0000950170-23-035179 | 10-Q | XBRL Viewer

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Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Sales to domestic distributors as a percentage of total sales	94.00%	95.00%	94.00%	95.00%
Sales to foreign distributors as a percentage of total sales	5.00%	4.00%	5.00%	4.00%
Sales to retail locations as a percentage of total sales	1.00%	1.00%	1.00%	1.00%
Deferred Revenue, Current	$ 14,000		$ 14,000		$ 6,800
Reimbursements for discounts to distributors	23,300	$ 16,600	34,200	$ 26,600
Advertising, promotional and selling expenses	149,362	154,883	274,790	285,498
Distributors
Disaggregation Of Revenue [Line Items]
Reduction in revenue related to advertising, promotional and selling expenses	9,500	6,500	14,800	13,200
Customers programs and incentives
Disaggregation Of Revenue [Line Items]
Advertising, promotional and selling expenses	$ 13,500	$ 8,100	$ 21,000	$ 17,100

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 207,755	$ 180,560
Accounts receivable	117,067	56,672
Inventories	155,702	148,450
Prepaid expenses and other current assets	34,798	27,461
Income tax receivable	1,748	10,126
Total current assets	517,070	423,269
Property, plant and equipment, net	656,359	667,909
Operating right-of-use assets	39,817	43,768
Goodwill	112,529	112,529
Intangible assets, net	76,197	76,324
Third-party production prepayments	46,827	61,339
Other assets	43,754	35,635
Total assets	1,492,553	1,420,773
Current Liabilities:
Accounts payable	120,780	84,248
Accrued expenses and other current liabilities	133,060	111,153
Current operating lease liabilities	8,967	8,866
Total current liabilities	262,807	204,267
Deferred income taxes, net	95,415	96,592
Non-current operating lease liabilities	40,755	45,274
Other liabilities	6,386	6,091
Total liabilities	405,363	352,224
Commitments and Contingencies (See Note H)
Stockholders' Equity:
Additional paid-in capital	646,086	629,515
Accumulated other comprehensive loss	(66)	(210)
Retained earnings	441,047	439,121
Total stockholders' equity	1,087,190	1,068,549
Total liabilities and stockholders' equity	1,492,553	1,420,773
Common Class A
Stockholders' Equity:
Common Stock	102	102
Common Class B
Stockholders' Equity:
Common Stock	$ 21	$ 21

Cover Page - shares	6 Months Ended
Cover Page - shares	Jul. 01, 2023	Jul. 21, 2023
Document Information [Line Items]
Document Transition Report	false
Document Quarterly Report	true
Document Type	10-Q
Document Period End Date	Jul. 01, 2023
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	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000949870
Current Fiscal Year End Date	--12-31
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		10,167,716
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,068,000

Licensing Agreements - Additional Information (Detail) - Pepsi - Pepsi Licensing Agreement - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Aug. 09, 2021	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Term of license agreement option to terminate	2 years
Percentage of shipments of beverages under license agreement		2.00%	2.00%	2.00%	2.00%
Payments for proprietary ingredients, shipment of beverages and marketing services		$ 400	$ 100	$ 1,200	$ 1,100
Excess over fair market value		$ 200		$ 200		$ 400

Organization and Basis of Presentation

6 Months Ended

Jul. 01, 2023

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 trademarks “The Boston Beer Company®”, “Twisted Tea Brewing Company®”, “Hard Seltzer Beverage Company”, “Angry Orchard® Cider Company”, “Dogfish Head® Craft Brewery”, “Dogfish Head Distilling Co.”, “Angel City® Brewing Company”, “Coney Island® Brewing Company”, "Green Rebel Brewing Co.", and "Truly Distilling Co.".

The accompanying unaudited condensed consolidated balance sheet as of July 1, 2023, and the unaudited condensed consolidated statements of comprehensive operations, stockholders’ equity, and cash flows for the interim periods ended July 1, 2023 and June 25, 2022, respectively, 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 31, 2022.

In the opinion of the Company’s management, the Company’s unaudited condensed consolidated balance sheet as of July 1, 2023 and the results of its condensed consolidated comprehensive operations, stockholders’ equity, and cash flows for the interim periods ended July 1, 2023 and June 25, 2022, 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.

Goodwill and Intangible Assets

6 Months Ended

Jul. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

F. Goodwill and Intangible Assets

No impairment of goodwill was recorded in any period.

The Company’s intangible assets as of July 1, 2023 and December 31, 2022 were as follows:


			As of July 1, 2023							As of December 31, 2022
	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	$	(1,013	)	$	2,787	$	3,800	$	(886	)	$	2,914
Trade names	Indefinite			73,410		—			73,410		73,410		—			73,410
Total intangible assets, net			$	77,210	$	(1,013	)	$	76,197	$	77,210	$	(866	)	$	76,324

Amortization expense in the thirteen and twenty-six weeks ended July 1, 2023 was approximately $63,000 and $127,000, respectively. The Company expects to record amortization expense as follows:


Fiscal Year	Amount (in thousands)
Remainder of 2023	$	127
2024		253
2025		253
2026		253
2027		253
2028		253
Thereafter		1,395
Total amortization expense	$	2,787

Third-Party Production Prepayments - Schedule of Expected Shortfall Fees to be Incurred (Detail) $ in Millions	Jul. 01, 2023 USD ($)
Contractual Obligation, Fiscal Year Maturity [Abstract]
Remainder of 2023	$ 9
2024	17
2025	5
2026	3
2027	3
2028	3
Total shortfall fees expected to be incurred	$ 40

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jul. 01, 2023	Apr. 01, 2023	Jun. 25, 2022	Mar. 26, 2022	Jul. 01, 2023	Jun. 25, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 58,035	$ (8,956)	$ 53,349	$ (1,955)	$ 49,079	$ 51,394

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Common Stock and Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands									3 Months Ended		6 Months Ended
	Jul. 01, 2023	May 24, 2023	May 17, 2023	May 15, 2023	Mar. 01, 2023	Mar. 01, 2020	Mar. 01, 2019	Jan. 01, 2019	Jul. 01, 2023	Apr. 01, 2023	Jul. 01, 2023	May 18, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option outstanding	206,286								206,286		206,286		204,245
Options granted in period - weighted average exercise price											$ 324.78
Other than options granted in period											61,285
Weighted average fair value of stock awards											$ 303.89
Number of shares repurchased during period, Value									$ 25,039	$ 22,116
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be repurchased	1,200,000,000								1,200,000,000		1,200,000,000
Number of shares repurchased during period									77,041		142,070
Number of shares repurchased during period, Value									$ 24,800		$ 46,700
Number of total cumulative shares repurchased	13,900,000								13,900,000		13,900,000
Stock repurchase program, remaining authorized pepurchase amount	$ 312,600								$ 312,600		$ 312,600
Number of total cumulative shares repurchased, value	$ 887,400								$ 887,400		$ 887,400
Stock repurchase program, authorized amount												$ 269,000
Common Class A \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be repurchased												931,000,000
Common Class A \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be repurchased												1,200,000,000
Non-Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period	856		2,085
Options granted in period - weighted average fair value	$ 151.91		$ 156.12
Options granted in period - weighted average exercise price	$ 308.44		$ 319.16
Employee Stock Compensation Plan \| Senior Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period		19,624
Options granted in period - weighted average fair value		$ 152.88
Options granted in period - weighted average exercise price		$ 330.68
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options granted in period		15,122	1,020		33,810
Vesting period		4 years	1 year		4 years	4 years	4 years	5 years
Weighted average fair value of stock awards		$ 330.68	$ 319.16		$ 323.8
Restricted Stock Awards \| Non-Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options granted in period	422
Vesting period	1 year
Weighted average fair value of stock awards	$ 308.44
Performance Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option outstanding	48,231								48,231		48,231
Total shares outstanding	10,422								10,422		10,422
Performance Based Awards \| Employee Stock Compensation Plan \| Senior Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period		6,348		3,944	24,769
Options granted in period - weighted average fair value				$ 152.15	$ 161.52
Options granted in period - weighted average exercise price				$ 308.14	$ 323.8
Performance Based Awards \| Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options granted in period		9,073
Investment Share Program \| Employee Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares employees elected to purchase					10,594
Weighted average fair value of stock awards					$ 200.08

