0000950170-24-117090 | 10-Q | XBRL Viewer

Note Receivable	9 Months Ended
Sep. 28, 2024
Receivables [Abstract]
Note Receivable	G. Note Receivable The Company and City Brewing entered into a Loan and Security agreement on January 2, 2024 at which time payment of $20 million was made by the Company to City Brewing. Repayment of the note receivable plus an agreed investment return for a combined total of $22.4 million shall be credited to the Company through reductions of shortfall fees, subject to annual repayment limits and through other payments or credits, should owed shortfall fees be lower than these annual repayment limits. The annual repayment limits are $3.0 million in 2024, $7.5 million in 2025 and $10.0 million in 2026 and thereafter. The final maturity date of the loan is December 31, 2028. The Company determined the fair value of the note receivable on the issuance date to be $18.6 million. The $1.4 million difference between the cash paid to City Brewing of $20.0 million and the fair value of the note of $18.6 million on issuance date has been recorded as a third-party production prepayment asset and will be recognized as a component of cost of goods sold over the term of the third-party production arrangement. The unamortized balance was $1.0 million as of September 28, 2024. Interest income on the note receivable is being recognized over the term of the loan, which is to be repaid in full no later than December 31, 2028. The Company received $3.0 million repayment during the thirteen weeks ended September 28, 2024, of which $2.4 million was applied to principal and the remaining $0.6 million applied to interest. As of September 28, 2024 the Company had $16.6 million fair value remaining on the note receivable.

Note Receivable

9 Months Ended

Sep. 28, 2024

G. Note Receivable

The Company and City Brewing entered into a Loan and Security agreement on January 2, 2024 at which time payment of $20 million was made by the Company to City Brewing. Repayment of the note receivable plus an agreed investment return for a combined total of $22.4 million shall be credited to the Company through reductions of shortfall fees, subject to annual repayment limits and through other payments or credits, should owed shortfall fees be lower than these annual repayment limits. The annual repayment limits are $3.0 million in 2024, $7.5 million in 2025 and $10.0 million in 2026 and thereafter. The final maturity date of the loan is December 31, 2028.

The Company determined the fair value of the note receivable on the issuance date to be $18.6 million. The $1.4 million difference between the cash paid to City Brewing of $20.0 million and the fair value of the note of $18.6 million on issuance date has been recorded as a third-party production prepayment asset and will be recognized as a component of cost of goods sold over the term of the third-party production arrangement. The unamortized balance was $1.0 million as of September 28, 2024. Interest income on the note receivable is being recognized over the term of the loan, which is to be repaid in full no later than December 31, 2028.

The Company received $3.0 million repayment during the thirteen weeks ended September 28, 2024, of which $2.4 million was applied to principal and the remaining $0.6 million applied to interest. As of September 28, 2024 the Company had $16.6 million fair value remaining on the note receivable.

Inventories (Tables)

9 Months Ended

Sep. 28, 2024

Inventory Disclosure [Abstract]

Components of Inventories

Inventories consist of the following:


	September 28, 2024		December 30, 2023
	(in thousands)
Current inventory:
Raw materials	$	58,444	$	55,116
Work in process		21,527		18,750
Finished goods		80,351		41,907
Total current inventory		160,322		115,773
Long term inventory		9,968		14,369
Total inventory	$	170,290	$	130,142

Licensing Agreements - Additional Information (Detail) - Pepsi - Pepsi Licensing Agreement - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Maximum percentage of shipments of beverages under license agreement	1.00%
Transition of distributor networks			The transition of distributor networks began in May of 2024 and is expected to extend into 2025.
Percentage of shipments of beverages under license agreement		1.00%		3.00%
Payments for proprietary ingredients, shipment of beverages and marketing services	$ 0.0	$ 0.4	$ 0.3	$ 1.7
Excess over fair market value	$ 0.0		$ 0.0		$ 0.1

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock Common Class A	Common Stock Common Class B	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings
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 and retirement of Class A Common Stock	(22,116)	$ (1)				(22,115)
Repurchase and retirement 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)	94,374
Balance at Sep. 30, 2023	1,120,777	$ 101	$ 21	650,874	(210)	469,991
Balance (in shares) at Sep. 30, 2023		10,116,000	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 and retirement of Class A Common Stock	(25,039)	$ (1)				(25,038)
Repurchase and retirement of Class A Common Stock (in shares)		(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
Net Income (Loss)	45,295					45,295
Stock options exercised and restricted shares activities	741			741
Stock options exercised and restricted shares activities (in shares)		4,000
Stock-based compensation expense	4,047			4,047
Repurchase and retirement of Class A Common Stock	(16,352)	$ (1)				(16,351)
Repurchase and retirement of Class A Common Stock (in shares)		(48,000)
Foreign currency translation adjustment	(144)				(144)
Balance at Sep. 30, 2023	1,120,777	$ 101	$ 21	650,874	(210)	469,991
Balance (in shares) at Sep. 30, 2023		10,116,000	2,068,000
Balance at Dec. 30, 2023	1,077,929	$ 100	$ 21	656,297	(57)	421,568
Balance (in shares) at Dec. 30, 2023		10,033,000	2,068,000
Net Income (Loss)	12,597					12,597
Stock options exercised and restricted shares activities	(482)			(482)
Stock options exercised and restricted shares activities (in shares)		24,000
Stock-based compensation expense	7,127			7,127
Repurchase and retirement of Class A Common Stock	(50,281)	$ (1)				(50,280)
Repurchase and retirement of Class A Common Stock (in shares)		(148,000)
Foreign currency translation adjustment	(162)				(162)
Balance at Mar. 30, 2024	1,046,728	$ 99	$ 21	662,942	(219)	383,885
Balance (in shares) at Mar. 30, 2024		9,909,000	2,068,000
Balance at Dec. 30, 2023	1,077,929	$ 100	$ 21	656,297	(57)	421,568
Balance (in shares) at Dec. 30, 2023		10,033,000	2,068,000
Net Income (Loss)	$ 98,450
Stock options exercised and restricted shares activities (in shares)	6,164
Foreign currency translation adjustment	$ (181)
Balance at Sep. 28, 2024	1,014,157	$ 95	$ 21	671,781	(238)	342,498
Balance (in shares) at Sep. 28, 2024		9,471,000	2,068,000
Balance at Mar. 30, 2024	1,046,728	$ 99	$ 21	662,942	(219)	383,885
Balance (in shares) at Mar. 30, 2024		9,909,000	2,068,000
Net Income (Loss)	52,339					52,339
Stock options exercised and restricted shares activities	1,266			1,266
Stock options exercised and restricted shares activities (in shares)		8,000
Stock-based compensation expense	3,881			3,881
Repurchase and retirement of Class A Common Stock	(63,620)	$ (2)				(63,618)
Repurchase and retirement of Class A Common Stock (in shares)		(221,000)
Foreign currency translation adjustment	(59)				(59)
Balance at Jun. 29, 2024	1,040,535	$ 97	$ 21	668,089	(278)	372,606
Balance (in shares) at Jun. 29, 2024		9,696,000	2,068,000
Net Income (Loss)	33,514					33,514
Stock options exercised and restricted shares activities	14			14
Stock options exercised and restricted shares activities (in shares)		1,000
Stock-based compensation expense	3,678			3,678
Repurchase and retirement of Class A Common Stock	(63,624)	$ (2)				(63,622)
Repurchase and retirement of Class A Common Stock (in shares)		(226,000)
Foreign currency translation adjustment	40				40
Balance at Sep. 28, 2024	$ 1,014,157	$ 95	$ 21	$ 671,781	$ (238)	$ 342,498
Balance (in shares) at Sep. 28, 2024		9,471,000	2,068,000

- Definition

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

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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 2
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+ Details

Common Stock and Stock-Based Compensation

9 Months Ended

Sep. 28, 2024

Share-Based Payment Arrangement [Abstract]

Common Stock and Stock-Based Compensation

M. 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 and upper management is summarized as follows:


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term in Years		Aggregate Intrinsic Value (in thousands)
Outstanding at December 30, 2023		207,810		$	361.53
Granted		25,635			299.57
Exercised		(6,164	)		204.25
Forfeited/ Expired		(15,487	)		383.46
Outstanding at September 28, 2024		211,794		$	357.00		5.14	$	5,004
Exercisable at September 28, 2024		128,930		$	326.59		4.10	$	4,756
Vested and expected to vest at September 28, 2024		191,971		$	360.56		5.01	$	4,965

Of the total options outstanding at September 28, 2024, 28,033 shares were performance-based options for which the performance criteria had yet to be achieved.

