment to retained earnings	$ 423,645		$ 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

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2021	Sep. 26, 2020	Sep. 25, 2021	Sep. 26, 2020	Dec. 26, 2020
Disaggregation Of Revenue [Line Items]
Sales to domestic distributors as a percentage of total sales	95.00%	95.00%	95.00%	95.00%
Sales to foreign distributors as a percentage of total sales	4.00%	4.00%	4.00%	4.00%
Sales to retail locations as a percentage of total sales	1.00%	1.00%	1.00%	1.00%
Deferred Revenue, Current	$ 10,400		$ 10,400		$ 13,900
Reimbursements for discounts to distributors	17,500	$ 19,000	59,300	$ 47,600
Advertising, promotional and selling expenses	166,817	108,023	469,296	306,250
Distributors
Disaggregation Of Revenue [Line Items]
Reduction in revenue related to advertising, promotional and selling expenses	9,800	6,900	29,900	15,900
Customers programs and incentives
Disaggregation Of Revenue [Line Items]
Advertising, promotional and selling expenses	$ 12,200	$ 7,500	$ 35,500	$ 16,900

Inventories - Additional Information (Details) - USD ($) $ in Millions	Sep. 25, 2021	Dec. 26, 2020
Inventory Disclosure [Abstract]
Inventory obsolescence reserves	$ 53.7	$ 6.3

Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands	Sep. 25, 2021	Dec. 26, 2020
Current inventory:
Raw materials	$ 84,500	$ 69,272
Work in process	20,021	16,846
Finished goods	91,934	44,792
Total current inventory	196,455	130,910
Long term inventory	15,198	9,639
Total inventory	$ 211,653	$ 140,549

Third-Party Production Prepayments (Detail) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 27, 2021	Oct. 31, 2021	Sep. 25, 2021	Sep. 26, 2020	Sep. 25, 2021	Sep. 26, 2020	Dec. 26, 2020
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percentage of brews and packages					54.00%
Total third-party production prepayments			$ 74,392		$ 74,392		$ 56,843
Reclassification of third-party prepayments from current assets to non-current assets	$ 14,800
Assets write off			14,158	$ 441	15,389	$ 2,796
Payments for capital improvements					10,000
Additional payment for accessing facility					17,900
Contractual shortfall fees					175,000
Expected shortfall fees			57,000		$ 57,000
Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Additional payment for accessing facility		$ 10,400
Third-party Production Facilities
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Assets write off			9,500
Contract termination costs			$ 19,600

Third- Party Production Prepayments - Schedule of Third-Party Production Prepayments (Detail) - USD ($) $ in Thousands	Sep. 25, 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	$ 74,392	56,843
Total third-party production prepayments	$ 74,392	$ 71,659

Third-Party Production Prepayments - Schedule of Expected Shortfall Fees to be Incurred (Detail) $ in Millions	Sep. 25, 2021 USD ($)
Contractual Obligation, Fiscal Year Maturity [Abstract]
2021	$ 1
2022	15
2023	19
2024	13
2025	8
Thereafter	1
Total shortfall fees expected to be incurred	$ 57

Net (Loss) Income per Share - Additional Information (Detail) - shares					3 Months Ended		9 Months Ended
	Mar. 01, 2021	Mar. 01, 2020	Mar. 01, 2019	Jan. 01, 2019	Sep. 25, 2021	Sep. 26, 2020	Sep. 25, 2021	Sep. 26, 2020
Common Class A
Earnings Per Share Note [Line Items]
Antidilutive securities excluded from computation of earnings per share						0	16,000	1,000
Unvested or Unexercised Securities
Earnings Per Share Note [Line Items]
Antidilutive securities excluded from computation of earnings per share					182,000
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

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

3 Months Ended

9 Months Ended

Sep. 25, 2021

Jun. 26, 2021

Mar. 27, 2021

Sep. 26, 2020

Jun. 27, 2020

Mar. 28, 2020

Sep. 25, 2021

Sep. 26, 2020

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

Net (loss) income

$ (58,421)

$ 59,195

$ 65,565

$ 80,768

$ 60,141

$ 18,234

$ 66,338

$ 159,143

Allocation of net (loss) income for basic:

Allocation of net (loss) income for basic common stock

$ (58,421)

$ 80,768

$ 66,338

$ 159,143

Weighted average number of shares for basic:

Weighted-average number of common shares — basic

12,282

12,221

12,279

12,191

Net (loss) income per share for basic:

Net (loss) income per common share - basic

$ (4.76)

$ 6.61

$ 5.40

$ 13.05

Common Class A

Allocation of net (loss) income for basic:

Allocation of net (loss) income for basic common stock

$ (48,356)

$ 65,074

$ 54,586

$ 126,146

Weighted average number of shares for basic:

Weighted-average number of common shares — basic

10,166

9,846

10,103

9,663

Net (loss) income per share for basic:

Net (loss) income per common share - basic

$ (4.76)

$ 6.61

$ 5.40

$ 13.05

Common Class B

Allocation of net (loss) income for basic:

