The Boston Beer Company, Inc. (SAM) 10-Q 21 Apr 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 26, 2016	Apr. 15, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 26, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	SAM
Entity Registrant Name	BOSTON BEER CO INC
Entity Central Index Key	949,870
Current Fiscal Year End Date	--12-26
Entity Filer Category	Large Accelerated Filer
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		9,335,614
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,367,355

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 26, 2015
Current Assets:
Cash and cash equivalents	$ 51,128	$ 94,193
Accounts receivable, net of allowance for doubtful accounts of $211 and $244 as of March 26, 2016 and December 26, 2015, respectively	45,183	38,984
Inventories	61,737	56,462
Prepaid expenses and other current assets	12,499	12,053
Income tax receivable	5,029	14,928
Deferred income taxes	6,919	6,983
Total current assets	182,495	223,603
Property, plant and equipment, net	412,301	409,926
Other assets	9,352	8,188
Goodwill	3,683	3,683
Total assets	607,831	645,400
Current Liabilities:
Accounts payable	45,171	42,718
Current portion of debt and capital lease obligations	60	58
Accrued expenses and other current liabilities	56,290	68,384
Total current liabilities	101,521	111,160
Deferred income taxes	56,288	56,001
Debt and capital lease obligations, less current portion	411	471
Other liabilities	14,264	16,547
Total liabilities	$ 172,484	$ 184,179
Commitments and Contingencies (See Note E)
Stockholders' Equity:
Additional paid-in capital	$ 317,967	$ 290,096
Accumulated other comprehensive loss, net of tax	(955)	(951)
Retained earnings	118,208	171,948
Total stockholders' equity	435,347	461,221
Total liabilities and stockholders' equity	607,831	645,400
Common Class A
Stockholders' Equity:
Common Stock	93	94
Common Class B
Stockholders' Equity:
Common Stock	$ 34	$ 34

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 26, 2015
Allowance for doubtful accounts on accounts receivable	$ 211	$ 244
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	9,293,632	9,389,005
Common Stock, shares outstanding	9,293,632	9,389,005
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	3,367,355	3,367,355
Common Stock, shares outstanding	3,367,355	3,367,355

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 26, 2016	Mar. 28, 2015
Revenue		$ 202,009	$ 212,834
Less excise taxes		13,182	13,331
Net revenue		188,827	199,503
Cost of goods sold		97,296	99,888
Gross profit		91,531	99,615
Advertising, promotional and selling expenses		59,249	60,247
General and administrative expenses		21,045	17,230
Total operating expenses		80,294	77,477
Operating income		11,237	22,138
Interest income (expense), net		23	(3)
Other income (expense), net		(219)	(325)
Total other income (expense), net		(196)	(328)
Income before income tax provision		11,041	21,810
Provision for income taxes		4,009	8,067
Net income		$ 7,032	$ 13,743
Net income per common share - basic		$ 0.55	$ 1.04
Net income per common share - diluted		$ 0.53	$ 1
Weighted-average number of common shares - diluted		13,088	13,633
Net Income		$ 7,032	$ 13,743
Other comprehensive income, net of tax:
Foreign currency translation adjustment		(4)	6
Comprehensive income		$ 7,028	$ 13,749
Common Class A
Net income per common share - basic		$ 0.55	$ 1.04
Net income per common share - diluted		$ 0.53	$ 1
Weighted-average number of common shares - basic		9,375	9,598
Weighted-average number of common shares - diluted		13,088	13,633
Common Class B
Net income per common share - basic		$ 0.55	$ 1.04
Weighted-average number of common shares - basic	[1]	3,367	3,617
[1]	Change in Class B Common Stock resulted from the conversion of 150,000 shares to Class A Common Stock on May 6, 2015 and 100,000 shares to Class A Common Stock on October 26, 2015, with the thirteen-week number of shares reflecting the weighted average for the periods.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Cash flows provided by operating activities:
Net Income	$ 7,032	$ 13,743
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	12,029	10,312
Loss on disposal of property, plant and equipment	303	335
Bad debt recovery	(33)	(42)
Stock-based compensation expense	2,686	1,621
Excess tax benefit from stock-based compensation arrangements	(3,839)	(12,538)
Deferred income taxes	351	(5)
Changes in operating assets and liabilities:
Accounts receivable	(6,166)	(7,444)
Inventories	(5,275)	(4,489)
Prepaid expenses, income tax receivable and other assets	8,165	29,535
Accounts payable	825	2,138
Accrued expenses and other current liabilities	(8,282)	(12,108)
Other liabilities	(1,529)	167
Net cash provided by operating activities	6,267	21,225
Cash flows used in investing activities:
Purchases of property, plant and equipment	(13,011)	(18,688)
Cash paid for acquisition of intangible assets		(100)
Decrease in restricted cash	56	57
Net cash used in investing activities	(12,955)	(18,731)
Cash flows (used in) provided by financing activities:
Repurchase of Class A Common Stock	(60,775)	(9,490)
Proceeds from exercise of stock options	20,347	39,745
Cash paid on note payable	(58)	(54)
Excess tax benefit from stock-based compensation arrangements	3,839	12,538
Net proceeds from sale of investment shares	270	521
Net cash (used in) provided by financing activities	(36,377)	43,260
Change in cash and cash equivalents	(43,065)	45,754
Cash and cash equivalents at beginning of year	94,193	76,402
Cash and cash equivalents at end of period	51,128	122,156
Supplemental disclosure of cash flow information:
Income taxes paid	1,963	417
Income taxes refunded	12,000	17,252
Increase in accounts payable for purchase of property, plant and equipment	$ 1,628	$ 1,647