Commitments and Contingencies - Summary of Non-cancelable Contractual Obligations (Detail) $ in Thousands	Jul. 01, 2023 USD ($)
Long-term Purchase Commitment [Line Items]
Commitments	$ 244,553
Equipment and machinery
Long-term Purchase Commitment [Line Items]
Commitments	34,259
Ingredients and Packaging (excluding hops and malt)
Long-term Purchase Commitment [Line Items]
Commitments	76,532
Brand Support
Long-term Purchase Commitment [Line Items]
Commitments	60,186
Hops and Malt
Long-term Purchase Commitment [Line Items]
Commitments	56,608
Other
Long-term Purchase Commitment [Line Items]
Commitments	$ 16,968

Common Stock and Stock-Based Compensation (Tables)

6 Months Ended

Jul. 01, 2023

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 31, 2022		204,245		$	334.26
Granted		51,278			324.78
Exercised		(43,481	)		198.14
Forfeited		(5,756	)		396.86
Outstanding at July 1, 2023		206,286		$	358.85		6.25	-	$	7,742
Exercisable at July 1, 2023		101,963		$	299.46		4.75		$	5,747
Vested and expected to vest at July 1, 2023		173,203		$	350.05		5.91		$	7,343

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:


	2023
Expected Volatility		39.6	%
Risk-free interest rate		3.8	%
Expected Dividends		0.0	%
Exercise factor		2.4
Discount for post-vesting restrictions		0.6	%

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 31, 2022		91,211		$	410.22
Granted		61,285			303.89
Vested		(27,569	)		341.73
Forfeited		(12,748	)		367.63
Non-vested at July 1, 2023		112,179		$	373.80

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				Twenty-six weeks ended
	July 1, 2023		June 25, 2022		July 1, 2023		June 25, 2022
	(in thousands)				(in thousands)
Amounts included in advertising, promotional and selling expenses	$	1,539	$	1,494	$	3,582	$	2,721
Amounts included in general and administrative expenses		2,654		3,314		4,684		5,009
Total stock-based compensation expense	$	4,193	$	4,808	$	8,266	$	7,730

Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Current inventory:
Raw materials	$ 75,283	$ 81,225
Work in process	26,543	20,374
Finished goods	53,876	46,851
Total current inventory	155,702	148,450
Long term inventory	15,316	13,192
Total inventory	$ 171,018	$ 161,642

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Class A	Common Stock Common Class A	Common Stock Common Class B	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings
Balance at Dec. 25, 2021	$ 983,409		$ 102	$ 21	$ 611,622	$ (194)	$ 371,858
Balance (in shares) at Dec. 25, 2021			10,184,000	2,068,000
Net Income (Loss)	(1,955)						(1,955)
Stock options exercised and restricted shares activities	498				498
Stock options exercised and restricted shares activities (in shares)			31,000
Stock-based compensation expense	2,922				2,922
Foreign currency translation adjustment	50					50
Balance at Mar. 26, 2022	984,924		$ 102	$ 21	615,042	(144)	369,903
Balance (in shares) at Mar. 26, 2022			10,215,000	2,068,000
Balance at Dec. 25, 2021	983,409		$ 102	$ 21	611,622	(194)	371,858
Balance (in shares) at Dec. 25, 2021			10,184,000	2,068,000
Net Income (Loss)	51,394
Foreign currency translation adjustment	(21)
Balance at Jun. 25, 2022	1,044,037		$ 102	$ 21	620,877	(215)	423,252
Balance (in shares) at Jun. 25, 2022			10,225,000	2,068,000
Balance at Mar. 26, 2022	984,924		$ 102	$ 21	615,042	(144)	369,903
Balance (in shares) at Mar. 26, 2022			10,215,000	2,068,000
Net Income (Loss)	53,349						53,349
Stock options exercised and restricted shares activities	1,027				1,027
Stock options exercised and restricted shares activities (in shares)			10,000
Stock-based compensation expense	4,808				4,808
Foreign currency translation adjustment	(71)					(71)
Balance at Jun. 25, 2022	1,044,037		$ 102	$ 21	620,877	(215)	423,252
Balance (in shares) at Jun. 25, 2022			10,225,000	2,068,000
Balance at Dec. 31, 2022	1,068,549		$ 102	$ 21	629,515	(210)	439,121
Balance (in shares) at Dec. 31, 2022			10,238,000	2,068,000
Net Income (Loss)	(8,956)						(8,956)
Stock options exercised and restricted shares activities	(211)		$ 1		(212)
Stock options exercised and restricted shares activities (in shares)			20,000
Stock-based compensation expense	4,073				4,073
Repurchase of Class A Common Stock	(22,116)		$ (1)				(22,115)
Repurchase of Class A Common Stock (in shares)			(65,000)
Foreign currency translation adjustment	18					18
Balance at Apr. 01, 2023	1,041,357		$ 102	$ 21	633,376	(192)	408,050
Balance (in shares) at Apr. 01, 2023			10,193,000	2,068,000
Balance at Dec. 31, 2022	1,068,549		$ 102	$ 21	629,515	(210)	439,121
Balance (in shares) at Dec. 31, 2022			10,238,000	2,068,000
Net Income (Loss)	$ 49,079
Stock options exercised and restricted shares activities (in shares)	43,481
Repurchase of Class A Common Stock		$ (46,700)
Repurchase of Class A Common Stock (in shares)		(142,070)
Foreign currency translation adjustment	$ 144
Balance at Jul. 01, 2023	1,087,190		$ 102	$ 21	646,086	(66)	441,047
Balance (in shares) at Jul. 01, 2023			10,160,000	2,068,000
Balance at Apr. 01, 2023	1,041,357		$ 102	$ 21	633,376	(192)	408,050
Balance (in shares) at Apr. 01, 2023			10,193,000	2,068,000
Net Income (Loss)	58,035						58,035
Stock options exercised and restricted shares activities	8,518		$ 1		8,517
Stock options exercised and restricted shares activities (in shares)			44,000
Stock-based compensation expense	4,193				4,193
Repurchase of Class A Common Stock	(25,039)	$ (24,800)	$ (1)				(25,038)
Repurchase of Class A Common Stock (in shares)		(77,041)	(77,000)
Foreign currency translation adjustment	126					126
Balance at Jul. 01, 2023	$ 1,087,190		$ 102	$ 21	$ 646,086	$ (66)	$ 441,047
Balance (in shares) at Jul. 01, 2023			10,160,000	2,068,000

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Inventories

6 Months Ended

Jul. 01, 2023

Inventory Disclosure [Abstract]

Inventories

D. Inventories

Inventories consist of raw materials, work in process and finished goods which are stated at the lower of cost, determined on the first-in, first-out basis, or net realizable value. Raw materials principally consist of hops, malt, flavorings, fruit juices, other brewing materials and packaging. 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:


	July 1, 2023		December 31, 2022
	(in thousands)
Current inventory:
Raw materials	$	75,283	$	81,225
Work in process		26,543		20,374
Finished goods		53,876		46,851
Total current inventory		155,702		148,450
Long term inventory		15,316		13,192
Total inventory	$	171,018	$	161,642

As of July 1, 2023 and December 31, 2022, the Company has recorded inventory obsolescence reserves of $10.0 million and $22.0 million, respectively.