On April 1, 2024, the Company granted options to purchase an aggregate of 21,205 shares of the Company’s Class A Common Stock to the Company’s Chief Executive Officer. These options have a fair value and exercise price per share of $141.48 and $304.42, respectively.

On May 7, 2024, the Company granted options to purchase an aggregate of 2,840 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 $114.47 and $268.20, respectively.

On July 29, 2024, the Company granted options to purchase an aggregate of 1,590 shares of the Company’s Class A Common Stock to the Company’s two new 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 $143.23 and $290.91, respectively.

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


	2024
Expected Volatility		40.0	%
Risk-free interest rate		4.2	%
Expected Dividends		0.0	%
Exercise factor		2.1
Discount for post-vesting restrictions		0.0	%

Non-Vested Shares Activity

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


	Number of Shares			Weighted Average Fair Value
Non-vested at December 30, 2023		114,797		$	373.56
Granted		86,601			290.19
Vested		(32,823	)		381.95
Forfeited		(4,212	)		320.93
Non-vested at September 28, 2024		164,363		$	329.30

Of the total non-vested shares at September 28, 2024, 45,375 shares were performance-based shares for which the performance criteria had yet to be achieved.

On March 1, 2024, the Company granted a combined 64,708 shares of restricted stock units to certain officers, senior managers and key employees. Of the restricted stock units granted, 8,384 had performance-based vesting criteria with potential achievement of 0% to 200% of the grant total and a three-year service period. Additionally, 20,000 of the restricted stock units granted had performance based vesting criteria with potential vesting over a seven year service period. The remainder of restricted stock units granted on March 1, 2024 vest ratably over service periods of four years. Additionally on March 1, 2024, employees elected to purchase a combined 12,007 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 $308.14 and $186.77 per share, respectively.

On April 1, 2024, the Company granted a combined 6,570 shares of restricted stock units to the Chief Executive Officer, of which all shares vest in 3 years dependent on meeting performance criteria as well as continued employment with the company. The fair value of the restricted stock units was $304.42 per share, of which all shares were performance-based shares.

On April 1, 2024, the Company granted a combined 1,069 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 $304.42 per share.

On May 7, 2024, the Company granted a combined 1,215 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 $268.20 per share.

On July 29, 2024, the Company granted a combined 782 shares of restricted stock units to the Company’s two new non-employee Directors, of which all shares vest one year from the grant date. The fair value of the restricted stock units was $290.91 per share.

On August 1, 2024, the Company granted a combined 250 shares of restricted stock units to a member of management, of which all shares vest ratably over service periods of up to four years. The fair value of the restricted stock units was $280.21 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				Thirty-nine weeks ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
	(in thousands)				(in thousands)
Amounts included in advertising, promotional and selling expenses	$	1,310	$	1,370	$	5,241	$	4,952
Amounts included in general and administrative expenses	$	2,368	$	2,677	$	9,445	$	7,361
Total stock-based compensation expense	$	3,678	$	4,047	$	14,686	$	12,313

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 October 2, 2024, the Board of Directors authorized an increase in the aggregate expenditure limit for the Company’s stock repurchase program by $400.0 million, increasing the limit from $1.2 billion to $1.6 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 thirty-nine weeks ended September 28, 2024, the Company repurchased and subsequently retired 226,197 and 595,732 shares of its Class A Common Stock, respectively, for an aggregate purchase price of $63 million and $176 million, respectively. As of September 28, 2024, the Company had repurchased a cumulative total of approximately 14.7 million shares of its Class A Common Stock for an aggregate purchase price of approximately $1.1 billion and had approximately $90.5 million remaining on the $1.2 billion stock repurchase expenditure limit set by the Board of Directors.

Related Party Transactions - Additional Information (Detail) - Dogfish Head Brewery - USD ($)	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
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	274,000	$ 274,000
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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

+ Details

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)		3 Months Ended	9 Months Ended
	Sep. 29, 2024	Sep. 28, 2024	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
Impairment of goodwill			$ 0
Impairment of intangible assets		$ 42,600,000	42,584,000	$ 16,426,000
Intangible carrying value		16,870,000	16,870,000		$ 59,644,000
Intangible assets amortization		63,000	189,000
Dogfish Head
Impairment of intangible assets			41,200,000	15,800,000
Intangible carrying value		55,600,000	55,600,000
Estimated fair value		14,400,000	14,400,000
Dogfish Head \| Subsequent Event
Intangible assets amortization	$ 14,400,000
Estimated useful life	10 years
Coney Island
Impairment of intangible assets			1,000,000	$ 600,000
Intangible carrying value		1,000,000	1,000,000
Estimated fair value		0	0
Angel City
Impairment of intangible assets			400,000
Intangible carrying value		400,000	400,000
Estimated fair value		$ 0	$ 0

Income Taxes

9 Months Ended

Sep. 28, 2024

Income Tax Disclosure [Abstract]

Income Taxes

J. Income Taxes

The following table provides a summary of the income tax provision for the thirteen weeks and thirty-nine weeks ended September 28, 2024 and September 30, 2023:


	Thirteen weeks ended		Thirty-nine weeks ended
	September 28, 2024	September 30, 2023	September 28, 2024	September 30, 2023
Effective tax rate	31.7%	29.3%	30.3%	28.4%

The increase in the tax rate for the thirteen and thirty-nine weeks ended September 28, 2024 as compared to the thirteen and thirty-nine weeks ended September 30, 2023 is primarily due to an increase in non-deductible compensation.

As of both September 28, 2024 and December 30, 2023, the Company had approximately $0.3 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 September 28, 2024 and December 30, 2023, 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 not currently under any income tax audits as of September 28, 2024.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Net Income per Share - Computation of Net Income Per Share, Basic (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Sep. 28, 2024	Sep. 30, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income (Loss)	$ 33,514	$ 52,339	$ 12,597	$ 45,295	$ 58,035	$ (8,956)	$ 98,450	$ 94,374
Allocation of net income for basic:
Allocation of net income for basic common stock	$ 33,514			$ 45,295			$ 98,450	$ 94,374
Weighted average number of shares for basic:
Common shares, As reported - basic	11,682			12,228			11,878	12,268
Net income per share for basic:
Net income per common share - basic	$ 2.87			$ 3.7			$ 8.29	$ 7.69
Common Class A
Allocation of net income for basic:
Allocation of net income for basic common stock	$ 27,500			$ 37,542			$ 81,082	$ 78,276
Weighted average number of shares for basic:
Common shares, As reported - basic	9,586			10,135			9,783	10,175
Net income per share for basic:
Net income per common share - basic	$ 2.87			$ 3.7			$ 8.29	$ 7.69
Common Class B
Allocation of net income for basic:
Allocation of net income for basic common stock	$ 5,933			$ 7,660			$ 17,140	$ 15,908
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	$ 2.87			$ 3.7			$ 8.29	$ 7.69
Unvested participating shares
Allocation of net income for basic:
Allocation of net income for basic unvested participating shares	$ 81			$ 93			$ 228	$ 190
Weighted average number of shares for basic:
Common shares, As reported - basic	28			25			27	25

Third-Party Production Prepayments

9 Months Ended

Sep. 28, 2024

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

Third-Party Production Prepayments

F. Third-Party Production Prepayments

During the thirty-nine weeks ended September 28, 2024 and September 30, 2023, the Company brewed and packaged approximately 68% and 69%, 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. Under these production arrangements, there are minimum production quantities and the Company is obligated to pay shortfall fees for production quantity below those thresholds.