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 26, 2016
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 brewing and selling alcohol beverages throughout the United States and in selected international markets, under the trade names, “The Boston Beer Company,” “Twisted Tea Brewing Company,” “Angry Orchard Cider Company” and “Hard Seltzer Beverage Company”. The Company’s Samuel Adams ® wholly-owned The accompanying unaudited consolidated balance sheet as of March 26, 2016, and the consolidated statements of comprehensive income and consolidated statements of cash flows for the interim periods ended March 26, 2016 and March 28, 2015 have been prepared by the Company in accordance with U.S. generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required for complete financial statements by generally accepted accounting principles and should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K In the opinion of the Company’s management, the Company’s unaudited consolidated balance sheet as of March 26, 2016 and the results of its consolidated operations and consolidated cash flows for the interim periods ended March 26, 2016 and March 28, 2015, 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.

Inventories

Inventories	3 Months Ended
	Mar. 26, 2016
Inventories	B. Inventories Inventories consist of raw materials, work in process and finished goods. Raw materials, which principally consist of hops, apple juice, other brewing materials and packaging, are stated at the lower of cost, determined on the first-in, first-out on-hand March 26, 2016 December 26, 2015 (in thousands) Raw materials $ 43,606 $ 42,123 Work in process 10,018 8,876 Finished goods 12,396 8,261 66,020 59,260 Less portion in other long term assets (4,283 ) (2,798 ) $ 61,737 $ 56,462

Net Income per Share

Net Income per Share	3 Months Ended
	Mar. 26, 2016
Net Income per Share	C. Net Income per Share The Company calculates net income per share using the two-class share-based 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- The Company’s unvested share-based Included in the computation of net income per diluted common share are dilutive outstanding stock options that are vested or expected to vest. At its discretion, the Board of Directors grants stock options to senior management and certain key employees. The terms of the employee stock options are determined by the Board of Directors at the time of grant. To date, stock options granted to employees vest over various service periods and/or based on the attainment of certain performance criteria and generally expire after ten years. The Company also grants stock options to its non-employee re- non-employee Net Income The following table sets forth the computation of basic net income per share using the two-class Thirteen weeks ended March 26, 2016 March 28, 2015 (in thousands, except per share data) Net Income $ 7,032 $ 13,743 Allocation of net income for basic: Class A Common Stock $ 5,149 $ 9,934 Class B Common Stock 1,849 3,744 Unvested participating shares 34 65 $ 7,032 $ 13,743 Weighted average number of shares for basic: Class A Common Stock 9,375 9,598 Class B Common Stock* 3,367 3,617 Unvested participating shares 62 63 12,804 13,278 Net income per share for basic: Class A Common Stock $ 0.55 $ 1.04 Class B Common Stock $ 0.55 $ 1.04 * Change in Class B Common Stock resulted from the conversion of 150,000 shares to Class A Common Stock on May 6, 2015 and 100,000 shares to Class A Common Stock on October 26, 2015, with the thirteen-week 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 The following table sets forth the computation of diluted net income per share, assuming the conversion of all Class B Common Stock into Class A Common Stock and using the two-class Thirteen weeks ended March 26, 2016 March 28, 2015 Earnings to Common EPS Earnings to Common EPS (in thousands, except per share data) As reported - basic $ 5,149 9,375 $ 0.55 $ 9,934 9,598 $ 1.04 Add: effect of dilutive potential common shares Share-based awards — 346 — 418 Class B Common Stock 1,849 3,367 3,744 3,617 Net effect of unvested participating shares 1 — 2 — Net income per common share - diluted $ 6,999 13,088 $ 0.53 $ 13,680 13,633 $ 1.00 Weighted-average anti-dilutive. performance-based Of the performance-based Furthermore, performance-based