Income Taxes (Tables)

6 Months Ended

Jul. 01, 2023

Income Tax Disclosure [Abstract]

Summary of Effective Tax Rate

The following table provides a summary of the income tax provision for the thirteen and twenty-six weeks ended July 1, 2023 and June 25, 2022:


	Thirteen weeks ended		Twenty-six weeks ended
	July 1, 2023	June 25, 2022	July 1, 2023	June 25, 2022
Effective tax rate	27.5%	24.7%	27.5%	25.1%

Line of Credit - Additional Information (Detail)	6 Months Ended
Line of Credit - Additional Information (Detail)	Jul. 01, 2023 USD ($)
Debt Instrument [Line Items]
Credit facility, borrowing outstanding	$ 0
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, current borrowing capacity	$ 150,000,000
Line of credit, expiration date	Dec. 16, 2027
Line of credit, remaining borrowing capacity	$ 150,000,000
Revolving Credit Facility \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	1.10%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Net Income per Share

6 Months Ended

Jul. 01, 2023

Earnings Per Share [Abstract]

Net Income per Share

G. Net Income per Share

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

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

The Class B Common Stock has full voting rights, including the right to (1) elect a majority of the members of the Company’s Board of Directors and (2) approve all (a) amendments to the Company’s Articles of Organization, (b) mergers or consolidations with, or

acquisitions of, other entities, (c) sales or dispositions of any significant portion of the Company’s assets, and (d) equity-based and other executive compensation and other significant corporate matters. The Company’s Class B Common Stock is not listed for trading. Each share of the Class B Common Stock is freely convertible into one share of Class A Common Stock, upon request of the respective Class B holder, and participates equally in dividends.

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

Included in the computation of net income per diluted common share are dilutive outstanding stock options and restricted stock that are vested or expected to vest. At its discretion, the Board of Directors grants stock options and restricted stock to senior management and certain key employees. The terms of the employee stock options are determined by the Board of Directors at the time of grant. To date, stock options granted to employees vest over various service periods and/or based on the attainment of certain performance criteria and generally expire after ten years. In December 2018, the Employee Equity Incentive Plan was amended to permit the grant of restricted stock units. The restricted stock units generally vest over four years in equal number of shares. Each restricted stock unit represents an unfunded and unsecured right to receive one share of Class A Stock upon satisfaction of the vesting criteria. The unvested shares participate equally in dividends and are forfeitable. Prior to March 1, 2019, the Company granted restricted stock awards, generally vesting over five years in equal number of shares. The Company also grants stock options to its non-employee directors upon election or re-election to the Board of Directors. The number of option shares granted to non-employee directors is calculated based on a defined formula and these stock options vest immediately upon grant and expire after ten years.

Net Income per Common Share - Basic

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


	Thirteen weeks ended				Twenty-six weeks ended
	July 1, 2023		June 25, 2022		July 1, 2023		June 25, 2022
	(in thousands, except per share data)				(in thousands, except per share data)
Net income	$	58,035	$	53,349	$	49,079	$	51,394
Allocation of net income for basic:
Class A Common Stock	$	48,130	$	44,261	$	40,722	$	42,631
Class B Common Stock		9,783		8,956		8,259		8,634
Unvested participating shares		122		132		98		129
	$	58,035	$	53,349	$	49,079	$	51,394
Weighted average number of shares for basic:
Class A Common Stock		10,174		10,221		10,196		10,210
Class B Common Stock		2,068		2,068		2,068		2,068
Unvested participating shares		26		30		24		31
		12,268		12,319		12,288		12,309
Net income per share for basic:
Class A Common Stock	$	4.73	$	4.33	$	3.99	$	4.18
Class B Common Stock	$	4.73	$	4.33	$	3.99	$	4.18

Net Income per Common Share - Diluted

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

The following table sets forth the computations of diluted net income per share, assuming the conversion of all Class B Common Stock into Class A Common Stock for the thirteen weeks and twenty-six weeks ended July 1, 2023 and for the thirteen and twenty-six weeks ended June 25, 2022:


	Thirteen weeks ended
	July 1, 2023						June 25, 2022
	Earnings to Common Shareholders		Common Shares		EPS		Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	48,130		10,174	$	4.73	$	44,261		10,221	$	4.33
Add: effect of dilutive common shares
Share-based awards		—		34				—		52
Class B Common Stock		9,783		2,068				8,956		2,068
Net effect of unvested participating shares		—		—				132		—
Net income per common share - diluted	$	57,913		12,276	$	4.72	$	53,349		12,341	$	4.31

	Twenty-six weeks ended
	July 1, 2023						June 25, 2022
	Earnings to Common Shareholders		Common Shares		EPS		Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	40,722		10,196	$	3.99	$	42,631		10,210	$	4.18
Add: effect of dilutive common shares
Share-based awards		—		40				—		63
Class B Common Stock		8,259		2,068				8,634		2,068
Net effect of unvested participating shares		—		—				129		—
Net income per common share - diluted	$	48,981		12,304	$	3.98	$	51,394		12,341	$	4.15

During the thirteen and twenty-six weeks ended July 1, 2023, in accordance with the two-class method, weighted-average stock options to purchase approximately 17,000 and 41,000 shares of Class A Common Stock were outstanding but not included in computing dilutive income per common share because their effects were anti-dilutive. Additionally, performance-based stock options to purchase 23,462 shares of Class A Common Stock and 10,422 performance-based stock awards were outstanding as of July 1, 2023 but not included in computing diluted income per common share because the performance criteria were not met as of the end of the reporting period.

During the thirteen and twenty-six weeks ended June 25, 2022, in accordance with the two-class method, weighted-average stock options to purchase approximately 13,000 and 24,000 shares of Class A Common Stock were outstanding but not included in computing dilutive income per common share because their effects were anti-dilutive. Additionally, performance-based stock options to purchase 17,114 shares of Class A Common Stock and 1,348 performance-based stock awards were outstanding as of June 25, 2022 but not included in computing diluted income per common share because the performance criteria were not met as of the end of the reporting period.