Allocation of net (loss) income for basic common stock

$ (9,885)

$ 15,254

$ 11,502

$ 31,996

Weighted average number of shares for basic:

Weighted-average number of common shares — basic

^[1]

2,078

2,308

2,129

2,451

Net (loss) income per share for basic:

Net (loss) income per common share - basic

$ (4.76)

$ 6.61

$ 5.40

$ 13.05

Unvested participating shares

Allocation of net (loss) income for basic:

Allocation of net (loss) income for basic unvested participating shares

$ (180)

$ 440

$ 250

$ 1,001

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 130,000 shares to Class A Common Stock on November 3, 2020 and 99,983 shares to Class A Common Stock on May 14, 2021 with the ending number of shares reflecting the weighted average for the period.

Net (Loss) Income per Share - Computation of (Loss) Earnings Per Share, Basic (Parenthetical) (Detail) - shares	May 14, 2021	Nov. 03, 2020
Earnings Per Share [Abstract]
Conversion of Class B Common Stock into Class A Common Stock	99,983	130,000

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

3 Months Ended

9 Months Ended

Sep. 25, 2021

Sep. 26, 2020

Sep. 25, 2021

Sep. 26, 2020

Schedule Of Earnings Per Share Basic And Diluted By Common Class [Line Items]

Earnings (Loss) to Common Shareholders, As reported - basic

$ (58,421)

$ 80,768

$ 66,338

$ 159,143

Weighted-average number of common shares — basic

12,282

12,221

12,279

12,191

EPS, As reported - basic

$ (4.76)

$ 6.61

$ 5.40

$ 13.05

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

179

151

145

Earnings (Loss) to Common Shareholders, Net effect of unvested participating shares

$ (180)

$ 6

$ 250

$ 12

Common Shares, Net effect of unvested participating shares

Earnings (Loss) to Common Shareholders, Net (loss) income per common share - diluted

$ (58,421)

$ 80,334

$ 66,338

$ 158,154

Common Shares, Net (loss) income per common share - diluted

12,282

12,333

12,450

12,259

EPS, Net (loss) income per common share - diluted

$ (4.76)

$ 6.51

$ 5.33

$ 12.90

Common Class A

Schedule Of Earnings Per Share Basic And Diluted By Common Class [Line Items]

Earnings (Loss) to Common Shareholders, As reported - basic

$ (48,356)

$ 65,074

$ 54,586

$ 126,146

Weighted-average number of common shares — basic

10,166

9,846

10,103

9,663

EPS, As reported - basic

$ (4.76)

$ 6.61

$ 5.40

$ 13.05

Common Class B

Schedule Of Earnings Per Share Basic And Diluted By Common Class [Line Items]

Earnings (Loss) to Common Shareholders, As reported - basic

$ (9,885)

$ 15,254

$ 11,502

$ 31,996

Weighted-average number of common shares — basic

^[1]

2,078

2,308

2,129

2,451

EPS, As reported - basic

$ (4.76)

$ 6.61

$ 5.40

$ 13.05

Earnings (Loss) to Common Shareholders, Class B Common Stock

$ (9,885)

$ 15,254

$ 11,502

$ 31,996

Class B Common Stock

2,078

2,308

2,129

2,451

[1]	Change in Class B Common Stock resulted from the conversion of 130,000 shares to Class A Common Stock on November 3, 2020 and 99,983 shares to Class A Common Stock on May 14, 2021 with the ending number of shares reflecting the weighted average for the period.

Comprehensive Income or Loss - Additional Information (Details) $ in Millions	3 Months Ended
	Sep. 26, 2020 USD ($)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Settlement loss, net of tax on termination of defined benefit plan	$ 1.1

Commitments and Contingencies - Summary of Non-cancelable Contractual Obligations (Detail) $ in Thousands	Sep. 25, 2021 USD ($)
Long-term Purchase Commitment [Line Items]
Commitments	$ 323,346
Equipment and machinery
Long-term Purchase Commitment [Line Items]
Commitments	34,368
Ingredients (excluding hops and malt)
Long-term Purchase Commitment [Line Items]
Commitments	138,401
Brand Support
Long-term Purchase Commitment [Line Items]
Commitments	67,847
Hops and Malt
Long-term Purchase Commitment [Line Items]
Commitments	47,159
Packaging
Long-term Purchase Commitment [Line Items]
Commitments	25,489
Other
Long-term Purchase Commitment [Line Items]
Commitments	$ 10,082