Comprehensive Income or Loss

Comprehensive Income or Loss	3 Months Ended
	Mar. 26, 2016
Comprehensive Income or Loss	D. Comprehensive Income or Loss Comprehensive income or loss represents net income or loss, plus defined benefit plans liability adjustment, net of tax effect and foreign currency translation adjustment. The defined benefit plans liability and foreign currency translation adjustments for the interim periods ended March 26, 2016 and March 28, 2015 were not material.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 26, 2016
Commitments and Contingencies	E. Commitments and Contingencies Purchase Commitments The Company had outstanding total non-cancelable The Company has entered into contracts for the supply of a portion of its hops requirements. These purchase contracts extend through crop year 2020 and specify both the quantities and prices, denominated in Euros and U.S. Dollars, to which the Company is committed. Hops purchase commitments outstanding at March 26, 2016 totaled $47.5 million, based on the exchange rates on that date. The Company does not use forward currency exchange contracts and intends to purchase future hops using the exchange rate at the time of purchase. Currently, the Company has entered into contracts for barley and wheat with two major suppliers. The contracts include crop year 2015 and cover the Company’s barley, wheat, and malt requirements for 2016. These purchase commitments outstanding at March 26, 2016 totaled $15.2 million. The Company sources some of its glass bottles needs pursuant to a Glass Bottle Supply Agreement with Anchor Glass Container Corporation (“Anchor”), under which Anchor is the supplier of certain glass bottles for the Company’s Cincinnati Brewery and its Pennsylvania Brewery. This agreement also establishes the terms on which Anchor may supply glass bottles to other breweries where the Company brews its beers. Under the agreement with Anchor, the Company has minimum purchase commitments that are based on Company-provided Currently, the Company brews and packages more than 95% of its core brands volume at Company-owned Litigation The Company is not a party to any pending or threatened litigation, the outcome of which would be expected to have a material adverse effect upon its financial condition or the results of its operations. In general, while the Company believes it conducts its business appropriately in accordance with laws, regulations and industry guidelines, claims, whether or not meritorious, could be asserted against the Company that might adversely impact the Company’s results.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 26, 2016
Income Taxes	F. Income Taxes As of March 26, 2016 and December 26, 2015, the Company had approximately $0.4 million and $0.5 million, respectively, of unrecognized income tax benefits. The Company’s practice is to classify interest and penalties related to income tax matters in income tax expense. As of March 26, 2016 and December 26, 2015, the Company had $0.4 million and $0.4 million, respectively, accrued for interest and penalties. During the first quarter of 2016, the Company received a $12.0 million refund from the Internal Revenue Service of an overpayment of its 2015 estimated tax. The refund resulted from the Protecting Americans from Tax Hikes Act of 2015 The Company’s federal and state income tax returns remain subject to examination for three or four years depending on the state’s statute of limitations. The Company is being audited by two states as of March 26, 2016. In addition, the Company is generally obligated to report changes in taxable income arising from federal income tax audits.

Debt

Debt	3 Months Ended
	Mar. 26, 2016
Debt	G. Debt Line of Credit The Company has a credit facility in place that provides for a $150.0 million revolving line of credit which expires on March 31, 2019. As of March 26, 2016, the Company was not in violation of any of its covenants to the lender under the credit facility and there were no borrowings outstanding, so that the line of credit was fully available to the Company for borrowing.