Total third-party production prepayments were $18.0 million and $33.6 million as of September 28, 2024 and December 30, 2023, respectively, all of which for both periods relate to its master transaction agreement with City Brewing Company, LLC ("City Brewing"). The Company will expense the total prepaid amount of $18.0 million as of September 28, 2024 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 and will incur shortfall fees. 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 thirty-nine weeks ended September 28, 2024, the Company incurred $0.6 million and $4.7 million, respectively, in shortfall fees. During the thirteen weeks and thirty-nine weeks ended September 30, 2023, the Company incurred $0.5 million and $4.6 million, respectively, in shortfall fees. As of September 28, 2024, 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 $101 million over the duration of the contracts which have expiration dates through December 31, 2031. The Company has regular discussions with its third-party production suppliers related to its future capacity needs and the terms of its contracts. Changes to volume estimates, future amendments or cancellations of existing contracts could accelerate or change total shortfall fees expected to be incurred. At current volume projections and based on understandings reached with these third-party production facilities, the Company anticipates that it will recognize approximately $41 million of shortfall fees and expects to record those expenses as follows:


	Expected Shortfall Fees to be Incurred
	(in millions)
Remainder of 2024	$	9
2025		14
2026		3
2027		3
2028		3
2029		3
Thereafter		6
Total shortfall fees expected to be incurred	$	41

Common Stock and Stock-Based Compensation - Stock-Based Compensation Expense Included in Operating Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 3,678	$ 4,047	$ 14,686	$ 12,313
Advertising, promotional and selling expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	1,310	1,370	5,241	4,952
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 2,368	$ 2,677	$ 9,445	$ 7,361

Common Stock and Stock-Based Compensation (Tables)

9 Months Ended

Sep. 28, 2024

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 and upper management is summarized as follows:


	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term in Years		Aggregate Intrinsic Value (in thousands)
Outstanding at December 30, 2023		207,810		$	361.53
Granted		25,635			299.57
Exercised		(6,164	)		204.25
Forfeited/ Expired		(15,487	)		383.46
Outstanding at September 28, 2024		211,794		$	357.00		5.14	$	5,004
Exercisable at September 28, 2024		128,930		$	326.59		4.10	$	4,756
Vested and expected to vest at September 28, 2024		191,971		$	360.56		5.01	$	4,965

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:


	2024
Expected Volatility		40.0	%
Risk-free interest rate		4.2	%
Expected Dividends		0.0	%
Exercise factor		2.1
Discount for post-vesting restrictions		0.0	%

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

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


	Number of Shares			Weighted Average Fair Value
Non-vested at December 30, 2023		114,797		$	373.56
Granted		86,601			290.19
Vested		(32,823	)		381.95
Forfeited		(4,212	)		320.93
Non-vested at September 28, 2024		164,363		$	329.30

Stock-Based Compensation Expense Included in Operating Expenses

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


	Thirteen weeks ended				Thirty-nine weeks ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
	(in thousands)				(in thousands)
Amounts included in advertising, promotional and selling expenses	$	1,310	$	1,370	$	5,241	$	4,952
Amounts included in general and administrative expenses	$	2,368	$	2,677	$	9,445	$	7,361
Total stock-based compensation expense	$	3,678	$	4,047	$	14,686	$	12,313

Net Income per Share (Tables)

9 Months Ended

Sep. 28, 2024

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				Thirty-nine weeks ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
	(in thousands, except per share data)				(in thousands, except per share data)
Net income	$	33,514	$	45,295	$	98,450	$	94,374
Allocation of net income for basic:
Class A Common Stock	$	27,500	$	37,542	$	81,082	$	78,276
Class B Common Stock		5,933		7,660		17,140		15,908
Unvested participating shares		81		93		228		190
	$	33,514	$	45,295	$	98,450	$	94,374
Weighted average number of shares for basic:
Class A Common Stock		9,586		10,135		9,783		10,175
Class B Common Stock		2,068		2,068		2,068		2,068
Unvested participating shares		28		25		27		25
		11,682		12,228		11,878		12,268
Net income per share for basic:
Class A Common Stock	$	2.87	$	3.70	$	8.29	$	7.69
Class B Common Stock	$	2.87	$	3.70	$	8.29	$	7.69

Computation of Net Income per Share, Diluted

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 thirty-nine weeks ended September 28, 2024 and for the thirteen weeks and thirty-nine ended September 30, 2023:


	Thirteen weeks ended
	September 28, 2024						September 30, 2023
	Earnings to Common Shareholders		Common Shares		EPS		Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	27,500		9,586	$	2.87	$	37,542		10,135	$	3.70
Add: effect of dilutive common shares
Share-based awards		—		17				—		30
Class B Common Stock		5,933		2,068				7,660		2,068
Net effect of unvested participating shares		—		—				1		—
Net income per common share - diluted	$	33,433		11,671	$	2.86	$	45,203		12,233	$	3.70

	Thirty-nine weeks ended
	September 28, 2024						September 30, 2023
	Earnings to Common Shareholders		Common Shares		EPS		Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	81,082		9,783	$	8.29	$	78,276		10,175	$	7.69
Add: effect of dilutive common shares
Share-based awards		—		20				—		37
Class B Common Stock		17,140		2,068				15,908		2,068
Net effect of unvested participating shares		—		—				1		—
Net income per common share - diluted	$	98,222		11,871	$	8.27	$	94,185		12,280	$	7.67

Organization and Basis of Presentation

9 Months Ended

Sep. 28, 2024

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.", "Truly Distilling Co.", and "Sun Cruiser Beverage Co.".

The accompanying unaudited condensed consolidated balance sheet as of September 28, 2024, and the unaudited condensed consolidated statements of comprehensive operations, stockholders’ equity, and cash flows for the interim periods ended September 28, 2024 and September 30, 2023, 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 30, 2023.

In the opinion of the Company’s management, the Company’s unaudited condensed consolidated balance sheet as of September 28, 2024 and the results of its condensed consolidated comprehensive operations, stockholders’ equity, and cash flows for the interim periods ended September 28, 2024 and September 30, 2023, 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.

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Sep. 28, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Contractual obligations payment, remainder of fiscal year	$ 103.8
Contractual obligations payment, 2025	56.6
Contractual obligations payment, 2026	13.3
Contractual obligations payment, 2027 and thereafter	$ 5.7

Goodwill and Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Gross Carrying Value	$ 18,200	$ 60,784
Accumulated Amortization	(1,330)	(1,140)
Net Book Value	16,870	59,644
Trademarks
Gross Carrying Value	14,400	56,984
Net Book Value	$ 14,400	56,984
Customer Relationships
Estimated Useful Life	15 years
Gross Carrying Value	$ 3,800	3,800
Accumulated Amortization	(1,330)	(1,140)
Net Book Value	$ 2,470	$ 2,660

Net Income per Share - Computation of Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Line Items]
Earnings to Common Shareholders, As reported - basic	$ 33,514	$ 45,295	$ 98,450	$ 94,374
Common shares, As reported - basic	11,682	12,228	11,878	12,268
EPS, As reported - basic	$ 2.87	$ 3.7	$ 8.29	$ 7.69
Add: effect of dilutive common shares Share-based awards	17	30	20	37
Earnings to Common Shareholders, Net effect of unvested participating shares		$ 1		$ 1
Earnings to Common Shareholders, Net income per common share - diluted	$ 33,433	$ 45,203	$ 98,222	$ 94,185
Common Shares, Net income per common share - diluted	11,671	12,233	11,871	12,280
EPS, Net income per common share - diluted	$ 2.86	$ 3.7	$ 8.27	$ 7.67
Common Class A
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Line Items]
Earnings to Common Shareholders, As reported - basic	$ 27,500	$ 37,542	$ 81,082	$ 78,276
Common shares, As reported - basic	9,586	10,135	9,783	10,175
EPS, As reported - basic	$ 2.87	$ 3.7	$ 8.29	$ 7.69
EPS, Net income per common share - diluted	$ 2.87		$ 8.29
Common Class B
Schedule Of Earnings Per Share Basic And Diluted By Common Class [Line Items]
Earnings to Common Shareholders, As reported - basic	$ 5,933	$ 7,660	$ 17,140	$ 15,908
Common shares, As reported - basic	2,068	2,068	2,068	2,068
EPS, As reported - basic	$ 2.87	$ 3.7	$ 8.29	$ 7.69
Earnings to Common Shareholders, Class B Common Stock	$ 5,933	$ 7,660	$ 17,140	$ 15,908
Class B Common Stock	2,068	2,068	2,068	2,068

