Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 25, 2016 | Jul. 15, 2016 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 25, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
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 | 9,056,801 | |
Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,367,355 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 25, 2016 | Dec. 26, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 27,580 | $ 94,193 |
Accounts receivable, net of allowance for doubtful accounts of $189 and $244 as of June 25, 2016 and December 26, 2015, respectively | 56,694 | 38,984 |
Inventories | 61,245 | 56,462 |
Prepaid expenses and other current assets | 12,402 | 12,053 |
Income tax receivable | 3,476 | 14,928 |
Deferred income taxes | 6,923 | 6,983 |
Total current assets | 168,320 | 223,603 |
Property, plant and equipment, net | 411,866 | 409,926 |
Other assets | 6,704 | 8,188 |
Goodwill | 3,683 | 3,683 |
Total assets | 590,573 | 645,400 |
Current Liabilities: | ||
Accounts payable | 41,593 | 42,718 |
Current portion of debt and capital lease obligations | 60 | 58 |
Accrued expenses and other current liabilities | 69,485 | 68,384 |
Total current liabilities | 111,138 | 111,160 |
Deferred income taxes | 57,316 | 56,001 |
Debt and capital lease obligations, less current portion | 411 | 471 |
Other liabilities | 9,476 | 16,547 |
Total liabilities | 178,341 | 184,179 |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Additional paid-in capital | 332,218 | 290,096 |
Accumulated other comprehensive loss, net of tax | (1,043) | (951) |
Retained earnings | 80,933 | 171,948 |
Total stockholders' equity | 412,232 | 461,221 |
Total liabilities and stockholders' equity | 590,573 | 645,400 |
Common Class A | ||
Stockholders' Equity: | ||
Common Stock | 90 | 94 |
Common Class B | ||
Stockholders' Equity: | ||
Common Stock | $ 34 | $ 34 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 25, 2016 | Dec. 26, 2015 |
Allowance for doubtful accounts on accounts receivable | $ 189 | $ 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 | 9,009,571 | 9,389,005 |
Common Stock, shares outstanding | 9,009,571 | 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 | 6 Months Ended | |||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | ||
Revenue | $ 261,225 | $ 268,721 | $ 463,233 | $ 481,555 | |
Less excise taxes | 16,409 | 16,517 | 29,590 | 29,848 | |
Net revenue | 244,816 | 252,204 | 433,643 | 451,707 | |
Cost of goods sold | 117,940 | 115,979 | 215,236 | 215,866 | |
Gross profit | 126,876 | 136,225 | 218,407 | 235,841 | |
Advertising, promotional and selling expenses | 63,252 | 71,370 | 122,501 | 131,618 | |
General and administrative expenses | 21,836 | 18,036 | 42,881 | 35,265 | |
Total operating expenses | 85,088 | 89,406 | 165,382 | 166,883 | |
Operating income | 41,788 | 46,819 | 53,025 | 68,958 | |
Interest income (expense), net | 20 | 11 | 43 | 7 | |
Other income (expense), net | (206) | 54 | (425) | (271) | |
Total other income (expense), net | (186) | 65 | (382) | (264) | |
Income before income tax provision | 41,602 | 46,884 | 52,643 | 68,694 | |
Provision for income taxes | 14,981 | 16,952 | 18,990 | 25,019 | |
Net income | $ 26,621 | $ 29,932 | $ 33,653 | $ 43,675 | |
Net income per common share - basic | $ 2.11 | $ 2.24 | $ 2.65 | $ 3.28 | |
Net income per common share - diluted | $ 2.06 | $ 2.18 | $ 2.58 | $ 3.18 | |
Weighted-average number of common shares - diluted | 12,830 | 13,667 | 12,959 | 13,650 | |
Net income | $ 26,621 | $ 29,932 | $ 33,653 | $ 43,675 | |
Other comprehensive income, net of tax: | |||||
Foreign currency translation adjustment | (88) | (5) | (92) | 1 | |
Comprehensive income | $ 26,533 | $ 29,927 | $ 33,561 | $ 43,676 | |
Common Class A | |||||
Net income per common share - basic | $ 2.11 | $ 2.24 | $ 2.65 | $ 3.28 | |
Net income per common share - diluted | $ 2.06 | $ 2.18 | $ 2.58 | $ 3.18 | |
Weighted-average number of common shares - basic | 9,181 | 9,748 | 9,278 | 9,673 | |
Weighted-average number of common shares - diluted | 12,830 | 13,667 | 12,959 | 13,650 | |
Common Class B | |||||
Net income per common share - basic | $ 2.11 | $ 2.24 | $ 2.65 | $ 3.28 | |
Weighted-average number of common shares - basic | [1] | 3,367 | 3,532 | 3,367 | 3,575 |
[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 and twenty-six week number of shares reflecting the weighted average for the periods. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 25, 2016 | Jun. 27, 2015 | |
Cash flows provided by operating activities: | ||
Net income | $ 33,653 | $ 43,675 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 24,473 | 20,455 |
Impairment of assets | 37 | |