Fair Value Measures

Fair Value Measures	3 Months Ended
	Mar. 26, 2016
Fair Value Measures	H. 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. All financial assets or liabilities that are measured at fair value on a recurring basis (at least annually) have been segregated into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date. The assets or liabilities measured at fair value on a recurring basis are summarized in the table below (in thousands): As of March 26, 2016 Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 32,732 $ — $ — $ 32,732 As of December 26, 2015 Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 88,108 $ — $ — $ 88,108 The Company’s cash equivalents listed above represent money market funds and are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The Company does not adjust the quoted market price for such financial instruments. Cash, certificates of deposit, receivables and payables are carried at their cost, which approximates fair value, because of their short-term As of March 26, 2016 Level 1 Level 2 Level 3 Total Note payable $ — $ 400 $ — $ 400 As of December 26, 2015 Level 1 Level 2 Level 3 Total Note payable $ — $ 458 $ — $ 458 Financial instruments that potentially subject the Company to credit risk consist principally of cash and cash equivalents held in money market funds. At March 26, 2016 and March 28, 2015, 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

Common Stock and Stock-Based Co

Common Stock and Stock-Based Compensation	3 Months Ended
	Mar. 26, 2016
Common Stock and Stock-Based Compensation	I. Common Stock and Stock-Based Compensation Option Activity Information related to stock options under the Equity Plan and the Non-Employee Director Plan is summarized as follows: Shares Weighted- Average Exercise Price Weighted-Average Remaining in Years Aggregate Intrinsic Value (in thousands) Outstanding at December 26, 2015 1,127,162 $ 63.99 Granted 730,391 201.02 Forfeited (14,742 ) 289.54 Expired — — Exercised (217,928 ) 93.37 Outstanding at March 26, 2016 1,624,883 $ 125.57 5.97 $ 109,116 Exercisable at March 26, 2016 503,621 $ 69.59 2.69 $ 58,566 Vested and expected to vest at March 26, 2016 1,568,821 $ 124.68 5.92 $ 106,588 On January 1, 2016, the Company granted options to purchase an aggregate of 663,136 shares of the Company’s Class A Common Stock to senior management with a weighted average fair value of $46.80 per share, of which 574,507 shares relate to a special long-term service-based retention stock option issued to the Chief Executive Officer, 70,502 shares relate to other special long-term service-based retention stock options and 18,127 shares relate to performance-based stock options . On February 23, 2016, the Company granted options to purchase an aggregate of 67,255 shares of the Company’s Class A Common Stock with a weighted average fair value of $89.21. These shares relate to long-term service-based stock options issued to newly hired members of senior management. On January 1, 2008, the Company granted the Chief Executive Officer a stock option to purchase 753,864 shares of its Class A Common Stock, which vests over a five-year period, commencing on January 1, 2014, at the rate of 20% per year. The exercise price is determined by multiplying $42.00 by the aggregate change in the DJ Wilshire 5000 Index from and after January 1, 2008 through the close of business on the trading date next preceding each date on which the option is exercised. The exercise price will not be less than $37.65 per share and the excess of the fair value of the Company’s Class A Common Stock over the exercise price cannot exceed $70.00 per share. At March 26, 2016 and March 28, 2015, the stock option remained unexercised as to 301,546 shares and 452,319 shares, respectively. If the stock option had been exercised on March 26, 2016, the exercise price would have been $114.35 per share. If the stock option had been exercised on March 28, 2015, the exercise price would have been $198.14 per share. On January 1, 2016, the Company granted the Chief Executive Officer an option to purchase 574,507 shares of its Class A Common Stock, which vests over a five-year period, commencing on January 1, 2019, at the rate of 20% per year. The exercise price is determined by multiplying $201.91 by the aggregate percentage change in the DJ Wilshire 5000 Index from and after January 1, 2016 through the close of business on the trading date next preceding each date on which the option is exercised, plus an additional 1.5 percentage points per annum, prorated for partial years. The exercise price will not be less than $201.91 per share and the excess of the fair value of the Company’s Class A Common Stock over the exercise price cannot exceed $150.00 per share. The Company is accounting for this award as a market-based award which was valued utilizing the Monte Carlo Simulation pricing model, which calculates multiple potential outcomes for an award and establishes fair value based on the most likely outcome. Under the Monte Carlo Simulation pricing model, the Company calculated the weighted average fair value per share to be $39.16. At March 26, 2016, the stock option remained unexercised as to574,507 shares. If the stock option had been exercised on March 26, 2016, the exercise price would have been $201.91 per share. Non-Vested Shares Activity The following table summarizes vesting activities of shares issued under the investment share program and restricted stock awards: Number of Shares Weighted Average Fair Value Non-vested at December 26, 2015 60,922 $ 150.03 Granted 27,221 161.39 Vested (19,232 ) 111.63 Forfeited (1,633 ) 134.65 Non-vested at March 26, 2016 67,278 $ 165.98 On January 1, 2016, the Company granted 8,921 shares of restricted stock awards to certain senior managers and key employees of which all shares vest ratably over service periods of five years. On January 1, 2016, employees elected to purchase 9,199 shares under the investment share program. The weighted average fair value of the restricted stock awards and investment shares, which are sold to employees at discount under its investment share program, was $201.91 and $91.55 per share, respectively. On February 23, 2016 the Company granted 9,101 shares of restricted stock awards to newly hired members of senior management of which all shares vest ratably over service periods of three years. The weighted average fair value of these restricted stock awards was $192.26. Stock-Based Compensation Stock-based compensation expense related to share-based awards recognized in the thirteen weeks ended March 26, 2016 and March 28, 2015 was $2.7 million and $ 1.6 million, respectively, and was calculated based on awards expected to vest.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 26, 2016
Subsequent Events	J. Subsequent Events The Company evaluated subsequent events occurring after the balance sheet date, March 26, 2016, and concluded that there were no events of which management was aware that occurred after the balance sheet date that would require any adjustment to or disclosure in the accompanying consolidated financial statements.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 26, 2016
Components of Inventories	Inventories consist of the following: March 26, 2016 December 26, 2015 (in thousands) Raw materials $ 43,606 $ 42,123 Work in process 10,018 8,876 Finished goods 12,396 8,261 66,020 59,260 Less portion in other long term assets (4,283 ) (2,798 ) $ 61,737 $ 56,462