Related Party Transactions - Additional Information (Detail) - Dogfish Head Brewery - USD ($)	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022
Related Party Transaction [Line Items]
Lease term of contract	10 years		10 years
Total payments due	$ 3,600,000		$ 3,600,000
Related Party
Related Party Transaction [Line Items]
Total payments due	91,000	$ 91,000	183,000	$ 183,000
Transaction with related party expenses	$ 25,000	$ 25,000	$ 50,000	$ 50,000

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

+ Details

Related Party Transactions

6 Months Ended

Jul. 01, 2023

Related Party Transactions

N. 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 parties expense recognized related to the lease was $91,000 for the thirteen weeks ended July 1, 2023 and June 25, 2022. Additionally, the Company incurred expenses of less than $25,000 to various other suppliers affiliated with the Dogfish Head founders during the thirteen weeks ended July 1, 2023 and June 25, 2022. Total related parties expense recognized related to the lease was $183,000 for the twenty-six weeks ended July 1, 2023 and June 25, 2022. Additionally, the Company incurred expenses of less than $50,000 to various other suppliers affiliated with the Dogfish Head founders during the twenty-six weeks ended July 1, 2023 and June 25, 2022.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

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+ Details

Common Stock and Stock-Based Compensation - Summary of Stock Options under Employee Equity Incentive Plan and Stock Option Plan for Non-Employee Directors (Detail) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jul. 01, 2023
Shares
Outstanding at beginning of period	204,245
Granted	51,278
Exercised	(43,481)
Forfeited	(5,756)
Outstanding at end of period	206,286
Exercisable at end of period	101,963
Vested and expected to vest at end of period	173,203
Weighted-Average Exercise Price
Outstanding at beginning of period	$ 334.26
Granted	324.78
Exercised	198.14
Forfeited	396.86
Outstanding at end of period	358.85
Exercisable at end of period	299.46
Vested and expected to vest at end of period	$ 350.05
Weighted-Average Remaining Contractual Term
Outstanding at end of period	6 years 3 months
Exercisable at end of period	4 years 9 months
Vested and expected to vest at end of period	5 years 10 months 28 days
Aggregate Intrinsic Value
Outstanding at end of period	$ 7,742
Exercisable at end of period	5,747
Vested and expected to vest at end of period	$ 7,343

Condensed Consolidated Statements of Comprehensive Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022
Income Statement [Abstract]
Revenue	$ 641,333	$ 655,022	$ 1,076,489	$ 1,112,310
Less excise taxes	38,029	38,779	63,185	65,954
Net revenue	603,304	616,243	1,013,304	1,046,356
Cost of goods sold	329,141	350,468	583,479	607,629
Gross profit	274,163	265,775	429,825	438,727
Operating expenses:
Advertising, promotional and selling expenses	149,362	154,883	274,790	285,498
General and administrative expenses	44,899	38,849	88,593	78,547
Contract termination costs and other		578		5,330
Impairment of brewery assets	1,532	80	2,016	121
Total operating expenses	195,793	194,390	365,399	369,496
Operating income	78,370	71,385	64,426	69,231
Other income (expense):
Interest income	1,855	83	3,499	50
Other expense	(122)	(601)	(224)	(701)
Total other income (expense)	1,733	(518)	3,275	(651)
Income before income tax provision	80,103	70,867	67,701	68,580
Income tax provision	22,068	17,518	18,622	17,186
Net income	$ 58,035	$ 53,349	$ 49,079	$ 51,394
Net income per common share - basic	$ 4.73	$ 4.33	$ 3.99	$ 4.18
Net income per common share - diluted	$ 4.72	$ 4.31	$ 3.98	$ 4.15
Weighted-average number of common shares - basic	12,268	12,319	12,288	12,309
Weighted-average number of common shares - diluted	12,276	12,341	12,304	12,341
Net Income (Loss)	$ 58,035	$ 53,349	$ 49,079	$ 51,394
Other comprehensive income (loss):
Foreign currency translation adjustment	126	(71)	144	(21)
Total other comprehensive income (loss), net of tax	126	(71)	144	(21)
Comprehensive income	$ 58,161	$ 53,278	$ 49,223	$ 51,373

Insider Trading Arrangements

6 Months Ended

Jul. 01, 2023

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Insider Trading Arrangements

The table below sets forth information regarding trading plans adopted by an executive officer that is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c):


Name and Title	Date of Adoption of Plan	Duration of Plan	Aggregate Number of Shares to Be Purchased or Sold Pursuant to Plan	Description of the Material Terms of the Rule 10b5-1 Trading Arrangement
John C. Geist, Chief Sales Officer	May 15, 2023	August 14, 2023 - September 30, 2023	Up to 13,524	Options are to be exercised and the underlying shares sold over the duration of the plan

The aggregate number of options to be exercised per the Rule 10b5-1 trading agreement entered into during the period included any unsold shares from an ongoing agreement entered into during a prior quarter. 10,000 options were exercised during the thirteen weeks ended July 1, 2023 pursuant to the previous agreement. As of July 1, 2023, the maximum number of shares to be exercised under the current agreement was 3,524.

Name

John C. Geist

Title

Chief Sales Officer

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

May 15, 2023

Arrangement Duration

48 days

Aggregate Available

13,524

Goodwill and Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Gross Carrying Value	$ 77,210	$ 77,210
Accumulated Amortization	(1,013)	(866)
Net Book Value	$ 76,197	76,324
Customer Relationships
Estimated Useful Life	15 years
Gross Carrying Value	$ 3,800	3,800
Accumulated Amortization	(1,013)	(886)
Net Book Value	2,787	2,914
Trade Names
Gross Carrying Value	73,410	73,410
Net Book Value	$ 73,410	$ 73,410

Recent Accounting Pronouncements

6 Months Ended

Jul. 01, 2023

Recent Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements

B. Recent Accounting Pronouncements

Recent accounting pronouncements pending adoption not discussed in this Form 10-Q or in the 2022 Form 10-K are either not applicable to the Company or are not expected to have a material impact on the Company.

- 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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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org//250/tableOfContent

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-SubTopic 20
-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-SubTopic 20
-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

+ Details

Net Income per Share (Tables)

6 Months Ended

Jul. 01, 2023

Earnings Per Share [Abstract]

Computation of Net Income per Share, Basic

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


	Thirteen weeks ended				Twenty-six weeks ended
	July 1, 2023		June 25, 2022		July 1, 2023		June 25, 2022
	(in thousands, except per share data)				(in thousands, except per share data)
Net income	$	58,035	$	53,349	$	49,079	$	51,394
Allocation of net income for basic:
Class A Common Stock	$	48,130	$	44,261	$	40,722	$	42,631
Class B Common Stock		9,783		8,956		8,259		8,634
Unvested participating shares		122		132		98		129
	$	58,035	$	53,349	$	49,079	$	51,394
Weighted average number of shares for basic:
Class A Common Stock		10,174		10,221		10,196		10,210
Class B Common Stock		2,068		2,068		2,068		2,068
Unvested participating shares		26		30		24		31
		12,268		12,319		12,288		12,309
Net income per share for basic:
Class A Common Stock	$	4.73	$	4.33	$	3.99	$	4.18
Class B Common Stock	$	4.73	$	4.33	$	3.99	$	4.18