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2021	Sep. 26, 2020	Sep. 25, 2021	Sep. 26, 2020	Dec. 26, 2020
Income Taxes [Line Items]
Unrecognized income tax benefits	$ 800		$ 800		$ 800
Accrued interest and penalties	200		200		$ 200
Tax benefit of improvements to employee share-based payment	263	$ 5,142	9,304	$ 9,481
Increase decrease in tax benefit during period from share based compensation arrangement	(4,800)		(200)
ASU 2016-09
Income Taxes [Line Items]
Tax benefit of improvements to employee share-based payment	$ 300	$ 5,100	$ 9,300	$ 9,500
Effective Income Tax Rate Reconciliation, Percent, Total			28.90%	25.80%
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 (benefit) Provision (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2021	Sep. 26, 2020	Sep. 25, 2021	Sep. 26, 2020
Summary of income tax (benefit) provision
Tax (benefit) provision based on net (loss) income	$ (17,772)	$ 26,325	$ 23,156	$ 52,029
Benefit of ASU 2016-09	(263)	(5,142)	(9,304)	(9,481)
Total income tax (benefit) provision	$ (18,035)	$ 21,183	$ 13,852	$ 42,548

- 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	Sep. 25, 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	3 Months Ended	9 Months Ended
	Sep. 25, 2021	Sep. 25, 2021	Dec. 26, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 86,504	$ 86,504	$ 163,282
Money market fund	83,000	83,000	157,600
Property, plant and equipment, carrying value	665,374	665,374	$ 623,083
Hard Seltzer
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property, plant and equipment, carrying value	17,800	17,800
Property, plant and equipment, fair value	5,100	5,100
Impairment expense related to cancelled projects	12,700	12,700
Provision for amounts owed to third-parties under non-cancellable purchase orders	$ 6,300	$ 6,300

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	9 Months Ended
	Sep. 25, 2021 USD ($) $ / shares shares
Shares
Outstanding at beginning of period \| shares	241,847
Granted \| shares	20,420
Exercised \| shares	(32,835)
Outstanding at end of period \| shares	229,432
Exercisable at end of period \| shares	81,317
Vested and expected to vest at end of period \| shares	210,177
Weighted-Average Exercise Price
Outstanding at beginning of period \| $ / shares	$ 228.58
Granted \| $ / shares	1,031.01
Exercised \| $ / shares	197.25
Outstanding at end of period \| $ / shares	304.49
Exercisable at end of period \| $ / shares	228.58
Vested and expected to vest at end of period \| $ / shares	$ 300.67
Weighted-Average Remaining Contractual Term
Outstanding at end of period	5 years 8 months 4 days
Exercisable at end of period	4 years 9 months 25 days
Vested and expected to vest at end of period	5 years 7 months 20 days
Outstanding at end of period \| $	$ 59,372
Exercisable at end of period \| $	24,398
Vested and expected to vest at end of period \| $	$ 54,825

Common Stock and Stock-Based Compensation - Additional Information (Detail) - $ / shares						9 Months Ended
	May 19, 2021	Mar. 01, 2021	Mar. 01, 2020	Mar. 01, 2019	Jan. 01, 2019	Sep. 25, 2021	Dec. 26, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option outstanding						229,432	241,847
Other than options granted in period						17,821
Weighted average fair value of stock awards						$ 877.10
Non-Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period	1,422
Options granted in period - weighted average fair value	$ 484.33
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
Performance Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option outstanding						30,049
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
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
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)	9 Months Ended
	Sep. 25, 2021 Time
Share-based Payment Arrangement [Abstract]
Expected Volatility	36.10%
Risk-free interest rate	1.50%
Expected Dividends	0.00%
Exercise factor	2.6
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)	9 Months Ended
	Sep. 25, 2021 $ / shares shares
Share-based Payment Arrangement [Abstract]
Non-vested at beginning of period \| shares	114,316
Granted \| shares	17,821
Vested \| shares	(42,019)
Forfeited \| shares	(1,000)
Non-vested at end of period \| shares	89,118
Non-vested at beginning of period \| $ / shares	$ 263.47
Granted \| $ / shares	877.10
Vested \| $ / shares	227.46
Forfeited \| $ / shares	370.68
Non-vested at end of period \| $ / shares	$ 402.77

Common Stock and Stock-Based Compensation - Stock-Based Compensation Expense Included in Operating Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 25, 2021	Sep. 26, 2020	Sep. 25, 2021	Sep. 26, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 3,711	$ 3,632	$ 14,002	$ 10,735
Advertising, promotional and selling expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,064	1,203	4,004	3,054
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 2,647	$ 2,429	$ 9,998	$ 7,681

Licensing Agreements - Additional Information (Detail) - Agreement	Aug. 09, 2021	Jul. 14, 2021
Jim Beam \| Beam Suntory Licensing Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of license agreements		2
License agreement term		5 years
Pepsi \| Pepsi Licensing Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Term of license agreement option to terminate	2 years

Related Party Transactions - Additional Information (Detail) - Dogfish Head Brewery	3 Months Ended	9 Months Ended
	Sep. 25, 2021 USD ($)	Sep. 25, 2021 USD ($)
Related Party Transaction [Line Items]
Lease term of contract	10 years	10 years
Total payments due	$ 3,600,000	$ 3,600,000
Related party expense	91,000	274,000
Transaction with related party expenses	$ 22,000	$ 72,000

- Definition

Direct costs arising from transactions with related parties who are not affiliates or joint Ventures. These costs are categorized as cost of goods sold.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.2)
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

+ Details