Loss on disposal of property, plant and equipment | 511 | 339 |
Bad debt recovery | (55) | (49) |
Stock-based compensation expense | 5,741 | 3,632 |
Excess tax benefit from stock-based compensation arrangements | (5,840) | (12,847) |
Deferred income taxes | 1,375 | 1,862 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (17,655) | (15,666) |
Inventories | (4,783) | (5,812) |
Prepaid expenses, income tax receivable and other assets | 12,394 | 33,201 |
Accounts payable | (1,995) | 11,570 |
Accrued expenses and other current liabilities | 6,967 | (2,430) |
Other liabilities | (6,504) | 424 |
Net cash provided by operating activities | 48,319 | 78,354 |
Cash flows used in investing activities: | ||
Purchases of property, plant and equipment | (25,954) | (38,880) |
Cash paid for acquisition of intangible assets | (100) | |
Decrease in restricted cash | 56 | 57 |
Net cash used in investing activities | (25,898) | (38,923) |
Cash flows (used in) provided by financing activities: | ||
Repurchase of Class A Common Stock | (124,675) | (22,782) |
Proceeds from exercise of stock options | 29,521 | 40,332 |
Cash paid on note payable | (58) | (54) |
Excess tax benefit from stock-based compensation arrangements | 5,840 | 12,847 |
Net proceeds from sale of investment shares | 338 | 807 |
Net cash (used in) provided by financing activities | (89,034) | 31,150 |
Change in cash and cash equivalents | (66,613) | 70,581 |
Cash and cash equivalents at beginning of year | 94,193 | 76,402 |
Cash and cash equivalents at end of period | 27,580 | 146,983 |
Supplemental disclosure of cash flow information: | ||
Income taxes paid | 8,655 | 9,738 |
Income taxes refunded | 12,000 | 17,226 |
Increase (Decrease) in accounts payable for purchase of property, plant and equipment | $ 870 | $ (1,134) |
Organization and Basis of Prese
Organization and Basis of Presentation | 6 Months Ended |
Jun. 25, 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 ® The accompanying unaudited consolidated balance sheet as of June 25, 2016, and the consolidated statements of comprehensive income and consolidated statements of cash flows for the interim periods ended June 25, 2016 and June 27, 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, certain information and footnotes normally included in financial statements prepared in accordance with U.S generally accepted accounting principles have been condensed or omitted. These consolidated financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 26, 2015. In the opinion of the Company’s management, the Company’s unaudited consolidated balance sheet as of June 25, 2016 and the results of its consolidated operations and consolidated cash flows for the interim periods ended June 25, 2016 and June 27, 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 | 6 Months Ended |
Jun. 25, 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 basis, or market. 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: June 25, December 26, 2016 2015 (in thousands) Raw materials $ 40,740 $ 42,123 Work in process 10,085 8,876 Finished goods 12,090 8,261 62,915 59,260 Less portion in other long term assets (1,670 ) (2,798 ) $ 61,245 $ 56,462 |
Net Income per Share
Net Income per Share | 6 Months Ended |
Jun. 25, 2016 | |
Net Income per Share | C. 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 any Class B holder, and participates equally in dividends. The Company’s unvested share-based payment awards include unvested shares (1) issued under the Company’s investment share program, which permits employees who have been with the Company for at least one year to purchase shares of Class A Common Stock and to purchase those shares at a discount ranging from 20% to 40% below market value based on years of employment starting after two years of employment, and (2) awarded as restricted stock awards at the discretion of the Company’s Board of Directors. The investment shares and restricted stock awards generally vest over five years in equal number of shares. The unvested shares participate equally in dividends. See Note I 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 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 directors upon election or re-election to the Board of Directors. The number of option shares granted to non-employee directors is calculated based on a defined formula and these stock options vest immediately upon grant and expire after ten years. Net Income per Common Share—Basic The following table sets forth the computation of basic net income per share using the two-class method: Thirteen weeks ended Twenty-six weeks ended June 25, June 27, June 25, June 27, 2016 2015 2016 