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 28, 2024

Commitments and Contingencies Disclosure [Abstract]

Non-cancelable Contractual Obligations

As of September 28, 2024, projected cash outflows under non-cancelable contractual obligations are as follows:


	Commitments
	(in thousands)
Ingredients and packaging (excluding hops and malt)	$	42,947
Hops and malt		42,647
Brand support		36,568
Equipment and machinery		27,787
Other		29,497
Total commitments	$	179,446

Inventories

9 Months Ended

Sep. 28, 2024

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:


	September 28, 2024		December 30, 2023
	(in thousands)
Current inventory:
Raw materials	$	58,444	$	55,116
Work in process		21,527		18,750
Finished goods		80,351		41,907
Total current inventory		160,322		115,773
Long term inventory		9,968		14,369
Total inventory	$	170,290	$	130,142

As of September 28, 2024 and December 30, 2023, the Company has recorded inventory obsolescence reserves of $13.6 million and $7.6 million, respectively.

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
Disaggregation Of Revenue [Line Items]
Sales to domestic distributors as a percentage of total sales	94.00%	94.00%	94.00%	94.00%
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%	2.00%	1.00%	2.00%
Deferred Revenue, Current	$ 17,300		$ 17,300		$ 8,900
Reimbursements for discounts to distributors	20,100	$ 18,600	50,400	$ 52,800
Advertising, promotional and selling expenses	147,986	152,579	412,484	427,369
Distributors
Disaggregation Of Revenue [Line Items]
Reduction in revenue related to advertising, promotional and selling expenses	9,100	8,300	22,800	23,100
Customers programs and incentives
Disaggregation Of Revenue [Line Items]
Advertising, promotional and selling expenses	$ 14,400	$ 11,000	$ 37,400	$ 32,000

Fair Value Measures - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Fair Value Disclosures [Abstract]
Cash and cash equivalents	$ 255,601	$ 298,491
Money market fund	$ 246,000	$ 291,500

Licensing Agreements

9 Months Ended

Sep. 28, 2024

Licensing agreements [Abstract]

Licensing Agreements

N. 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. Under the agreements, the Company is responsible for developing, manufacturing, and marketing a flavored malt beverage product under the HARD MTN DEW® brand. As part of the agreements, Pepsi provides certain proprietary ingredients and also licenses the Company the use of its HARD MTN DEW® trademark in connection with manufacturing, promoting, marketing, and distributing the developed product, primarily through the Pepsi distribution network.

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 $0.0 million and $0.3 million during the thirteen weeks and thirty-nine weeks ended September 28, 2024, respectively, and were $0.4 million and $1.7 million during the thirteen weeks and thirty-nine weeks ended September 30, 2023, 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 zero and $0.1 million as of September 28, 2024 and December 30, 2023, respectively. During the thirteen weeks ended September 28, 2024, total net revenue recognized under these agreements amounted to less than 1% of the Company's total net revenues. During the thirteen and thirty-nine weeks ended September 30, 2023, total net revenue recognized under these agreements amounted to approximately 1% and 3%, respectively, of the Company's total net revenues.

On February 24, 2024, the Company and Pepsi amended the terms of these agreements, most notably to change distribution from the Pepsi Distribution network to the Company’s distribution network. The transition of distributor networks began in May of 2024 and is expected to extend into 2025. Under the agreements, the Company is responsible for developing, manufacturing, and marketing a flavored malt beverage product under Pepsi’s MTN DEW® brand. Pepsi provides certain proprietary ingredients and also licenses the Company the use of its HARD MTN DEW® trademark in connection with manufacturing, promoting, marketing, and distributing the developed product.

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 28, 2024	Dec. 30, 2023
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	9,470,066	10,033,303
Common Stock, shares outstanding	9,470,066	10,033,303
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

Common Stock and Stock-Based Compensation - Summary Of Weighted Average Assumptions used to Estimate Fair Value of Stock Options (Detail)	9 Months Ended
	Sep. 28, 2024 Time
Share-Based Payment Arrangement [Abstract]
Expected Volatility	40.00%
Risk-free interest rate	4.20%
Expected Dividends	0.00%
Exercise factor	2.1
Discount for post-vesting restrictions	0.00%

Condensed Consolidated Statements of Comprehensive Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 642,131	$ 639,394	$ 1,708,555	$ 1,715,883
Less excise taxes	36,654	37,795	97,928	100,980
Net revenue	605,477	601,599	1,610,627	1,614,903
Cost of goods sold	325,236	326,951	877,580	910,430
Gross profit	280,241	274,648	733,047	704,473
Operating expenses:
Advertising, promotional, and selling expenses	147,986	152,579	412,484	427,369
General and administrative expenses	43,818	42,241	142,226	130,834
Impairment of intangible assets	42,584	16,426	42,584	16,426
Impairment of brewery assets	20	1,900	3,751	3,916
Total operating expenses	234,408	213,146	601,045	578,545
Operating income	45,833	61,502	132,002	125,928
Other income:
Interest income	3,582	3,478	10,021	6,977
Other expense	(317)	(913)	(795)	(1,137)
Total other income	3,265	2,565	9,226	5,840
Income before income tax provision	49,098	64,067	141,228	131,768
Income tax provision	15,584	18,772	42,778	37,394
Net income	$ 33,514	$ 45,295	$ 98,450	$ 94,374
Net income per common share - basic	$ 2.87	$ 3.7	$ 8.29	$ 7.69
Net income per common share - diluted	$ 2.86	$ 3.7	$ 8.27	$ 7.67
Weighted-average number of common shares - basic	11,682	12,228	11,878	12,268
Weighted-average number of common shares - diluted	11,671	12,233	11,871	12,280
Net Income (Loss)	$ 33,514	$ 45,295	$ 98,450	$ 94,374
Other comprehensive income (loss) :
Foreign currency translation adjustment	40	(144)	(181)
Total other comprehensive income (loss)	40	(144)	(181)
Comprehensive income	$ 33,554	$ 45,151	$ 98,269	$ 94,374

Line of Credit - Additional Information (Detail)	9 Months Ended
Line of Credit - Additional Information (Detail)	Sep. 28, 2024 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
Basis spread on variable rate	1.10%
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Line of credit, remaining borrowing capacity	$ 150,000,000

- 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.