Computation of Net Income per Share, Diluted


	Thirteen weeks ended
	July 1, 2023						June 25, 2022
	Earnings to Common Shareholders		Common Shares		EPS		Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	48,130		10,174	$	4.73	$	44,261		10,221	$	4.33
Add: effect of dilutive common shares
Share-based awards		—		34				—		52
Class B Common Stock		9,783		2,068				8,956		2,068
Net effect of unvested participating shares		—		—				132		—
Net income per common share - diluted	$	57,913		12,276	$	4.72	$	53,349		12,341	$	4.31

	Twenty-six weeks ended
	July 1, 2023						June 25, 2022
	Earnings to Common Shareholders		Common Shares		EPS		Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	40,722		10,196	$	3.99	$	42,631		10,210	$	4.18
Add: effect of dilutive common shares
Share-based awards		—		40				—		63
Class B Common Stock		8,259		2,068				8,634		2,068
Net effect of unvested participating shares		—		—				129		—
Net income per common share - diluted	$	48,981		12,304	$	3.98	$	51,394		12,341	$	4.15

Subsequent Events - Additional Information (Details) $ in Thousands	6 Months Ended
	Jun. 25, 2022 USD ($)
Subsequent Event [Line Items]
Line of credit repayments	$ 30,000

Income Taxes

6 Months Ended

Jul. 01, 2023

Income Tax Disclosure [Abstract]

Income Taxes

I. Income Taxes

The following table provides a summary of the income tax provision for the thirteen and twenty-six weeks ended July 1, 2023 and June 25, 2022:


	Thirteen weeks ended		Twenty-six weeks ended
	July 1, 2023	June 25, 2022	July 1, 2023	June 25, 2022
Effective tax rate	27.5%	24.7%	27.5%	25.1%

The increase in the tax rate for the thirteen weeks ended July 1, 2023 as compared to the thirteen weeks ended June 25, 2022 is primarily due to an increase in permanent non-deductible items. The increase in the tax rate for the twenty-six weeks ended July 1, 2023 as compared to the twenty-six weeks ended June 25, 2022 is primarily due to a decrease in the tax benefit of ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, as well as an increase to permanent, non-deductible items.

As of both July 1, 2023 and December 31, 2022, the Company had approximately $0.2 million of unrecognized income tax benefits.

The Company’s practice is to classify interest and penalties related to income tax matters in income tax expense. As of both July 1, 2023 and December 31, 2022, the Company had approximately $0.2 million 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 being audited by one state for income tax purposes as of July 1, 2023.

- 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Third-Party Production Prepayments

6 Months Ended

Jul. 01, 2023

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

Third-Party Production Prepayments

E. Third-Party Production Prepayments

During the twenty-six weeks ended July 1, 2023 and June 25, 2022, the Company brewed and packaged approximately 70% and 64%, respectively, 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 up-front payments that were used for capital improvements at these third-party production facilities that it expenses over the period of the contracts.

During the thirteen weeks ended March 26, 2022, the Company recorded $4.8 million of contract termination costs relating to the termination of a third-party production contract.

Total third-party production prepayments were $46.8 million and $61.3 million as of July 1, 2023 and December 31, 2022, respectively. The Company will continue expensing the total prepaid amount of $46.8 million as of July 1, 2023, all of which relates to the master transaction agreement and other agreements with City Brewing, as a component of cost of goods sold over the contractual period ending December 31, 2025.

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 under these executory contracts. The Company expenses the shortfall fees during the contractual period when such fees are incurred as a component of cost of goods sold. During the thirteen weeks and twenty-six weeks ended July 1, 2023, the Company incurred $3.4 million and $4.1 million, respectively, in shortfall fees. No shortfall fees were incurred during the thirteen or

twenty-six weeks ended June 25, 2022. As of July 1, 2023, if volume for the remaining term of the production arrangements was zero, the contractual shortfall fees, with advance notice as specified in the related contractual agreements, would total approximately $112 million over the duration of the contracts which have expiration dates through December 31, 2031. At current volume projections and based on understandings reached with these third-party production facilities, the Company anticipates that it will recognize approximately $40 million of shortfall fees and expects to record those expenses as follows:


	Expected Shortfall Fees to be Incurred
	(in millions)
Remainder of 2023	$	9
2024		17
2025		5
2026		3
2027		3
2028		3
Thereafter		-
Total shortfall fees expected to be incurred	$	40

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 01, 2023	Dec. 31, 2022
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	10,160,485	10,238,009
Common Stock, shares outstanding	10,160,485	10,238,009
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	2,068,000	2,068,000
Common Stock, shares outstanding	2,068,000	2,068,000

Inventories (Tables)

6 Months Ended

Jul. 01, 2023

Inventory Disclosure [Abstract]

Components of Inventories


	July 1, 2023		December 31, 2022
	(in thousands)
Current inventory:
Raw materials	$	75,283	$	81,225
Work in process		26,543		20,374
Finished goods		53,876		46,851
Total current inventory		155,702		148,450
Long term inventory		15,316		13,192
Total inventory	$	171,018	$	161,642

Net Income per Share - Computation of Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Line Items]
Earnings to Common Shareholders, As reported - basic	$ 58,035	$ 53,349	$ 49,079	$ 51,394
Common shares, As reported - basic	12,268	12,319	12,288	12,309
EPS, As reported - basic	$ 4.73	$ 4.33	$ 3.99	$ 4.18
Add: effect of dilutive common shares Share-based awards	34	52	40	63
Earnings to Common Shareholders, Net effect of unvested participating shares		$ 132		$ 129
Earnings to Common Shareholders, Net income per common share — diluted	$ 57,913	$ 53,349	$ 48,981	$ 51,394
Common Shares, Net income per common share - diluted	12,276	12,341	12,304	12,341
EPS, Net income per common share - diluted	$ 4.72	$ 4.31	$ 3.98	$ 4.15
Common Class A
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Line Items]
Earnings to Common Shareholders, As reported - basic	$ 48,130	$ 44,261	$ 40,722	$ 42,631
Common shares, As reported - basic	10,174	10,221	10,196	10,210
EPS, As reported - basic	$ 4.73	$ 4.33	$ 3.99	$ 4.18
Common Class B
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Line Items]
Earnings to Common Shareholders, As reported - basic	$ 9,783	$ 8,956	$ 8,259	$ 8,634
Common shares, As reported - basic	2,068	2,068	2,068	2,068
EPS, As reported - basic	$ 4.73	$ 4.33	$ 3.99	$ 4.18
Earnings to Common Shareholders, Class B Common Stock	$ 9,783	$ 8,956	$ 8,259	$ 8,634
Class B Common Stock	2,068	2,068	2,068	2,068

Revenue Recognition

6 Months Ended

Jul. 01, 2023

Disaggregation of Revenue [Abstract]

Revenue Recognition

C. Revenue Recognition

During the twenty-six weeks ended July 1, 2023 and June 25, 2022, approximately 94% and 95%, respectively, of the Company’s revenue was from shipments of its products to domestic distributors. Shipments to international distributors, primarily located in Canada, made up approximately 5% and 4% of the Company's revenue for the twenty-six weeks ended July 1, 2023 and June 25, 2022, respectively. Approximately 1% of the Company's revenue was from beer, cider, and merchandise sales at the Company’s retail locations during the twenty-six weeks ended July 1, 2023 and June 25, 2022.