2015 (in thousands, except per share data) (in thousands, except per share data) Net Income $ 26,621 $ 29,932 $ 33,653 $ 43,675 Allocation of net income for basic: Class A Common Stock $ 19,375 $ 21,870 $ 24,567 $ 31,740 Class B Common Stock 7,107 7,923 8,916 11,729 Unvested participating shares 139 139 170 206 $ 26,621 $ 29,932 $ 33,653 $ 43,675 Weighted average number of shares for basic: Class A Common Stock 9,181 9,748 9,278 9,673 Class B Common Stock* 3,367 3,532 3,367 3,575 Unvested participating shares 66 62 64 63 12,614 13,342 12,709 13,311 Net income per share for basic: Class A Common Stock $ 2.11 $ 2.24 $ 2.65 $ 3.28 Class B Common Stock $ 2.11 $ 2.24 $ 2.65 $ 3.28 * 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 and twenty-six week number of shares reflecting the weighted average for the periods. Net Income per Common Share—Diluted The Company calculates diluted net income per share for common stock using the more dilutive of (1) the treasury stock method, or (2) the two-class method, which assumes the participating securities are not exercised. The following table sets forth the computation of diluted net income per share, assuming the conversion of all Class B Common Stock into Class A Common Stock and using the two-class method for unvested participating shares: Thirteen weeks ended June 25, 2016 June 27, 2015 Earnings to Common EPS Earnings to Common EPS (in thousands, except per share data) As reported—basic $ 19,375 9,181 $ 2.11 $ 21,870 9,748 $ 2.24 Add: effect of dilutive potential common shares Share-based awards — 282 — 387 Class B Common Stock 7,107 3,367 7,923 3,532 Net effect of unvested particpating shares 3 — 4 — Net income per common share—diluted $ 26,485 12,830 $ 2.06 $ 29,797 13,667 $ 2.18 Twenty-six weeks ended June 25, 2016 June 27, 2015 Earnings to Common EPS Earnings to Common EPS (in thousands, except per share data) As reported—basic $ 24,567 9,278 $ 2.65 $ 31,740 9,673 $ 3.28 Add: effect of dilutive potential common shares Share-based awards — 314 — 402 Class B Common Stock 8,916 3,367 11,729 3,575 Net effect of unvested particpating shares 4 — 6 — Net income per common share—diluted $ 33,487 12,959 $ 2.58 $ 43,475 13,650 $ 3.18 During the thirteen and twenty-six weeks ended June 25, 2016, weighted-average stock options to purchase approximately 737,000 and 695,000 shares, respectively, of Class A Common Stock were outstanding but not included in computing diluted income per common share because their effects were anti-dilutive. During the thirteen and twenty-six weeks ended June 27, 2015, weighted-average stock options to purchase approximately 6,000 and 5,000 shares, respectively, of Class A Common Stock were outstanding but not included in computing diluted income per common share because their effects were anti-dilutive. Additionally, performance-based stock options to purchase 36,000 and 37,000 shares of Class A Common Stock were outstanding as of June 25, 2016 and June 27, 2015, respectively, but not included in computing diluted income per common share because the performance criteria of these stock options was not met as of the end of the reporting period. Of the performance-based stock options to purchase 36,000 shares of Class A Common Stock that were excluded from computing diluted net income per common share as of June 25, 2016, 30,000 shares were granted in 2016 to two key employees. The vesting of these shares requires annual depletions, or sales by distributors to retailers, of certain of the Company’s brands to attain various thresholds during the period from 2016 to 2023. The remaining 6,000 shares were granted in 2016 to executive officers and the vesting of these shares requires annual depletions to attain various thresholds during 2016. Furthermore, performance-based stock options to purchase 14,742 shares of Class A Common Stock were not included in computing diluted income per share because the performance criteria of these stock options were not met and the options were cancelled during the twenty-six weeks ended June 25, 2016. Service-based stock options to purchase 15,772 shares of Class A Common Stock were not included in computing diluted income per share because the option holders terminated employment prior to vesting and the options were cancelled during the twenty-six weeks ended June 25, 2016. |
Comprehensive Income or Loss
Comprehensive Income or Loss | 6 Months Ended |
Jun. 25, 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 June 25, 2016 and June 27, 2015 were not material. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 25, 2016 | |