+ References

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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

Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Current inventory:
Raw materials	$ 58,444	$ 55,116
Work in process	21,527	18,750
Finished goods	80,351	41,907
Total current inventory	160,322	115,773
Long term inventory	9,968	14,369
Total inventory	$ 170,290	$ 130,142

Third-Party Production Prepayments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Percentage of brews and packages			68.00%	69.00%
Total third-party production prepayments	$ 18,000		$ 18,000		$ 33,600
Total prepaid amount	18,015		18,015		$ 33,581
Shortfall fees	600	$ 500	4,700	$ 4,600
Contractual shortfall fees			101,000
Expected shortfall fees	$ 41,000		$ 41,000

Common Stock and Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions								3 Months Ended	9 Months Ended
	Aug. 01, 2024	Jul. 29, 2024	May 07, 2024	Apr. 01, 2024	Mar. 01, 2024	Mar. 01, 2020	Mar. 01, 2019	Sep. 28, 2024	Sep. 28, 2024	Oct. 02, 2024	Dec. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option outstanding								211,794	211,794		207,810
Options granted in period - weighted average exercise price									$ 299.57
Other than options granted in period									86,601
Weighted average fair value of stock awards									$ 290.19
Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period				21,205
Options granted in period - weighted average fair value				$ 141.48
Options granted in period - weighted average exercise price				$ 304.42
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
Number of shares repurchased during period								226,197	595,732
Number of shares repurchased during period, Value								$ 63.0	$ 176.0
Number of total cumulative shares repurchased								14,700,000	14,700,000
Stock repurchase program, remaining authorized pepurchase amount								$ 90.5	$ 90.5
Number of total cumulative shares repurchased, value								$ 1,100.0	$ 1,100.0
Common Class A \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount										$ 400.0
Common Class A \| Minimum \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be repurchased										1,200,000,000
Common Class A \| Maximum \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized to be repurchased										1,600,000,000
Non-Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period			2,840
Options granted in period - weighted average fair value			$ 114.47
Options granted in period - weighted average exercise price			$ 268.2
Two New Non-Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period		1,590
Options granted in period - weighted average fair value		$ 143.23
Options granted in period - weighted average exercise price		$ 290.91
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period					8,384
Other than options granted in period					64,708
Vesting period					4 years	4 years	4 years		4 years
Weighted average fair value of stock awards					$ 308.14
Restricted Stock Awards \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of potential achievement of performance-based vesting criteria					0.00%
Restricted Stock Awards \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of potential achievement of performance-based vesting criteria					200.00%
Restricted Stock Awards \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options granted in period				6,570
Vesting period				3 years
Weighted average fair value of stock awards				$ 304.42
Restricted Stock Awards \| Senior Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options granted in period				1,069
Weighted average fair value of stock awards				$ 304.42
Restricted Stock Awards \| Senior Management \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				4 years
Restricted Stock Awards \| Member of Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options granted in period	250
Vesting period	4 years
Weighted average fair value of stock awards	$ 280.21
Restricted Stock Awards \| Non-Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options granted in period				1,215
Vesting period				1 year
Weighted average fair value of stock awards				$ 268.2
Restricted Stock Awards \| Two New Non-Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options granted in period		782
Vesting period		1 year
Weighted average fair value of stock awards		$ 290.91
Performance Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option outstanding								28,033	28,033
Total shares outstanding								45,375	45,375
Vesting period					3 years
Performance Based Awards \| Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period					20,000
Vesting period					7 years
Investment Share Program \| Employee Stock Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares employees elected to purchase					12,007
Weighted average fair value of stock awards					$ 186.77

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 28, 2024	Oct. 18, 2024
Document Information [Line Items]
Document Transition Report	false
Document Quarterly Report	true
Document Type	10-Q
Document Period End Date	Sep. 28, 2024
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	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000949870
Current Fiscal Year End Date	--12-28
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		9,416,751
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,068,000

Fair Value Measures

9 Months Ended

Sep. 28, 2024

Fair Value Disclosures [Abstract]

Fair Value Measures

L. 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 September 28, 2024 and December 30, 2023, the Company had money market funds with a “Triple A” rated money market fund. The Company considers the “Triple A” rated money market fund to be a large, highly-rated investment-grade institution. As of September 28, 2024 and December 30, 2023, the Company’s cash and cash equivalents balance was $255.6 million and $298.5 million, respectively, including money market funds amounting to $246.0 million and $291.5 million, respectively.

Non-Recurring Fair Value Measurement

The fair value as of the issuance date of the Company's note receivable is classified within Level 2 of the fair value hierarchy as the fair value was partially derived from publicly quoted inputs of market interest rates for a loan of similar terms, provisions, and maturity.

The fair value of the Company's Dogfish Head trademark intangible assets is classified within Level 3 of the fair value hierarchy because there are no observable inputs of market activity. When performing a quantitative assessment for impairment of the trademark asset, the Company measures the amount of impairment by calculating the amount by which the carrying value of the trademark asset exceeds its estimated fair value. The estimated fair value is determined based on an income approach using the relief from royalty method, which assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of the trademark asset. The cash flow projections the Company uses to estimate the fair value of its Dogfish Head trademark intangible asset involves several assumptions, including (i) projected revenue growth, (ii) an estimated royalty rate, (iii) after-tax royalty savings expected from ownership of the trademark and (iv) a discount rate used to derive the estimated fair value of the trademark asset.

- 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.

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+ Details

Net Income per Share

9 Months Ended

Sep. 28, 2024

Earnings Per Share [Abstract]

Net Income per Share

H. Net Income per Share

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

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

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

The Company’s unvested share-based payment awards include unvested shares (1) issued under the Company’s investment share program, which permits employees who have been with the Company for at least one year to purchase shares of Class A Common Stock and to purchase those shares at a discount ranging from 20% to 40% below market value based on years of employment starting after two years of employment, and (2) awarded as restricted stock units at the discretion of the Company’s Board of Directors. The investment shares vest over five years in equal number of shares and the restricted stock units generally vest over four years in equal number of shares. If a dividend is declared, the unvested shares would participate equally. See Note M 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, if declared, and are forfeitable. The Company also grants stock options to its non-employee directors upon election or re-election to the Board of Directors. The number of option shares granted to non-employee directors is calculated based on a defined formula and these stock options vest immediately upon grant and expire after ten years.

Net Income per Common Share - Basic

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


	Thirteen weeks ended				Thirty-nine weeks ended
	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
	(in thousands, except per share data)				(in thousands, except per share data)
Net income	$	33,514	$	45,295	$	98,450	$	94,374
Allocation of net income for basic:
Class A Common Stock	$	27,500	$	37,542	$	81,082	$	78,276
Class B Common Stock		5,933		7,660		17,140		15,908
Unvested participating shares		81		93		228		190
	$	33,514	$	45,295	$	98,450	$	94,374
Weighted average number of shares for basic:
Class A Common Stock		9,586		10,135		9,783		10,175
Class B Common Stock		2,068		2,068		2,068		2,068
Unvested participating shares		28		25		27		25
		11,682		12,228		11,878		12,268
Net income per share for basic:
Class A Common Stock	$	2.87	$	3.70	$	8.29	$	7.69
Class B Common Stock	$	2.87	$	3.70	$	8.29	$	7.69

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.


	Thirteen weeks ended
	September 28, 2024						September 30, 2023
	Earnings to Common Shareholders		Common Shares		EPS		Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	27,500		9,586	$	2.87	$	37,542		10,135	$	3.70
Add: effect of dilutive common shares
Share-based awards		—		17				—		30
Class B Common Stock		5,933		2,068				7,660		2,068
Net effect of unvested participating shares		—		—				1		—
Net income per common share - diluted	$	33,433		11,671	$	2.86	$	45,203		12,233	$	3.70

	Thirty-nine weeks ended
	September 28, 2024						September 30, 2023
	Earnings to Common Shareholders		Common Shares		EPS		Earnings to Common Shareholders		Common Shares		EPS
	(in thousands, except per share data)
As reported - basic	$	81,082		9,783	$	8.29	$	78,276		10,175	$	7.69
Add: effect of dilutive common shares
Share-based awards		—		20				—		37
Class B Common Stock		17,140		2,068				15,908		2,068
Net effect of unvested participating shares		—		—				1		—
Net income per common share - diluted	$	98,222		11,871	$	8.27	$	94,185		12,280	$	7.67

For the thirteen weeks ended September 28, 2024, in accordance with the two-class method, weighted-average stock options to purchase 135,343 shares and 20,395 unvested share-based payments were outstanding but not included in computing dilutive income per common share because their effects were anti-dilutive. For the thirty-nine weeks ended September 28, 2024, in accordance with the two-class method, weighted-average stock options to purchase approximately 129,101 shares of Class A Common Stock and approximately 17,699 unvested share-based payments 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 10,843 shares of Class A Common Stock and 36,302 performance-based stock awards were outstanding as of September 28, 2024 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.