Net Income per Share (Tables)

Net Income per Share (Tables)	3 Months Ended
	Mar. 26, 2016
Computation of Earnings Per Share, Basic	The following table sets forth the computation of basic net income per share using the two-class Thirteen weeks ended March 26, 2016 March 28, 2015 (in thousands, except per share data) Net Income $ 7,032 $ 13,743 Allocation of net income for basic: Class A Common Stock $ 5,149 $ 9,934 Class B Common Stock 1,849 3,744 Unvested participating shares 34 65 $ 7,032 $ 13,743 Weighted average number of shares for basic: Class A Common Stock 9,375 9,598 Class B Common Stock* 3,367 3,617 Unvested participating shares 62 63 12,804 13,278 Net income per share for basic: Class A Common Stock $ 0.55 $ 1.04 Class B Common Stock $ 0.55 $ 1.04 * Change in Class B Common Stock resulted from the conversion of 150,000 shares to Class A Common Stock on May 6, 2015 and 100,000 shares to Class A Common Stock on October 26, 2015, with the thirteen-week
Computation of Earnings Per Share, Diluted	The following table sets forth the computation of diluted net income per share, assuming the conversion of all Class B Common Stock into Class A Common Stock and using the two-class Thirteen weeks ended March 26, 2016 March 28, 2015 Earnings to Common EPS Earnings to Common EPS (in thousands, except per share data) As reported - basic $ 5,149 9,375 $ 0.55 $ 9,934 9,598 $ 1.04 Add: effect of dilutive potential common shares Share-based awards — 346 — 418 Class B Common Stock 1,849 3,367 3,744 3,617 Net effect of unvested participating shares 1 — 2 — Net income per common share - diluted $ 6,999 13,088 $ 0.53 $ 13,680 13,633 $ 1.00

Fair Value Measures (Tables)

Fair Value Measures (Tables)	3 Months Ended
	Mar. 26, 2016
Fair Value Measurement of Assets and Liabilities on Recurring Basis	The assets or liabilities measured at fair value on a recurring basis are summarized in the table below (in thousands): As of March 26, 2016 Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 32,732 $ — $ — $ 32,732 As of December 26, 2015 Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 88,108 $ — $ — $ 88,108
Financial Instruments Not Recorded at Fair Value	Financial instruments not recorded at fair value in the consolidated financial statements are summarized in the table below (in thousands): As of March 26, 2016 Level 1 Level 2 Level 3 Total Note payable $ — $ 400 $ — $ 400 As of December 26, 2015 Level 1 Level 2 Level 3 Total Note payable $ — $ 458 $ — $ 458