Commitments and Contingencies | E. Commitments and Contingencies Contract Obligations The Company had outstanding total non-cancelable contract obligations of $190.4 million at June 25, 2016. These obligations are made up of hops, barley and wheat totaling $90.2 million, apples and other ingredients of $35.2 million, equipment and machinery of $20.0 million, operating leases of $16.7 million, glass bottles of $11.6 million, advertising contracts of $11.4 million and other commitments of $5.3 million. The Company has entered into contracts for the supply of a portion of its hops requirements. These purchase contracts extend through crop year 2022 and specify both the quantities and prices, denominated in U.S. Dollars, Euros and New Zealand Dollars, to which the Company is committed. Hops purchase commitments outstanding at June 25, 2016 totaled $68.0 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 2016 and cover the Company’s barley, wheat, and malt requirements for 2016 and part of 2017. These purchase commitments outstanding at June 25, 2016 totaled $22.2 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 production estimates which, under normal business conditions, are expected to be fulfilled. Minimum purchase commitments under the agreement, assuming the supplier is unable to replace lost production capacity cancelled by the Company, as of June 25, 2016 totaled $11.6 million. The Company has various operating lease agreements for facilities and equipment as of June 25, 2016. Terms of these leases include, in some instances, scheduled rent increases, renewals, purchase options and maintenance costs, and vary by lease. These lease obligations expire at various dates through 2021. The contractual obligation on these lease agreements as of June 25, 2016 totaled $16.7 million. Currently, the Company brews and packages more than 95% of its core brands 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 purchases the liquid produced by those brewing companies, including the raw materials that are used in the liquid, at the time such liquid goes into fermentation. The Company is required to repurchase all unused raw materials purchased by the brewing company specifically for the Company’s beers at the brewing company’s cost upon termination of the production arrangement. The Company is also obligated to meet annual volume requirements in conjunction with certain production arrangements. These requirements are not material to the Company’s operations. 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 | 6 Months Ended |
Jun. 25, 2016 | |
Income Taxes | F. Income Taxes As of June 25, 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 June 25, 2016 and December 26, 2015, the Company had $0.3 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 June 25, 2016. In addition, the Company is generally obligated to report changes in taxable income arising from federal income tax audits. |
Debt
Debt | 6 Months Ended |
Jun. 25, 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 June 25, 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 | 6 Months Ended |
Jun. 25, 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 June 25, 2016 Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 26,606 $ — $ — $ 26,606 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. Financial instruments that potentially subject the Company to credit risk consist principally of cash and cash equivalents held in money market funds. At June 25, 2016 and December 26, 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 institution. As of June 25, 2016 and December 26, 2015, our cash and cash equivalents balance was $27.6 million and $94.2 million, respectively, including money market funds amounting to $26.6 million and $88.1 million, respectively. The money market funds were invested substantially in United States Treasury and government securities. Cash, certificates of deposit, receivables and payables are carried at their cost, which approximates fair value, because of their short-term nature. Financial instruments not recorded at fair value in the consolidated financial statements are summarized in the table below (in thousands): As of June 25, 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 Co
Common Stock and Stock-Based Compensation | 6 Months Ended |
Jun. 25, 2016 | |