For the thirteen weeks ended September 30, 2023, in accordance with the two-class method, weighted-average stock options to purchase approximately 83,797 shares and approximately 31,962 unvested share-based payments were outstanding but not included in computing dilutive income per common share because their effects were anti-dilutive. For the thirty-nine weeks ended September 30, 2023, in accordance with the two-class method, weighted-average stock options to purchase approximately 76,548 shares of Class A Common Stock and approximately 32,962 unvested share-based payments 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 21,835 shares of Class A Common Stock and 10,421 performance-based stock awards were outstanding as of September 30, 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.

Related Party Transactions

9 Months Ended

Sep. 28, 2024

Related Party Transactions

O. 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 September 28, 2024 and September 30, 2023. 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 September 28, 2024 and September 30, 2023. Total related parties expense recognized related to the lease was $274,000 for the thirty-nine weeks ended September 28, 2024 and September 30, 2023. Additionally, the Company incurred expenses of less than $50,000 to various other suppliers affiliated with the Dogfish Head founders during the thirty-nine weeks ended September 28, 2024 and September 30, 2023.

- 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
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 28, 2024	Jun. 29, 2024	Mar. 30, 2024	Sep. 30, 2023	Jul. 01, 2023	Apr. 01, 2023	Sep. 28, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 33,514	$ 52,339	$ 12,597	$ 45,295	$ 58,035	$ (8,956)	$ 98,450	$ 94,374

- Definition

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

+ References

+ 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	9 Months Ended
	Sep. 28, 2024
Shares
Outstanding at beginning of period	207,810
Granted	25,635
Exercised	(6,164)
Forfeited/ Expired	(15,487)
Outstanding at end of period	211,794
Exercisable at end of period	128,930
Vested and expected to vest at end of period	191,971
Weighted-Average Exercise Price
Outstanding at beginning of period	$ 361.53
Granted	299.57
Exercised	204.25
Forfeited/ Expired	383.46
Outstanding at end of period	357
Exercisable at end of period	326.59
Vested and expected to vest at end of period	$ 360.56
Weighted-Average Remaining Contractual Term
Outstanding at end of period	5 years 1 month 20 days
Exercisable at end of period	4 years 1 month 6 days
Vested and expected to vest at end of period	5 years 3 days
Aggregate Intrinsic Value
Outstanding at end of period	$ 5,004
Exercisable at end of period	4,756
Vested and expected to vest at end of period	$ 4,965

Income Taxes - Summary of Income Tax (Benefit) Provision (Detail)	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	31.70%	29.30%	30.30%	28.40%

Goodwill and Intangible Assets - Schedule of Future Amortization Expense (Detail) $ in Thousands	Sep. 28, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2024	$ 423
2025	1,693
2026	1,693
2027	1,693
2028	1,693
2029	1,693
Thereafter	7,982
Total amortization expense	$ 16,870

Inventories - Additional Information (Details) - USD ($) $ in Millions	Sep. 28, 2024	Dec. 30, 2023
Inventory Disclosure [Abstract]
Inventory obsolescence reserves	$ 13.6	$ 7.6

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 30, 2023
Current Assets:
Cash and cash equivalents	$ 255,601	$ 298,491
Accounts receivable	94,101	66,997
Inventories	160,322	115,773
Prepaid expenses and other current assets	25,659	20,538
Income tax receivable		1,711
Total current assets	535,683	503,510
Property, plant and equipment, net	619,013	642,509
Operating right-of-use assets	29,766	35,559
Goodwill	112,529	112,529
Intangible assets, net	16,870	59,644
Third-party production prepayments	18,015	33,581
Note receivable	16,606
Other assets	33,510	42,661
Total assets	1,381,992	1,429,993
Current Liabilities:
Accounts payable	102,906	87,245
Accrued expenses and other current liabilities	154,139	126,930
Current operating lease liabilities	6,602	9,113
Total current liabilities	263,647	223,288
Deferred income taxes, net	66,445	85,721
Non-current operating lease liabilities	31,592	36,161
Other liabilities	6,151	6,894
Total liabilities	367,835	352,064
Commitments and Contingencies (See Note I)
Stockholders' Equity:
Additional paid-in capital	671,781	656,297
Accumulated other comprehensive loss	(238)	(57)
Retained earnings	342,498	421,568
Total stockholders' equity	1,014,157	1,077,929
Total liabilities and stockholders' equity	1,381,992	1,429,993
Common Class A
Stockholders' Equity:
Common Stock	95	100
Common Class B
Stockholders' Equity:
Common Stock	$ 21	$ 21

Commitments and Contingencies - Summary of Non-cancelable Contractual Obligations (Detail) $ in Thousands	Sep. 28, 2024 USD ($)
Long-term Purchase Commitment [Line Items]
Commitments	$ 179,446
Equipment and machinery
Long-term Purchase Commitment [Line Items]
Commitments	27,787
Ingredients and Packaging (excluding hops and malt)
Long-term Purchase Commitment [Line Items]
Commitments	42,947
Hops and Malt
Long-term Purchase Commitment [Line Items]
Commitments	42,647
Brand Support
Long-term Purchase Commitment [Line Items]
Commitments	36,568
Other
Long-term Purchase Commitment [Line Items]
Commitments	$ 29,497

Third-Party Production Prepayments - Schedule of Expected Shortfall Fees to be Incurred (Detail) $ in Millions	Sep. 28, 2024 USD ($)
Contractual Obligation, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 9
2025	14
2026	3
2027	3
2028	3
2029	3
Thereafter	6
Total shortfall fees expected to be incurred	$ 41

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	9 Months Ended
	Sep. 28, 2024	Dec. 30, 2023
Income Taxes [Line Items]
Unrecognized income tax benefits	$ 0.3	$ 0.3
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 not currently under any income tax audits as of September 28, 2024.
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

Goodwill and Intangible Assets

9 Months Ended

Sep. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

E. Goodwill and Intangible Assets

The Company has recorded intangible assets with indefinite lives and goodwill for which impairment testing is required at least annually or more frequently if events or circumstances indicate that these assets might be impaired. The Company performs its annual impairment tests and re-evaluates the useful lives of other intangible assets with indefinite lives at the annual impairment test measurement date in the third quarter of each fiscal year or when circumstances arise that indicate a possible impairment or change in useful life might exist.

Goodwill. The guidance for goodwill impairment testing allows an entity to assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of a reporting unit, of which the Company has one, is less than its carrying amount or to proceed directly to performing a quantitative impairment test. Under the quantitative assessment, the estimated fair value of the Company’s reporting unit is compared to its carrying value, including goodwill. The estimate of fair value of the Company’s reporting unit is generally calculated based on an income approach using the discounted cash flow method supplemented by the market approach which considers the Company’s market capitalization and enterprise value. If the estimated fair value of the Company’s reporting unit is less than the carrying value of its reporting unit, a goodwill impairment will be recognized. In estimating the fair value of the Company’s reporting unit, management must make assumptions and projections regarding such items as future cash flows, future revenues, future earnings, cost of capital, and other factors. The assumptions used in the estimate of fair value are based on historical trends and the projections and assumptions that are used in the latest operating plans. These assumptions reflect management’s estimates of future economic and competitive conditions and are, therefore, subject to change as a result of changing market conditions. If these estimates or their related assumptions change in the future, the Company may be required to recognize an impairment loss for the Company’s goodwill which could have a material adverse impact on the Company’s financial statements.

No impairment of goodwill was recorded in any period.

Intangible assets. The Company’s intangible assets consist primarily of a trademark and customer relationships obtained through the Company’s Dogfish Head acquisition. Customer relationships are amortized over their estimated useful lives. As of the September 28, 2024, the Dogfish Head trademark which was determined to have an indefinite useful life was not amortized. The guidance for indefinite lived intangible asset impairment testing allows an entity to assess qualitative factors to determine whether the existence of events or circumstances indicates that it is more likely than not that the indefinite lived intangible asset is impaired or to proceed directly to performing the quantitative impairment test. Under the quantitative assessment, the trademark is evaluated for impairment by comparing the carrying value of the trademark to its estimated fair value. The estimated fair value of the trademark is calculated based on an income approach using the relief from royalty method. If the estimated fair value is less than the carrying value of the trademark, then an impairment charge is recognized to reduce the carrying value of the trademark to its estimated fair value.