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 July 1, 2023 and December 31, 2022, the Company has deferred $14.0 million and $6.8 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 $23.3 million and $34.2 million for the thirteen and twenty-six weeks ended July 1, 2023, respectively, and $16.6 million and $26.6 million for the thirteen and twenty-six weeks ended June 25, 2022, 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 net revenue or as advertising, promotional and selling expenses for the thirteen and twenty-six weeks ended July 1, 2023 were $13.5 million and $21.0 million, respectively. For the thirteen and twenty-six weeks ended July 1, 2023 the Company recorded certain of these costs in the total amounts of $9.5 million and $14.8 million, respectively, as reductions to net revenue. Amounts paid to customers in connection with these programs for the thirteen and twenty-six weeks ended June 25, 2022 were $8.1 million and $17.1 million, respectively. For the thirteen and twenty-six weeks ended June 25, 2022, the Company recorded certain of these costs in the total amount of $6.5 million and $13.2 million, respectively, as reductions to net revenue. Costs recognized in net revenues include, but are not limited to, promotional discounts, sales incentives and certain other promotional activities. Costs recognized in advertising, promotional and selling expenses include point of sale materials, samples and 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Fair Value Measures

6 Months Ended

Jul. 01, 2023

Fair Value Disclosures [Abstract]

Fair Value Measures

K. 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 cash and cash equivalents are held in money market funds. These 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, accounts receivable, and accounts payable are carried at their cost, which approximates fair value, because of their short-term nature.

At July 1, 2023 and December 31, 2022, 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 July 1,

2023 and December 31, 2022, the Company’s cash and cash equivalents balance was $207.8 million and $180.6 million, respectively, including money market funds amounting to $201.6 million and $174.2 million, respectively.

- Definition

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

+ References + Details

Goodwill and Intangible Assets (Tables)

6 Months Ended

Jul. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets

The Company’s intangible assets as of July 1, 2023 and December 31, 2022 were as follows:


			As of July 1, 2023							As of December 31, 2022
	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	$	(1,013	)	$	2,787	$	3,800	$	(886	)	$	2,914
Trade names	Indefinite			73,410		—			73,410		73,410		—			73,410
Total intangible assets, net			$	77,210	$	(1,013	)	$	76,197	$	77,210	$	(866	)	$	76,324

Schedule of amortization expense

The Company expects to record amortization expense as follows:


Fiscal Year	Amount (in thousands)
Remainder of 2023	$	127
2024		253
2025		253
2026		253
2027		253
2028		253
Thereafter		1,395
Total amortization expense	$	2,787

Licensing Agreements

6 Months Ended

Jul. 01, 2023

Licensing agreements [Abstract]

Licensing Agreements

M. Licensing Agreements

Pepsi Licensing Agreement

On August 9, 2021, the Company signed a series of agreements 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 agreements, Pepsi provides certain proprietary ingredients and also licenses the Company the use of 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 customers in the on-premise channel.

The Company began shipping flavored malt beverages to Pepsi during the first quarter of 2022. Pursuant to the terms of the agreements, the Company makes payments to Pepsi for proprietary ingredients, freight costs to ship the product to Pepsi, and certain marketing services. The cost of the proprietary ingredients above fair market value are recorded within net revenue at the time revenue is recognized for the flavored malt beverages sold to Pepsi and were $0.4 million and $1.2 million during the thirteen weeks and twenty-six weeks ended July 1, 2023, respectively, and were $0.1 million and $1.1 million during the thirteen weeks and twenty-six weeks ended June 25, 2022, respectively. Freight costs and marketing costs are recorded in advertising, promotional and selling expenses. The excess cost over fair market value of proprietary ingredients on hand at the end of the period are classified within prepaid expenses and other current assets. The excess over fair market value for inventory on hand was $0.2 million and $0.4 million as of July 1, 2023 and December 31, 2022, respectively. Total net revenue recognized under these agreements amounted to approximately 2% of the Company's total net revenues during the thirteen and twenty-six week periods ended July 1, 2023 and June 25, 2022.

Net Income per Share - Additional Information (Detail) - shares							3 Months Ended		6 Months Ended
	May 24, 2023	May 17, 2023	Mar. 01, 2023	Mar. 01, 2020	Mar. 01, 2019	Jan. 01, 2019	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022	Dec. 31, 2022
Earnings Per Share Note [Line Items]
Stock option outstanding							206,286		206,286		204,245
Common Class A
Earnings Per Share Note [Line Items]
Antidilutive securities excluded from computation of earnings per share							17,000	13,000	41,000	24,000
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	1 year	4 years	4 years	4 years	5 years
Performance Based Awards
Earnings Per Share Note [Line Items]
Stock option outstanding							10,422	1,348	10,422	1,348
Performance Based Awards \| Common Class A
Earnings Per Share Note [Line Items]
Number of shares not included because the performance criteria was not expected to be met									23,462	17,114

Inventories - Additional Information (Details) - USD ($) $ in Millions	Jul. 01, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Inventory obsolescence reserves	$ 10.0	$ 22.0

Goodwill and Intangible Assets - Schedule of Amortization Expense (Detail) $ in Thousands	Apr. 01, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 127
2024	253
2025	253
2026	253
2027	253
2028	253
'Thereafter	1,395
Total amortization expense	$ 2,787

Commitments and Contingencies - Additional Information (Detail) $ in Millions	6 Months Ended
	Jul. 01, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contractual obligations payment, remainder of fiscal year	$ 205.9
Contractual obligations payment, 2024	20.5
Contractual obligations payment, 2025	14.7
Contractual obligations payment, 2026	$ 3.5
Loss contingency, actions taken by court	The Court consolidated the two actions and on December 14, 2021 appointed a lead plaintiff, who filed an amended complaint on January 13, 2022. The Company’s motion to dismiss the plaintiff’s complaint in the previously reported class action alleging claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 was granted by the Court on December 5, 2022. The plaintiff filed a notice of appeal on January 5, 2023 and the plaintiff filed its opening brief on April 11, 2023. The Company’s response was filed on July 10, 2023.

Line of Credit

6 Months Ended

Jul. 01, 2023

Debt Disclosure [Abstract]

Line of Credit

J. Line of Credit

In December 2022, the Company amended its credit facility in place that provides for a $150.0 million revolving line of credit to extend the maturity date to December 16, 2027. Under the terms of the amended agreement, the Company may elect an interest rate for borrowings under the credit facility based on the applicable secured overnight financing rate ("SOFR") plus 1.1%. As of July 1, 2023, no borrowings were outstanding. As of July 1, 2023, the Company was not in violation of any of its financial covenants to the lender under the credit facility and the unused balance of $150.0 million on the line of credit was available to the Company for future borrowings.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Common Stock and Stock-Based Compensation - Summary Of Weighted Average Assumptions used to Estimate Fair Value of Stock Options (Detail)	6 Months Ended
	Jul. 01, 2023 Time
Share-Based Payment Arrangement [Abstract]
Expected Volatility	39.60%
Risk-free interest rate	3.80%
Expected Dividends	0.00%
Exercise factor	2.4
Discount for post-vesting restrictions	0.60%