Common Stock and Stock-Based Compensation | I. Common Stock and Stock-Based Compensation Option Activity Information related to stock options under the Employee Equity Incentive Plan and the Stock Option Plan for Non-Employee Directors is summarized as follows: Shares Weighted- Weighted-Average Aggregate (in thousands) Outstanding at December 26, 2015 1,127,162 $ 63.99 Granted 765,112 199.05 Forfeited (30,514 ) 213.51 Expired — — Exercised (326,653 ) 90.64 Outstanding at June 25, 2016 1,535,107 $ 128.99 6.10 $ 80,043 Exercisable at June 25, 2016 408,936 $ 68.47 2.93 $ 38,947 Vested and expected to vest at June 25, 2016 1,478,799 $ 128.15 6.05 $ 77,988 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 April 26, 2016, the Company granted options to purchase an aggregate of 20,681 shares of the Company’s Class A Common Stock with a weighted average fair value of $72.53. These shares relate to performance-based stock options issued to a newly hired member of senior management. On May 25, 2016, the Company granted options to purchase an aggregate of 14,040 shares of the Company’s Class A Common Stock to the Company’s non-employee Directors. These options have a weighted average fair value of $73.70 per share. All of the options vested immediately on the date of the grant. 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 June 25, 2016 and June 27, 2015, the stock option remained unexercised as to 301,546 shares and 452,319 shares, respectively. If the stock option had been exercised on June 25, 2016, the exercise price would have been $91.02 per share. If the stock option had been exercised on June 27, 2015, the exercise price would have been $167.62 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 June 25, 2016, the stock option remained unexercised as to 574,507 shares. If the stock option had been exercised on June 25, 2016, the exercise price would have been $202.75 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 Weighted Non-vested at December 26, 2015 60,922 $ 150.03 Granted 27,221 161.39 Vested (19,281 ) 111.56 Forfeited (4,105 ) 145.12 Non-vested at March 25, 2016 64,757 $ 166.57 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 and twenty-six weeks ended June 25, 2016 was $3.1 million and $5.7 million, respectively, and was calculated based on awards expected to vest. Stock-based compensation expense related to share-based awards recognized in the thirteen and twenty-six weeks ended June 27, 2015 was $2.0 million and $3.6 million, respectively, and was calculated based on awards expected to vest. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 25, 2016 | |
Recent Accounting Pronouncements | J. Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 will supersede virtually all existing revenue guidance. Under this update, an entity is required to recognize revenue upon transfer of promised goods or services to customers, in an amount that reflects the expected consideration received in exchange for those goods or services. As such, an entity will need to use more judgment and make more estimates than under the current guidance. ASU 2014-09 is to be applied retrospectively either to each prior reporting period presented in the financial statements, or only to the most current reporting period presented in the financial statements with a cumulative effect adjustment to retained earnings. The Company will elect to apply the impact (if any) of applying ASU 2014-09 to the most current reporting period presented in the financial statements with a cumulative effect adjustment to retained earnings. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (“ASU 2015-14”). ASU 2015-14 defers the effective date of ASU 2014-09 for one year, making it effective for the year beginning December 31, 2017, with early adoption permitted as of January 1, 2017. The Company is currently evaluating the impact ASU 2014-09 and has preliminarily concluded that it will not significantly affect how revenue for contracts with customers is recognized. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330), Simplifying the Measurement of Inventory In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In March, 2016, the FASB issued ASU No. 2016-09, Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 25, 2016 | |
Subsequent Events | K. Subsequent Events The Company evaluated subsequent events occurring after the balance sheet date, June 25, 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) | 6 Months Ended |
Jun. 25, 2016 | |
Components of Inventories | Inventories consist of the following: June 25, December 26, 2016 2015 (in thousands) Raw materials $ 40,740 $ 42,123 Work in process 10,085 8,876 Finished goods 12,090 8,261 62,915 59,260 Less portion in other long term assets (1,670 ) (2,798 ) $ 61,245 $ 56,462 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 6 Months Ended |
Jun. 25, 2016 | |