The Company's annual impairment testing date is September 1st of each fiscal year. In 2024, this testing resulted in an impairment of the Company's Dogfish Head, Coney Island, and Angel City trademark assets of $41.2 million, $1.0 million, and $0.4 million respectively. In 2023, this testing resulted in an impairment of the Company's Dogfish Head and Coney Island trademark assets of $15.8 million and $0.6 million, respectively.

The Company evaluated the negative trends of the Dogfish Head brand including the brands off-plan performance through the thirty-nine weeks ended September 28, 2024, which was attributable to continued sales declines in the brand's beer products, the overall declines in the craft beer industry sector, and lower than forecasted sales in its canned cocktails products due to increased competition. The Company updated its projections for the Dogfish Head brand including the forecasted revenue and royalty rate assumptions utilized in the determination of the fair value of the Dogfish Head trademark which included further reductions in revenues stemming from the foregoing factors as well as a reduction in the royalty rate assumption due to decreased profitability expected to be generated from the trademark. As a result of performing this assessment, the Dogfish Head trademark asset with a carrying value of $55.6 million was written down to its estimated fair value of $14.4 million. The negative craft beer trends impacting the Company’s Dogfish Head brand have also had a negative impact on the Company’s Coney Island and Angel City trademark assets. The Coney Island trademark asset with a carrying value of $1.0 million was written down to zero and the Angel City trademark asset with a carrying value of $0.4 million was written down to zero, resulting in a total impairment of $42.6 million which was recorded during the thirteen weeks and thirty-nine weeks ended September 28, 2024.

The Company’s intangible assets as of September 28, 2024 and December 30, 2023 were as follows:


	As of September 28, 2024	As of September 28, 2024							As of December 30, 2023
	Estimated Useful	Gross Carrying		Accumulated			Net Book		Gross Carrying		Accumulated			Net Book
	Life (Years)	Value		Amortization			Value		Value		Amortization			Value
							(in thousands)
Trademarks	Indefinite	$	14,400	$	—		$	14,400	$	56,984	$	—		$	56,984
Customer relationships	15		3,800		(1,330	)		2,470		3,800		(1,140	)		2,660
Total intangible assets, net		$	18,200	$	(1,330	)	$	16,870	$	60,784	$	(1,140	)	$	59,644

Beginning in the fourth quarter of 2024, the Company will change the indefinite useful life Dogfish Head trademark asset and begin amortizing the remaining $14.4 million balance over an estimated useful life of 10 years.

Amortization expense in the thirteen and thirty-nine weeks ended September 28, 2024 was approximately $63,000 and $189,000, respectively. The Company expects to record future amortization expense, including the amortization of the remaining Dogfish Head trademark asset, as follows:


Fiscal Year	Amount (in thousands)
Remainder of 2024	$	423
2025		1,693
2026		1,693
2027		1,693
2028		1,693
2029		1,693
Thereafter		7,982
Total amortization expense	$	16,870

Common Stock and Stock-Based Compensation - Summary of Vesting Activities of Shares Issued Under Investment Share Program and Restricted Stock Units (Detail)	9 Months Ended
	Sep. 28, 2024 $ / shares shares
Share-Based Payment Arrangement [Abstract]
Non-vested at beginning of period \| shares	114,797
Granted \| shares	86,601
Vested \| shares	(32,823)
Forfeited \| shares	(4,212)
Non-vested at end of period \| shares	164,363
Non-vested at beginning of period \| $ / shares	$ 373.56
Granted \| $ / shares	290.19
Vested \| $ / shares	381.95
Forfeited \| $ / shares	320.93
Non-vested at end of period \| $ / shares	$ 329.3

Third-Party Production Prepayments (Tables)

9 Months Ended

Sep. 28, 2024

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

Schedule of Expected Shortfall Fees to be Incurred


	Expected Shortfall Fees to be Incurred
	(in millions)
Remainder of 2024	$	9
2025		14
2026		3
2027		3
2028		3
2029		3
Thereafter		6
Total shortfall fees expected to be incurred	$	41

Note Receivable - Additional Information (Detail) - USD ($) $ in Millions		3 Months Ended
	Jan. 02, 2024	Sep. 28, 2024
Receivables [Abstract]
Payment on loan and security agreement	$ 20.0
Repayment of the note receivable plus an agreed investment return	22.4
Annual repayment limits in 2024		$ 3.0
Annual repayment limits in 2025		7.5
Annual repayment limits in 2026		10.0
Annual repayment limits, Thereafter		10.0
Fair value of note receivable	18.6	$ 1.0
Amortization of note receivable	$ 1.4
Note receivable maturity date		Dec. 31, 2028
Repayment of note receivable		$ 3.0
Principal of repayment of note receivable		2.4
Interest of repayment of note receivable		0.6
Remaining fair value on note receivable		$ 16.6

Net Income per Share - Additional Information (Detail) - shares				3 Months Ended		9 Months Ended
	Mar. 01, 2024	Mar. 01, 2020	Mar. 01, 2019	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 30, 2023
Earnings Per Share Note [Line Items]
Antidilutive securities excluded from computation of earnings per share				135,343	83,797
Stock option outstanding				211,794		211,794		207,810
Common Class A
Earnings Per Share Note [Line Items]
Antidilutive securities excluded from computation of earnings per share						129,101	76,548
Unvested Share Based Payments
Earnings Per Share Note [Line Items]
Antidilutive securities excluded from computation of earnings per share				20,395	31,962	17,699	32,962
Investment Share Program
Earnings Per Share Note [Line Items]
Vesting period						5 years
Investment Share Program \| Minimum
Earnings Per Share Note [Line Items]
Requirement tenure of employee for investment share program, purchase shares at discount						1 year
Discount from current market value						20.00%
Investment Share Program \| Maximum
Earnings Per Share Note [Line Items]
Requirement tenure of employee for investment share program, purchase shares at discount						2 years
Discount from current market value						40.00%
Restricted Stock Awards
Earnings Per Share Note [Line Items]
Vesting period	4 years	4 years	4 years			4 years
Performance Based Awards
Earnings Per Share Note [Line Items]
Antidilutive securities excluded from computation of earnings per share						36,302	10,421
Performance Based Awards \| Common Class A
Earnings Per Share Note [Line Items]
Antidilutive securities excluded from computation of earnings per share						10,843	21,835

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 28, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 28, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of intangible assets

The Company’s intangible assets as of September 28, 2024 and December 30, 2023 were as follows:


	As of September 28, 2024	As of September 28, 2024							As of December 30, 2023
	Estimated Useful	Gross Carrying		Accumulated			Net Book		Gross Carrying		Accumulated			Net Book
	Life (Years)	Value		Amortization			Value		Value		Amortization			Value
							(in thousands)
Trademarks	Indefinite	$	14,400	$	—		$	14,400	$	56,984	$	—		$	56,984
Customer relationships	15		3,800		(1,330	)		2,470		3,800		(1,140	)		2,660
Total intangible assets, net		$	18,200	$	(1,330	)	$	16,870	$	60,784	$	(1,140	)	$	59,644

Schedule of future amortization expense

The Company expects to record future amortization expense, including the amortization of the remaining Dogfish Head trademark asset, as follows:


Fiscal Year	Amount (in thousands)
Remainder of 2024	$	423
2025		1,693
2026		1,693
2027		1,693
2028		1,693
2029		1,693
Thereafter		7,982
Total amortization expense	$	16,870

Line of Credit

9 Months Ended

Sep. 28, 2024

Debt Disclosure [Abstract]