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Jul. 01, 2023	Dec. 31, 2022
Income Taxes [Line Items]
Unrecognized income tax benefits	$ 0.2	$ 0.2
Accrued interest and penalties	$ 0.2	$ 0.2
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. The Company is being audited by one state for income tax purposes as of July 1, 2023.
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

Third-Party Production Prepayments (Detail) - USD ($)	3 Months Ended			6 Months Ended
Third-Party Production Prepayments (Detail) - USD ($)	Jul. 01, 2023	Jun. 25, 2022	Mar. 26, 2022	Jul. 01, 2023	Jun. 25, 2022	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Percentage of brews and packages				70.00%	64.00%
Third party contract termination costs			$ 4,800,000
Total third-party production prepayments	$ 46,800,000			$ 46,800,000		$ 61,300,000
Total prepaid amount	46,827,000			46,827,000		$ 61,339,000
Shortfall fees	3,400,000	$ 0		4,100,000	$ 0
Contractual shortfall fees				112,000,000
Expected shortfall fees	$ 40,000,000			$ 40,000,000

Third-Party Production Prepayments (Tables)

6 Months Ended

Jul. 01, 2023

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

Schedule of Expected Shortfall Fees to be Incurred

expects to record those expenses as follows:


	Expected Shortfall Fees to be Incurred
	(in millions)
Remainder of 2023	$	9
2024		17
2025		5
2026		3
2027		3
2028		3
Thereafter		-
Total shortfall fees expected to be incurred	$	40

Common Stock and Stock-Based Compensation - Stock-Based Compensation Expense Included in Operating Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 4,193	$ 4,808	$ 8,266	$ 7,730
Advertising, promotional and selling expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,539	1,494	3,582	2,721
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 2,654	$ 3,314	$ 4,684	$ 5,009

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022
Cash flows provided by operating activities:
Net income	$ 49,079	$ 51,394
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	43,602	39,909
Impairment of brewery assets	2,016	121
Gain on disposal of property, plant, and equipment	(195)	(39)
Change in right-of-use assets	3,844	3,990
Stock-based compensation expense	8,266	7,730
Deferred income taxes	(1,177)	2,557
Other non-cash (income) expense	(88)	54
Changes in operating assets and liabilities:
Accounts receivable	(60,307)	(64,469)
Inventories	(9,376)	(13,014)
Prepaid expenses, income tax receivable, and other current assets	1,041	46,715
Third-party production prepayments	14,512	14,067
Other assets	(5,995)	295
Accounts payable	38,872	48,337
Accrued expenses, other current liabilities and other liabilities	21,354	(13,275)
Operating lease liabilities	(4,311)	(2,866)
Net cash provided by operating activities	101,137	121,506
Cash flows used in investing activities:
Purchases of property, plant and equipment	(34,809)	(50,804)
Proceeds from disposal of property, plant and equipment	195	506
Net cash used in investing activities	(34,614)	(50,298)
Cash flows (used in) provided by financing activities:
Repurchases of Class A common stock	(45,887)
Proceeds from exercise of stock options and sale of investment shares	9,466	4,610
Cash paid on finance leases	(797)	(870)
Line of credit borrowings		30,000
Line of credit repayments		(30,000)
Payment of tax withholding on stock-based payment awards and investment shares	(2,110)	(3,468)
Net cash (used in) provided by financing activities	(39,328)	272
Change in cash and cash equivalents and restricted cash	27,195	71,480
Cash and cash equivalents and restricted cash at beginning of year	180,560	66,321
Cash and cash equivalents at end of period	207,755	137,801
Supplemental disclosure of cash flow information:
Income tax payments / (refunds), net	1,398	(43,621)
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows from operating leases	5,214	3,895
Operating cash flows from finance leases	57	42
Financing cash flows from finance leases	796	796
Right-of-use-assets obtained in exchange for finance lease obligations	2,824
Change in purchase of property, plant and equipment in accounts payable and accrued expenses	$ 3,693	$ 107

Commitments and Contingencies

6 Months Ended

Jul. 01, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

H. Commitments and Contingencies

Contractual Obligations

As of July 1, 2023 projected cash outflows under non-cancelable contractual obligations are as follows:


	Commitments
	(in thousands)
Ingredients and packaging (excluding hops and malt)	$	76,532
Brand support		60,186
Hops and malt		56,608
Equipment and machinery		34,259
Other		16,968
Total commitments	$	244,553

The Company expects to pay $205.9 million of these obligations in the remainder of fiscal 2023, $20.5 million in fiscal 2024, $14.7 million in fiscal 2025 and $3.5 million in fiscal 2026.

Litigation

The Company is 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 accrues loss contingencies if, in the opinion of management and its legal counsel, the risk of loss is probable and able to be estimated. Material pending legal proceedings 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 alleged 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 claimed 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 Court consolidated the two actions and on December 14, 2021 appointed a lead plaintiff, who filed an amended complaint on January 13, 2022. The Company’s motion to dismiss the plaintiff’s complaint in the previously reported class action alleging claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 was granted by the Court on December 5, 2022. The plaintiff filed a notice of appeal on January 5, 2023 and the plaintiff filed its opening brief on April 11, 2023. The Company’s response was filed on July 10, 2023. The Company intends to continue to vigorously defend against these claims. Any ultimate outcome of this matter will depend on the nature and outcome of plaintiff’s appeal and estimating a range of potential loss, should the plaintiff’s appeal be granted, is not possible at this time.

Supplier Dispute. On December 31, 2022, Ardagh Metal Packaging USA Corp. (“Ardagh”) filed an action against the Company alleging, among other things, that the Company had failed to purchase contractual minimum volumes of certain aluminum beverage can containers in 2021 and 2022. The Company denies that it breached the terms of the parties’ contract and intends to defend against the Ardagh claims vigorously. On February 23, 2023 and April 4, 2023, Ardagh and the Company engaged in mediation sessions with a neutral, third-party mediator, but were not able to resolve the matter and the litigation will proceed. On May 5, 2023, the Company filed an Answer in response to the Complaint, and Counterclaims against Ardagh. On June 26, 2023, Ardagh filed a Motion to Dismiss Certain Counterclaims and a Motion to Strike Certain Affirmative Defenses, to which the Company filed Oppositions on July 24, 2023. The parties are currently engaged in the fact discovery phase of the matter. A range of potential loss cannot be estimated at this time.

Common Stock and Stock-Based Compensation - Summary of Vesting Activities of Shares Issued Under Investment Share Program and Restricted Stock Awards (Detail)	6 Months Ended
	Jul. 01, 2023 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Non-vested at beginning of period \| shares	91,211
Granted \| shares	61,285
Vested \| shares	(27,569)
Forfeited \| shares	(12,748)
Non-vested at end of period \| shares	112,179
Non-vested at beginning of period \| $ / shares	$ 410.22
Granted \| $ / shares	303.89
Vested \| $ / shares	341.73
Forfeited \| $ / shares	367.63
Non-vested at end of period \| $ / shares	$ 373.8

Common Stock and Stock-Based Compensation

6 Months Ended

Jul. 01, 2023

Share-Based Payment Arrangement [Abstract]

Common Stock and Stock-Based Compensation

L. 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 31, 2022		204,245		$	334.26
Granted		51,278			324.78
Exercised		(43,481	)		198.14
Forfeited		(5,756	)		396.86
Outstanding at July 1, 2023		206,286		$	358.85		6.25	-	$	7,742
Exercisable at July 1, 2023		101,963		$	299.46		4.75		$	5,747
Vested and expected to vest at July 1, 2023		173,203		$	350.05		5.91		$	7,343

Of the total options outstanding at July 1, 2023, 48,231 shares were performance-based options for which the performance criteria had yet to be achieved.