Computation of Earnings Per Share, Basic | The following table sets forth the computation of basic net income per share using the two-class method: Thirteen weeks ended Twenty-six weeks ended June 25, June 27, June 25, June 27, 2016 2015 2016 2015 (in thousands, except per share data) (in thousands, except per share data) Net Income $ 26,621 $ 29,932 $ 33,653 $ 43,675 Allocation of net income for basic: Class A Common Stock $ 19,375 $ 21,870 $ 24,567 $ 31,740 Class B Common Stock 7,107 7,923 8,916 11,729 Unvested participating shares 139 139 170 206 $ 26,621 $ 29,932 $ 33,653 $ 43,675 Weighted average number of shares for basic: Class A Common Stock 9,181 9,748 9,278 9,673 Class B Common Stock* 3,367 3,532 3,367 3,575 Unvested participating shares 66 62 64 63 12,614 13,342 12,709 13,311 Net income per share for basic: Class A Common Stock $ 2.11 $ 2.24 $ 2.65 $ 3.28 Class B Common Stock $ 2.11 $ 2.24 $ 2.65 $ 3.28 * 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 and twenty-six week number of shares reflecting the weighted average for the periods. |
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 method for unvested participating shares: Thirteen weeks ended June 25, 2016 June 27, 2015 Earnings to Common EPS Earnings to Common EPS (in thousands, except per share data) As reported—basic $ 19,375 9,181 $ 2.11 $ 21,870 9,748 $ 2.24 Add: effect of dilutive potential common shares Share-based awards — 282 — 387 Class B Common Stock 7,107 3,367 7,923 3,532 Net effect of unvested particpating shares 3 — 4 — Net income per common share—diluted $ 26,485 12,830 $ 2.06 $ 29,797 13,667 $ 2.18 Twenty-six weeks ended June 25, 2016 June 27, 2015 Earnings to Common EPS Earnings to Common EPS (in thousands, except per share data) As reported—basic $ 24,567 9,278 $ 2.65 $ 31,740 9,673 $ 3.28 Add: effect of dilutive potential common shares Share-based awards — 314 — 402 Class B Common Stock 8,916 3,367 11,729 3,575 Net effect of unvested particpating shares 4 — 6 — Net income per common share—diluted $ 33,487 12,959 $ 2.58 $ 43,475 13,650 $ 3.18 |
Fair Value Measures (Tables)
Fair Value Measures (Tables) | 6 Months Ended |
Jun. 25, 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 June 25, 2016 Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ 26,606 $ — $ — $ 26,606 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 June 25, 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 20
Common Stock and Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 25, 2016 | |
Summary of Stock Options under Employee Equity Incentive Plan and Stock Option Plan for Non-Employee Directors | Information related to stock options under the Employee Equity Incentive Plan and the Stock Option Plan for Non-Employee Directors is summarized as follows: Shares Weighted- Weighted-Average Aggregate (in thousands) Outstanding at December 26, 2015 1,127,162 $ 63.99 Granted 765,112 199.05 Forfeited (30,514 ) 213.51 Expired — — Exercised (326,653 ) 90.64 Outstanding at June 25, 2016 1,535,107 $ 128.99 6.10 $ 80,043 Exercisable at June 25, 2016 408,936 $ 68.47 2.93 $ 38,947 Vested and expected to vest at June 25, 2016 1,478,799 $ 128.15 6.05 $ 77,988 |
Summary of Vesting Activities of Shares Issued Under Investment Share Program and Restricted Stock Awards | The following table summarizes vesting activities of shares issued under the investment share program and restricted stock awards: Number of Weighted Non-vested at December 26, 2015 60,922 $ 150.03 Granted 27,221 161.39 Vested (19,281 ) 111.56 Forfeited (4,105 ) 145.12 Non-vested at March 25, 2016 64,757 $ 166.57 |
Components of Inventories (Deta
Components of Inventories (Detail) - USD ($) $ in Thousands | Jun. 25, 2016 | Dec. 26, 2015 |
Inventory [Line Items] | ||
Raw materials | $ 40,740 | $ 42,123 |
Work in process | 10,085 | 8,876 |
Finished goods | 12,090 | 8,261 |
Inventory, Gross | 62,915 | 59,260 |
Less portion in other long term assets | (1,670) | (2,798) |
Inventories | 61,245 | 56,462 |
Inventory, Gross | $ 62,915 | $ 59,260 |
Net Income per Share - Addition
Net Income per Share - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 25, 2016Employeeshares | Jun. 27, 2015shares | Jun. 25, 2016Employeeshares | Jun. 27, 2015shares | |
Earnings Per Share Disclosure [Line Items] | ||||
Stock options cancelled during the period | 30,514 | |||
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 | 737,000 | 6,000 | 695,000 | 5,000 |
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 | 36,000 | 37,000 | ||
Stock options cancelled during the period | 14,742 | |||
Common Class A | Performance-Based Awards | Key Employee | ||||
Earnings Per Share Disclosure [Line Items] | ||||
Options granted in period | 30,000 | |||
Number of employees | Employee | 2 | 2 | ||
Common Class A | Performance-Based Awards | Executive Officers | ||||
Earnings Per Share Disclosure [Line Items] | ||||
Options granted in period | 6,000 | |||