Common Stock and Stock-Based 19

Common Stock and Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 26, 2016
Summary of Stock Options under Equity Plan and Non-Employee Director Plan	Information related to stock options under the Equity Plan and the Non-Employee Shares Weighted- Weighted-Average Aggregate Outstanding at December 26, 2015 1,127,162 $ 63.99 Granted 730,391 201.02 Forfeited (14,742 ) 289.54 Expired — — Exercised (217,928 ) 93.37 Outstanding at March 26, 2016 1,624,883 $ 125.57 5.97 $ 109,116 Exercisable at March 26, 2016 503,621 $ 69.59 2.69 $ 58,566 Vested and expected to vest at March 26, 2016 1,568,821 $ 124.68 5.92 $ 106,588
Summary of Vesting Activities of Shares Issued Under Investment Share Program and Restricted Stock Awards	The following table summarizes vesting activities of shares issued under the investment share program and restricted stock awards: Number Weighted Non-vested at December 26, 2015 60,922 $ 150.03 Granted 27,221 161.39 Vested (19,232 ) 111.63 Forfeited (1,633 ) 134.65 Non-vested at March 26, 2016 67,278 $ 165.98

Components of Inventories (Deta

Components of Inventories (Detail) - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 26, 2015
Inventory [Line Items]
Raw materials	$ 43,606	$ 42,123
Work in process	10,018	8,876
Finished goods	12,396	8,261
Inventory, Gross	66,020	59,260
Less portion in other long term assets	(4,283)	(2,798)
Inventories	61,737	56,462
Inventory, Gross	$ 66,020	$ 59,260

Net Income per Share - Addition

Net Income per Share - Additional Information (Detail)	3 Months Ended
	Mar. 26, 2016Employeeshares	Mar. 28, 2015shares
Earnings Per Share Disclosure [Line Items]
Performance Based Stock Options Cancelled During the Period	14,742
Investment Share Program
Earnings Per Share Disclosure [Line Items]
Requirement tenure of employee for investment share program, purchase shares at discount	2 years
Vesting period	5 years
Investment Share Program | Minimum
Earnings Per Share Disclosure [Line Items]
Requirement tenure of employee for investment share program	1 year
Discount from current market value	20.00%
Investment Share Program | Maximum
Earnings Per Share Disclosure [Line Items]
Discount from current market value	40.00%
Common Class A
Earnings Per Share Disclosure [Line Items]
Antidilutive securities excluded from computation of earnings per share	656,000	4,000
Common Class A | Performance-Based Awards
Earnings Per Share Disclosure [Line Items]
Number of shares not included because the performance criteria was not met as of the end of the reporting period	18,000	45,000
Common Class A | Performance-Based Awards | Key Employee
Earnings Per Share Disclosure [Line Items]
Options granted in period	10,000
Number of employees | Employee	1
Common Class A | Performance-Based Awards | Executive Officers
Earnings Per Share Disclosure [Line Items]
Options granted in period	8,000

Computation of Earnings Per Sha

Computation of Earnings Per Share, Basic (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
		Mar. 26, 2016	Mar. 28, 2015
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income		$ 7,032	$ 13,743
Allocation of net income for basic:
Allocation of net income for basic common stock		7,032	13,743
Allocation of net income for basic unvested participating shares		$ 34	$ 65
Weighted average number of shares for basic:
Weighted average number of shares for basic unvested participating shares		62	63
Shares used in net income per common share - basic		12,804	13,278
Net income per share for basic:
Net income per common share - basic		$ 0.55	$ 1.04
Common Class A
Allocation of net income for basic:
Allocation of net income for basic common stock		$ 5,149	$ 9,934
Weighted average number of shares for basic:
Weighted-average number of common shares - basic		9,375	9,598
Net income per share for basic:
Net income per common share - basic		$ 0.55	$ 1.04
Common Class B
Allocation of net income for basic:
Allocation of net income for basic common stock		$ 1,849	$ 3,744
Weighted average number of shares for basic:
Weighted-average number of common shares - basic	[1]	3,367	3,617
Net income per share for basic:
Net income per common share - basic		$ 0.55	$ 1.04
[1]	Change in Class B Common Stock resulted from the conversion of 150,000 shares to Class A Common Stock on May 6, 2015 and 100,000 shares to Class A Common Stock on October 26, 2015, with the thirteen-week number of shares reflecting the weighted average for the periods.