Line of Credit

K. 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 September 28, 2024, no borrowings were outstanding. As of September 28, 2024 and December 30, 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 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes (Tables)

9 Months Ended

Sep. 28, 2024

Income Tax Disclosure [Abstract]

Summary of Effective Tax Rate

The following table provides a summary of the income tax provision for the thirteen weeks and thirty-nine weeks ended September 28, 2024 and September 30, 2023:


	Thirteen weeks ended		Thirty-nine weeks ended
	September 28, 2024	September 30, 2023	September 28, 2024	September 30, 2023
Effective tax rate	31.7%	29.3%	30.3%	28.4%

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Cash flows provided by operating activities:
Net income (loss)	$ 98,450	$ 94,374
Adjustments to reconcile net income to net cash provided operating activities:
Depreciation and amortization	70,904	66,603
Impairment of intangible assets	42,584	16,426
Impairment of brewery assets	3,751	3,916
Gain on sale of property, plant, and equipment	(263)
Change in right-of-use assets	5,793	5,781
Stock-based compensation expense	14,686	12,313
Deferred income taxes	(19,276)	(10,349)
Other non-cash expense	220	40
Changes in operating assets and liabilities:
Accounts receivable	(27,324)	(31,253)
Inventories	(40,148)	3,786
Prepaid expenses, income tax receivable, and other assets	(3,429)	3,986
Third-party production prepayments	15,566	22,130
Other assets	4,987	(9,368)
Accounts payable	18,053	31,341
Accrued expenses, income taxes payable and other liabilities	29,244	29,217
Operating lease liabilities	(6,808)	(6,542)
Net cash provided by operating activities	206,990	232,401
Cash flows used in investing activities:
Cash paid for note receivable	(20,000)
Purchases of property, plant and equipment	(52,770)	(48,777)
Proceeds from disposal of property, plant and equipment	23	1,708
Net cash used in investing activities	(72,747)	(47,069)
Cash flows used in financing activities:
Repurchases and retirement of Class A common stock	(175,953)	(62,477)
Proceeds from exercise of stock options and sale of investment shares	2,699	10,660
Cash paid on finance leases	(1,473)	(1,184)
Payment of tax withholding on stock-based payment awards and investment shares	(2,406)	(2,113)
Net cash used in financing activities	(177,133)	(55,114)
Change in cash and cash equivalents	(42,890)	130,218
Cash and cash equivalents at beginning of period	298,491	180,560
Cash and cash equivalents at end of period	255,601	310,778
Supplemental disclosure of cash flow information:
Income tax payments, net	(35,527)	(13,776)
Cash paid for amounts included in measurement of lease liabilities
Operating cash outflows from operating leases	7,930	7,865
Operating cash outflows from finance leases	175	100
Financing cash outflows from finance leases	1,473	1,183
Right-of-use-assets obtained in exchange for finance lease obligations	2,017	2,825
Increase (decrease) in accounts payable and accrued expenses for purchases of property, plant, and equipment	(3,818)	(1,843)
Increase in accrued expenses for non-cash financing activity - accrued excise taxes on share repurchases	1,574	$ 629
Non-cash investing activity - reduction in accrued expenses and notes receivable	$ 2,423

Recent Accounting Pronouncements

9 Months Ended

Sep. 28, 2024

Recent Accounting Pronouncements [Abstract]

Recent Accounting Pronouncements

B. Recent Accounting Pronouncements

New accounting pronouncements are issued periodically by the FASB and are adopted by the Company as of the specified effective dates. Unless otherwise disclosed below, the Company believes that recently issued and adopted pronouncements will not have a material impact on the Company’s financial position, results of operations and cash flows or do not apply to the Company’s operations.

In November 2023, the FASB issued ASU 2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU was issued to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU applies to all public entities that are required to report segment information in accordance with Topic 280, Segment Reporting. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the standard should be applied retrospectively. ASU 2023-07 will be effective for the Company's fiscal year ending December 28, 2024. The Company will adopt this ASU disclosure in the fourth quarter of 2024 and does not believe the adoption will have a material impact on its consolidated financial statements and disclosures

In December 2023, the FASB issued ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU was issued to address investor requests for more transparency about income tax information through improvements to income tax disclosure primarily related to the rate reconciliation and income taxes paid information, and to improve the effectiveness of income tax disclosures. This ASU is effective for public entities for annual periods beginning after December 15, 2024. Early adoption is permitted. ASU 2023-09 will be effective for the Company in the first quarter of its fiscal year ending December 27, 2025. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements and disclosures.

- Definition

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

+ References

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

Commitments and Contingencies

9 Months Ended

Sep. 28, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

I. Commitments and Contingencies

Contractual Obligations

As of September 28, 2024, projected cash outflows under non-cancelable contractual obligations are as follows:


	Commitments
	(in thousands)
Ingredients and packaging (excluding hops and malt)	$	42,947
Hops and malt		42,647
Brand support		36,568
Equipment and machinery		27,787
Other		29,497
Total commitments	$	179,446

The Company expects to pay $103.8 million of these obligations in the remainder of fiscal 2024, $56.6 million in fiscal 2025, $13.3 million in fiscal 2026, and $5.7 million in fiscal 2027 and thereafter.

Litigation

The Company is party to legal proceedings and 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 the loss can be estimated. Material pending legal proceedings are discussed below.

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 Company filed an Amended Answer, Amended Affirmative Defenses and Amended Counterclaims on March 25, 2024. On November 9, 2023, Ardagh filed a Notice of Plaintiff’s Motion for Judgment on the Pleadings on Count II of the Complaint, to which the Company filed an Opposition on November 22, 2023. On February 26, 2024, the Court granted the Motion. On March 27, 2024, the Company filed a Motion to Clarify and to Reconsider the Court’s decision. Following briefing by the parties, on June 17, 2024, the Court granted the Company's Motion to Reconsider, denied Ardagh's Motion for Judgment on the Pleadings, and vacated its February 26, 2024 Order. Although the Court has not yet set a final date, the Company anticipates that fact discovery will be closed in 2024. The Court has also not yet set a date for the close of expert discovery, summary judgment filings, or trial.

Revenue Recognition

9 Months Ended

Sep. 28, 2024

Disaggregation of Revenue [Abstract]

Revenue Recognition

C. Revenue Recognition

During the thirty-nine weeks ended September 28, 2024 and September 30, 2023, approximately 94% 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 thirty-nine weeks ended September 28, 2024 and September, 2023, respectively. Approximately 1% and 2% of the Company's revenue was from beer, cider, and merchandise sales at the Company’s retail locations during the thirty-nine weeks ended September 28, 2024 and September 30, 2023, respectively.

The Company recognizes revenue when obligations under the terms of a contract with its customer are satisfied; generally, this occurs with the transfer of control of its products. Revenue is measured as the amount of consideration expected to be received in exchange for transferring products. If the conditions for revenue recognition are not met, the Company defers the revenue until all conditions are met. As of September 28, 2024 and December 30, 2023, the Company has deferred $17.3 million and $8.9 million, respectively, in revenue related to product shipped prior to these dates. These amounts are included in accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheets.

Customer promotional discount programs are entered into by the Company with distributors for certain periods of time. The reimbursements for discounts to distributors are recorded as reductions to net revenue and were $20.1 million and $50.4 million for the thirteen and thirty-nine weeks ended September 28, 2024, respectively, and $18.6 million and $52.8 million for the thirteen and thirty-nine weeks ended September 30, 2023, 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 thirty-nine weeks ended September 28, 2024 were $14.4 million and $37.4 million, respectively. For the thirteen and thirty-nine weeks ended September 28, 2024, the Company recorded $9.1 million and $22.8 million, respectively, of these costs as reductions to net revenue. Amounts paid to customers in connection with these programs for the thirteen and thirty-nine weeks ended September 30, 2023 were $11.0 million and $32.0 million, respectively. For the thirteen and thirty-nine weeks ended September 30, 2023, the Company recorded $8.3 million and $23.1 million, respectively, of these costs 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
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+ Details