On March 1, 2023, the Company granted options to purchase an aggregate of 24,769 shares of the Company’s Class A Common Stock to senior management with a weighted average fair value and exercise price per share of $161.52 and $323.80, respectively, of which all shares relate to performance-based stock options.

On May 15, 2023, the Company granted options to purchase an aggregate of 3,944 shares of the Company’s Class A Common Stock to a member of senior management with a fair value and exercise per share of $152.15 and $308.14, respectively.

On May 17, 2023, the Company granted options to purchase an aggregate of 2,085 shares of the Company’s Class A Common Stock to the Company’s non-employee Directors. All of the options vested immediately on the date of the grant. These options have a fair value and exercise price per share of $156.12 and $319.16, respectively.

On May 24, 2023, the Company granted options to purchase an aggregate of 19,624 shares of the Company’s Class A Common Stock to a member of senior management with a weighted average fair value and exercise price per share of $152.88 and $330.68, respectively, of which 6,348 shares relate to performance-based stock options.

On July 1, 2023, the Company granted options to purchase an aggregate 856 shares of the Company’s Class A Common Stock to the Company’s newly appointed non-employee Director. All of the options vested immediately on the date of the grant. These options have a fair value and exercise price per share of $151.91 and $308.44, respectively.

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


	2023
Expected Volatility		39.6	%
Risk-free interest rate		3.8	%
Expected Dividends		0.0	%
Exercise factor		2.4
Discount for post-vesting restrictions		0.6	%

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 31, 2022		91,211		$	410.22
Granted		61,285			303.89
Vested		(27,569	)		341.73
Forfeited		(12,748	)		367.63
Non-vested at July 1, 2023		112,179		$	373.80

Of the total non-vested shares outstanding at July 1, 2023, 10,422 shares were performance-based shares for which the performance criteria had yet to be achieved.

On March 1, 2023, the Company granted a combined 33,810 shares of restricted stock units to certain officers, senior managers and key employees, of which all shares vest ratably over service periods of up to four years. Additionally on March 1, 2023, employees elected to purchase a combined 10,594 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 $323.80 and $200.08 per share, respectively.

On May 17, 2023, the Company granted a combined 1,020 shares of restricted stock units to the Company’s non-employee Directors, of which all shares vest one year from the grant date. The fair value of the restricted stock units was $319.16 per share.

On May 24, 2023, the Company granted a combined 15,122 shares of restricted stock units to a member of senior management, of which all shares vest ratably over service periods of up to four years. The fair value of the restricted stock units was $330.68 per share, of which 9,073 shares were performance-based shares.

On July 1, 2023, the Company granted a combined 422 shares of restricted stock units to the Company’s newly appointed non-employee Director, of which all shares vest one year from the grant date. The fair value of the restricted stock units was $308.44 per share.

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				Twenty-six weeks ended
	July 1, 2023		June 25, 2022		July 1, 2023		June 25, 2022
	(in thousands)				(in thousands)
Amounts included in advertising, promotional and selling expenses	$	1,539	$	1,494	$	3,582	$	2,721
Amounts included in general and administrative expenses		2,654		3,314		4,684		5,009
Total stock-based compensation expense	$	4,193	$	4,808	$	8,266	$	7,730

Stock Repurchases

In 1998, the Company began a share repurchase program. Under this program, the Company's Board of Directors has authorized the repurchase of the Company's Class A Stock. On May 18, 2023, the Board of Directors authorized an increase in the aggregate expenditure limit for the Company’s stock repurchase program by $269 million, increasing the limit from $931.0 million to $1.2 billion. The Board of Directors did not specify a date upon which the total authorization would expire and, in the future, can further increase the authorized amount. Share repurchases under this program for the periods included herein were effected through open market transactions.

During the thirteen and twenty-six weeks ended July 1, 2023, the Company repurchased and subsequently retired 77,041 and 142,070 shares of its Class A Common Stock, respectively, for an aggregate purchase price of $24.8 million and $46.7 million, respectively. As of July 1, 2023, the Company had repurchased a cumulative total of approximately 13.9 million shares of its Class A Common Stock for an aggregate purchase price of approximately $887.4 million and had approximately $312.6 million remaining on the $1.2 billion stock repurchase expenditure limit set by the Board of Directors.

Fair Value Measures - Additional Information (Detail) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Cash and cash equivalents	$ 207,755	$ 180,560
Money market fund	$ 201,600	$ 174,200

Net Income per Share - Computation of Net Income Per Share, Basic (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jul. 01, 2023	Apr. 01, 2023	Jun. 25, 2022	Mar. 26, 2022	Jul. 01, 2023	Jun. 25, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income (Loss)	$ 58,035	$ (8,956)	$ 53,349	$ (1,955)	$ 49,079	$ 51,394
Allocation of net income for basic:
Allocation of net income for basic common stock	$ 58,035		$ 53,349		$ 49,079	$ 51,394
Weighted average number of shares for basic:
Common shares, As reported - basic	12,268		12,319		12,288	12,309
Net income per share for basic:
Net income per common share - basic	$ 4.73		$ 4.33		$ 3.99	$ 4.18
Common Class A
Allocation of net income for basic:
Allocation of net income for basic common stock	$ 48,130		$ 44,261		$ 40,722	$ 42,631
Weighted average number of shares for basic:
Common shares, As reported - basic	10,174		10,221		10,196	10,210
Net income per share for basic:
Net income per common share - basic	$ 4.73		$ 4.33		$ 3.99	$ 4.18
Common Class B
Allocation of net income for basic:
Allocation of net income for basic common stock	$ 9,783		$ 8,956		$ 8,259	$ 8,634
Weighted average number of shares for basic:
Common shares, As reported - basic	2,068		2,068		2,068	2,068
Net income per share for basic:
Net income per common share - basic	$ 4.73		$ 4.33		$ 3.99	$ 4.18
Unvested participating shares
Allocation of net income for basic:
Allocation of net income for basic unvested participating shares	$ 122		$ 132		$ 98	$ 129
Weighted average number of shares for basic:
Common shares, As reported - basic	26		30		24	31

Income Taxes - Summary of Income Tax (Benefit) Provision (Detail)	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	27.50%	24.70%	27.50%	25.10%

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Jul. 01, 2023	Jul. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of goodwill		$ 0
Intangible assets amortization	$ 63,000	$ 127,000

Commitments and Contingencies (Tables)

6 Months Ended

Jul. 01, 2023

Commitments and Contingencies Disclosure [Abstract]

Non-cancelable Contractual Obligations

As of July 1, 2023 projected cash outflows under non-cancelable contractual obligations are as follows:


	Commitments
	(in thousands)
Ingredients and packaging (excluding hops and malt)	$	76,532
Brand support		60,186
Hops and malt		56,608
Equipment and machinery		34,259
Other		16,968
Total commitments	$	244,553