Computation of Earnings Per S23

Computation of Earnings Per Share, Basic (Parenthetical) (Detail) - shares	Oct. 26, 2015	May. 06, 2015
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Conversion of Class B Common Stock into Class A Common Stock	100,000	150,000

Computation of Diluted Net Inco

Computation of Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 26, 2016	Mar. 28, 2015
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Allocation of net income for basic common stock	$ 7,032	$ 13,743
Weighted-average number of common shares - diluted	13,088	13,633
Net income per common share - basic	$ 0.55	$ 1.04
Net income per common share - diluted	$ 0.53	$ 1
Common Class A
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Allocation of net income for basic common stock	$ 5,149	$ 9,934
Allocation of net income to Class B Common Stock	1,849	3,744
Net effect of unvested participating shares	1	2
Net Income for diluted common stock	$ 6,999	$ 13,680
Weighted-average number of common shares - basic	9,375	9,598
Add: effect of dilutive potential common share-based awards	346	418
Weighted average number of shares of Class B Common Stock	3,367	3,617
Weighted-average number of common shares - diluted	13,088	13,633
Net income per common share - basic	$ 0.55	$ 1.04
Net income per common share - diluted	$ 0.53	$ 1

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 26, 2016USD ($)Vendor
Commitments and Contingencies Disclosure [Line Items]
Purchase commitments	$ 168
Equipment and machinery
Commitments and Contingencies Disclosure [Line Items]
Purchase commitments	$ 23
Minimum
Commitments and Contingencies Disclosure [Line Items]
Company's current brewing and packaging percentage	95.00%
Barley and Wheat
Commitments and Contingencies Disclosure [Line Items]
Purchase commitments	$ 15.2
Number of suppliers | Vendor	2
Hops
Commitments and Contingencies Disclosure [Line Items]
Purchase commitments	$ 47.5
Glass Bottles
Commitments and Contingencies Disclosure [Line Items]
Purchase commitments	17.4
Hops, Barley and Wheat
Commitments and Contingencies Disclosure [Line Items]
Purchase commitments	62.7
Apples and other ingredients
Commitments and Contingencies Disclosure [Line Items]
Purchase commitments	40.3
Advertising Contracts
Commitments and Contingencies Disclosure [Line Items]
Purchase commitments	20.7
Other Commitments
Commitments and Contingencies Disclosure [Line Items]
Purchase commitments	$ 3.9

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 26, 2016USD ($)State	Mar. 28, 2015USD ($)	Dec. 26, 2015USD ($)
Income Taxes [Line Items]
Unrecognized tax benefits	$ 400		$ 500
Accrued interest and penalties	400		$ 400
Income tax refund resulted from the Protecting Americans from Tax Hikes Act of 2015	$ 12,000	$ 17,252
State and Local Jurisdiction
Income Taxes [Line Items]
Income tax return examination	The Company's federal and state income tax returns remain subject to examination for three or four years depending on the state's statute of limitations.
Number of states being audited | State	2
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

Debt and Capital Lease Obligati

Debt and Capital Lease Obligations - Additional Information (Detail)	3 Months Ended
	Mar. 26, 2016USD ($)
Debt and Capital Lease Obligations [Line Items]
Credit facility, borrowing outstanding	$ 0
Revolving Credit Facility
Debt and Capital Lease Obligations [Line Items]
Line of credit, current borrowing capacity	$ 150,000,000
Line of credit, expiration date	Mar. 31, 2019

Fair Value Measurement of Asset

Fair Value Measurement of Assets and Liabilities on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 26, 2015
Assets:
Cash equivalents	$ 32,732	$ 88,108
Fair Value, Inputs, Level 1
Assets:
Cash equivalents	$ 32,732	$ 88,108

Financial Instruments Not Recor

Financial Instruments Not Recorded at Fair Value (Detail) - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 26, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note payable	$ 400	$ 458
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note payable	$ 400	$ 458

Fair Value Measures - Additiona

Fair Value Measures - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 26, 2016	Dec. 26, 2015	Mar. 28, 2015	Dec. 27, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents balance	$ 51,128	$ 94,193	$ 122,156	$ 76,402
Money market fund	$ 32,700	$ 88,100