Common Class A | Special long-term service-based retention stock option issued to the Chief Executive Officer | ||||
Earnings Per Share Disclosure [Line Items] | ||||
Stock options cancelled during the period | 15,772 |
Computation of Earnings Per Sha
Computation of Earnings Per Share, Basic (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |||||
Net income | $ 26,621 | $ 29,932 | $ 33,653 | $ 43,675 | |
Allocation of net income for basic: | |||||
Allocation of net income for basic common stock | 26,621 | 29,932 | 33,653 | 43,675 | |
Allocation of net income for basic unvested participating shares | $ 139 | $ 139 | $ 170 | $ 206 | |
Weighted average number of shares for basic: | |||||
Weighted average number of shares for basic unvested participating shares | 66 | 62 | 64 | 63 | |
Shares used in net income per common share - basic | 12,614 | 13,342 | 12,709 | 13,311 | |
Net income per share for basic: | |||||
Net income per common share - basic | $ 2.11 | $ 2.24 | $ 2.65 | $ 3.28 | |
Common Class A | |||||
Allocation of net income for basic: | |||||
Allocation of net income for basic common stock | $ 19,375 | $ 21,870 | $ 24,567 | $ 31,740 | |
Weighted average number of shares for basic: | |||||
Weighted-average number of common shares - basic | 9,181 | 9,748 | 9,278 | 9,673 | |
Net income per share for basic: | |||||
Net income per common share - basic | $ 2.11 | $ 2.24 | $ 2.65 | $ 3.28 | |
Common Class B | |||||
Allocation of net income for basic: | |||||
Allocation of net income for basic common stock | $ 7,107 | $ 7,923 | $ 8,916 | $ 11,729 | |
Weighted average number of shares for basic: | |||||
Weighted-average number of common shares - basic | [1] | 3,367 | 3,532 | 3,367 | 3,575 |
Net income per share for basic: | |||||
Net income per common share - basic | $ 2.11 | $ 2.24 | $ 2.65 | $ 3.28 | |
[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 and twenty-six week number of shares reflecting the weighted average for the periods. |
Computation of Earnings Per S24
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 | 6 Months Ended | ||
Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ||||
Allocation of net income for basic common stock | $ 26,621 | $ 29,932 | $ 33,653 | $ 43,675 |
Weighted-average number of common shares-diluted | 12,830 | 13,667 | 12,959 | 13,650 |
Net income per common share-basic | $ 2.11 | $ 2.24 | $ 2.65 | $ 3.28 |
Net income per common share-diluted | $ 2.06 | $ 2.18 | $ 2.58 | $ 3.18 |
Common Class A | ||||
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ||||
Allocation of net income for basic common stock | $ 19,375 | $ 21,870 | $ 24,567 | $ 31,740 |
Allocation of net income to Class B Common Stock | 7,107 | 7,923 | 8,916 | 11,729 |
Net effect of unvested participating shares | 3 | 4 | 4 | 6 |
Net Income for diluted common stock | $ 26,485 | $ 29,797 | $ 33,487 | $ 43,475 |
Weighted-average number of common shares-basic | 9,181 | 9,748 | 9,278 | 9,673 |
Add: effect of dilutive potential common share-based awards | 282 | 387 | 314 | 402 |
Weighted average number of shares of Class B Common Stock | 3,367 | 3,532 | 3,367 | 3,575 |
Weighted-average number of common shares-diluted | 12,830 | 13,667 | 12,959 | 13,650 |
Net income per common share-basic | $ 2.11 | $ 2.24 | $ 2.65 | $ 3.28 |
Net income per common share-diluted | $ 2.06 | $ 2.18 | $ 2.58 | $ 3.18 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 25, 2016USD ($)Vendor | |
Commitments and Contingencies Disclosure [Line Items] | |
Contract obligations | $ 190.4 |
Operating Leases | |
Commitments and Contingencies Disclosure [Line Items] | |
Contract obligations | 16.7 |
Equipment and machinery | |
Commitments and Contingencies Disclosure [Line Items] | |
Contract obligations | $ 20 |
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 | $ 22.2 |
Number of suppliers | Vendor | 2 |
Hops | |
Commitments and Contingencies Disclosure [Line Items] | |
Purchase commitments | $ 68 |
Glass Bottles | |
Commitments and Contingencies Disclosure [Line Items] | |
Contract obligations | 11.6 |
Purchase commitments | 11.6 |
Hops, Barley and Wheat | |
Commitments and Contingencies Disclosure [Line Items] | |
Contract obligations | 90.2 |
Apples and other ingredients | |
Commitments and Contingencies Disclosure [Line Items] | |
Contract obligations | 35.2 |
Advertising Contracts | |
Commitments and Contingencies Disclosure [Line Items] | |
Contract obligations | 11.4 |
Other Commitments | |
Commitments and Contingencies Disclosure [Line Items] | |
Contract obligations | $ 5.3 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 26, 2016USD ($) | Jun. 25, 2016USD ($)State | Jun. 27, 2015USD ($) | Dec. 26, 2015USD ($) | |