Summary of Stock Options under

Summary of Stock Options under Equity Plan and Non-Employee Director Plan (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 26, 2016USD ($)$ / sharesshares
Shares
Outstanding at beginning of period | shares	1,127,162
Granted | shares	730,391
Forfeited | shares	(14,742)
Expired | shares	0
Exercised | shares	(217,928)
Outstanding at end of period | shares	1,624,883
Exercisable at end of period | shares	503,621
Vested and expected to vest at end of period | shares	1,568,821
Weighted-Average Exercise Price
Outstanding at beginning of period | $ / shares	$ 63.99
Granted | $ / shares	201.02
Forfeited | $ / shares	289.54
Expired | $ / shares	0
Exercised | $ / shares	93.37
Outstanding at end of period | $ / shares	125.57
Exercisable at end of period | $ / shares	69.59
Vested and expected to vest at end of period | $ / shares	$ 124.68
Weighted-Average Remaining Contractual Term
Outstanding at end of period	5 years 11 months 19 days
Exercisable at end of period	2 years 8 months 9 days
Vested and expected to vest at end of period	5 years 11 months 1 day
Aggregate Intrinsic Value
Outstanding at end of period | $	$ 109,116
Exercisable at end of period | $	58,566
Vested and expected to vest at end of period | $	$ 106,588

Common Stock and Stock-Based 32

Common Stock and Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Feb. 23, 2016	Jan. 01, 2016	Mar. 28, 2015	Jan. 01, 2008	Mar. 26, 2016	Mar. 28, 2015	Dec. 26, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price Per Share					$ 201.02
Stock option unexercised					1,624,883		1,127,162
Other than options granted in period					27,221
Weighted Average Fair Value					$ 161.39
Stock-based compensation expense					$ 2,686	$ 1,621
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Vesting Period		5 years
Other than options granted in period		8,921
Weighted Average Fair Value		$ 201.91
Investment Share Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Vesting Period					5 years
Shares employees elected to purchase		9,199
Weighted Average Fair Value		$ 91.55
Senior Management | Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Vesting Period	3 years
Other than options granted in period	9,101
Weighted Average Fair Value	$ 192.26
Chief Executive Officer | January 1, 2008
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period				753,864
Shares Vesting Period				5 years
Vesting percentage per year				20.00%
Stock price				$ 42
Exercise Price Per Share			$ 198.14		$ 114.35
Stock option unexercised			452,319		301,546	452,319
Chief Executive Officer | January 1, 2008 | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price Per Share				37.65
Chief Executive Officer | January 1, 2008 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price Per Share				$ 70
Chief Executive Officer | January 1, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period		574,507
Options granted in period, weighted average fair value		$ 39.16
Shares Vesting Period		5 years
Vesting percentage per year		20.00%
Stock price		$ 201.91
Exercise Price Per Share					$ 201.91
Stock option unexercised					574,507
Option exercised, additional percentage		1.50%
Chief Executive Officer | January 1, 2016 | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise Price Per Share		$ 201.91
Chief Executive Officer | January 1, 2016 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period, weighted average fair value of stock over exercise price		$ 150
Employee Stock Compensation Plan | Senior Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period	67,255	663,136
Options granted in period, weighted average fair value	$ 89.21	$ 46.80
Employee Stock Compensation Plan | Senior Management | Special long-term service-based retention stock option issued to the Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period		574,507
Employee Stock Compensation Plan | Senior Management | Other special long-term service-based retention stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period		70,502
Employee Stock Compensation Plan | Senior Management | Performance-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period		18,127

Summary of Vesting Activities f

Summary of Vesting Activities for Investment Share Program and Restricted Stock Awards (Detail)	3 Months Ended
	Mar. 26, 2016$ / sharesshares
Number of shares
Non-vested at beginning of period | shares	60,922
Granted | shares	27,221
Vested | shares	(19,232)
Forfeited | shares	(1,633)
Non-vested at end of period | shares	67,278
Weighted Average Fair Value
Non-vested at beginning of period | $ / shares	$ 150.03
Granted | $ / shares	161.39
Vested | $ / shares	111.63
Forfeited | $ / shares	134.65
Non-vested at end of period | $ / shares	$ 165.98