Income Taxes [Line Items] | ||||
Unrecognized tax benefits | $ 400 | $ 500 | ||
Accrued interest and penalties | 300 | $ 400 | ||
Income tax refund resulted from the Protecting Americans from Tax Hikes Act of 2015 | $ 12,000 | $ 12,000 | $ 17,226 | |
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 - Additional Information (
Debt - Additional Information (Detail) $ in Thousands | 6 Months Ended |
Jun. 25, 2016USD ($) | |
Debt Instrument [Line Items] | |
Credit facility, borrowing outstanding | $ 0 |
Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Line of credit, current borrowing capacity | $ 150,000 |
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 | Jun. 25, 2016 | Dec. 26, 2015 |
Assets: | ||
Cash equivalents | $ 26,606 | $ 88,108 |
Fair Value, Inputs, Level 1 | ||
Assets: | ||
Cash equivalents | $ 26,606 | $ 88,108 |
Fair Value Measures - Additiona
Fair Value Measures - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 25, 2016 | Dec. 26, 2015 | Jun. 27, 2015 | Dec. 27, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Cash and cash equivalents balance | $ 27,580 | $ 94,193 | $ 146,983 | $ 76,402 |
Money market fund | $ 26,600 | $ 88,100 |
Financial Instruments Not Recor
Financial Instruments Not Recorded at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 25, 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 |
Summary of Stock Options under
Summary of Stock Options under Employee Equity Incentive Plan and Stock Option Plan for Non-Employee Directors (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 25, 2016USD ($)$ / sharesshares | |
Shares | |
Outstanding at beginning of period | shares | 1,127,162 |
Granted | shares | 765,112 |
Forfeited | shares | (30,514) |
Expired | shares | 0 |
Exercised | shares | (326,653) |
Outstanding at end of period | shares | 1,535,107 |
Exercisable at end of period | shares | 408,936 |
Vested and expected to vest at end of period | shares | 1,478,799 |
Weighted-Average Exercise Price | |
Outstanding at beginning of period | $ / shares | $ 63.99 |
Granted | $ / shares | 199.05 |
Forfeited | $ / shares | 213.51 |
Expired | $ / shares | 0 |
Exercised | $ / shares | 90.64 |
Outstanding at end of period | $ / shares | 128.99 |
Exercisable at end of period | $ / shares | 68.47 |
Vested and expected to vest at end of period | $ / shares | $ 128.15 |
Weighted-Average Remaining Contractual Term | |
Outstanding at end of period | 6 years 1 month 6 days |
Exercisable at end of period | 2 years 11 months 5 days |
Vested and expected to vest at end of period | 6 years 18 days |
Aggregate Intrinsic Value | |
Outstanding at end of period | $ | $ 80,043 |
Exercisable at end of period | $ | 38,947 |
Vested and expected to vest at end of period | $ | $ 77,988 |
Common Stock and Stock-Based 33
Common Stock and Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | May 25, 2016 | Apr. 26, 2016 | Feb. 23, 2016 | Jan. 01, 2016 | Jun. 27, 2015 | Jan. 01, 2008 | Jun. 25, 2016 | Jun. 27, 2015 | Jun. 25, 2016 | Jun. 27, 2015 | Dec. 26, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Exercise Price Per Share | $ 199.05 | ||||||||||
Stock option unexercised | 1,535,107 | 1,535,107 | 1,127,162 | ||||||||
Other than options granted in period | 27,221 | ||||||||||
Weighted Average Fair Value | $ 161.39 | ||||||||||
Stock-based compensation expense | $ 3,100 | $ 2,000 | $ 5,741 | $ 3,632 | |||||||
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 | $ 167.62 | $ 91.02 | |||||||||
Stock option unexercised | 452,319 | 301,546 | 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 | $ 202.75 | ||||||||||
Stock option unexercised | 574,507 | 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 | 20,681 | 18,127 | |||||||||
Options granted in period, weighted average fair value | $ 72.53 | ||||||||||
Employee Stock Compensation Plan | Non Employee Director | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Options granted in period | 14,040 | ||||||||||
Options granted in period, weighted average fair value | $ 73.70 |
Summary of Vesting Activities f
Summary of Vesting Activities for Investment Share Program and Restricted Stock Awards (Detail) | 6 Months Ended |
Jun. 25, 2016$ / sharesshares | |
Number of shares | |
Non-vested at beginning of period | shares | 60,922 |
Granted | shares | 27,221 |
Vested | shares | (19,281) |
Forfeited | shares | (4,105) |
Non-vested at end of period | shares | 64,757 |
Weighted Average Fair Value | |
Non-vested at beginning of period | $ / shares | $ 150.03 |
Granted | $ / shares | 161.39 |
Vested | $ / shares | 111.56 |
Forfeited | $ / shares | 145.12 |
Non-vested at end of period | $ / shares | $ 166.57 |