The Boston Beer Company, Inc. (SAM) 10-Q 26 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 20, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Trading Symbol	SAM
Entity Registrant Name	BOSTON BEER CO INC
Entity Central Index Key	949,870
Current Fiscal Year End Date	--12-30
Entity Filer Category	Large Accelerated Filer
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		8,663,936
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,097,355

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current Assets:
Cash and cash equivalents	$ 70,045	$ 91,035
Accounts receivable, net of allowance for doubtful accounts of $170 and $0 as of September 30, 2017 and December 31, 2016, respectively	43,182	36,694
Inventories	54,943	52,499
Prepaid expenses and other current assets	9,593	8,731
Income tax receivable	1,380	4,928
Total current assets	179,143	193,887
Property, plant and equipment, net	387,637	408,411
Other assets	16,651	9,965
Goodwill	3,683	3,683
Total assets	587,114	615,946
Current Liabilities:
Accounts payable	42,193	40,585
Accrued expenses and other current liabilities	67,201	60,934
Total current liabilities	109,394	101,519
Deferred income taxes, net	53,680	57,261
Other liabilities	9,751	10,584
Total liabilities	172,825	169,364
Commitments and Contingencies (see Note E)
Stockholders' Equity:
Additional paid-in capital	370,611	349,913
Accumulated other comprehensive loss, net of tax	(1,080)	(1,103)
Retained earnings	44,640	97,648
Total stockholders' equity	414,289	446,582
Total liabilities and stockholders' equity	587,114	615,946
Common Class A
Stockholders' Equity:
Common Stock	87	92
Common Class B
Stockholders' Equity:
Common Stock	$ 31	$ 32

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Allowance for doubtful accounts on accounts receivable	$ 170	$ 0
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	8,650,988	9,170,956
Common Stock, shares outstanding	8,650,988	9,170,956
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	3,097,355	3,197,355
Common Stock, shares outstanding	3,097,355	3,197,355

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 24, 2016	Sep. 30, 2017	Sep. 24, 2016
Revenue		$ 264,146	$ 271,225	$ 701,247	$ 734,459
Less excise taxes		17,099	17,792	44,575	47,383
Net revenue		247,047	253,433	656,672	687,076
Cost of goods sold		115,546	119,826	314,808	335,062
Gross profit		131,501	133,607	341,864	352,014
Advertising, promotional and selling expenses		63,647	63,817	185,232	186,318
General and administrative expenses		16,358	19,481	54,315	62,325
Impairment of assets				1,505	37
Total operating expenses		80,005	83,298	241,052	248,680
Operating income		51,496	50,309	100,812	103,334
Interest income, net		211	22	381	65
Other income (expense), net		196	(169)	253	(594)
Total other income (expense), net		407	(147)	634	(529)
Income before income tax provision		51,903	50,162	101,446	102,805
Income tax provision		18,220	18,632	32,927	37,622
Net income		$ 33,683	$ 31,530	$ 68,519	$ 65,183
Net income per common share - basic		$ 2.82	$ 2.53	$ 5.60	$ 5.16
Net income per common share - diluted		$ 2.78	$ 2.48	$ 5.54	$ 5.05
Weighted-average number of common shares - diluted		12,037	12,641	12,299	12,853
Net income		$ 33,683	$ 31,530	$ 68,519	$ 65,183
Other comprehensive income:
Foreign currency translation adjustment		(13)	2	(23)	(90)
Comprehensive income		$ 33,670	$ 31,532	$ 68,496	$ 65,093
Common Class A
Net income per common share - basic		$ 2.82	$ 2.53	$ 5.60	$ 5.16
Weighted-average number of common shares - basic		8,789	9,018	9,037	9,191
Common Class B
Net income per common share - basic		$ 2.82	$ 2.53	$ 5.60	$ 5.16
Weighted-average number of common shares - basic	[1]	3,097	3,367	3,122	3,367
[1]	Change in Class B Common Stock resulted from the conversion of 100,000 shares to Class A Common Stock on March 7, 2017, 45,000 shares to Class A Common Stock on November 30, 2016 and 125,000 shares to Class A Common Stock on November 4, 2016, with the ending number of shares reflecting the weighted average for the periods.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 24, 2016
Cash flows provided by operating activities:
Net income	$ 68,519	$ 65,183
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	38,372	37,305
Impairment of assets	1,505	37
Loss on disposal of property, plant and equipment	571	553
Bad debt expense (recovery)	170	(170)
Stock-based compensation expense	4,593	8,122
Excess tax benefit from stock-based compensation arrangements	0	(12,387)
Deferred income taxes	(3,581)	5,464
Changes in operating assets and liabilities:
Accounts receivable	(6,658)	(7,037)
Inventories	(9,330)	(2,897)
Prepaid expenses, income tax receivable and other assets	2,852	11,841
Accounts payable	5,371	(4,571)
Accrued expenses and other current liabilities	6,244	13,365
Other liabilities	(390)	(6,446)
Net cash provided by operating activities	108,238	108,362
Cash flows used in investing activities:
Purchases of property, plant and equipment	(23,415)	(37,108)
Proceeds from disposal of property, plant and equipment	16	4
Change in restricted cash	(4)	62
Net cash used in investing activities	(23,403)	(37,042)
Cash flows used in financing activities:
Repurchase of Class A Common Stock	(121,535)	(138,055)
Proceeds from exercise of stock options	15,159	37,452
Payment of taxes related to exercise of stock options	0	(510)
Cash paid on note payable	(60)	(58)
Excess tax benefit from stock-based compensation arrangements	0	12,387
Net proceeds from sale of investment shares	611	537
Net cash used in financing activities	(105,825)	(88,247)
Change in cash and cash equivalents	(20,990)	(16,927)
Cash and cash equivalents at beginning of year	91,035	94,193
Cash and cash equivalents at end of period	70,045	77,266
Supplemental disclosure of cash flow information:
Income taxes paid	22,408	21,939
Income taxes refunded	2	12,002
(Decrease) Increase in accounts payable for purchase of property, plant and equipment	(3,763)	1,235
Decrease in accounts payable for repurchase of Class A Common Stock	$ 0	$ (3,000)

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017, and the consolidated statements of comprehensive income and consolidated statements of cash flows for the interim periods ended September 30, 2017 and September 24, 2016 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 In the opinion of the Company’s management, the Company’s unaudited consolidated balance sheet as of September 30, 2017 and the results of its consolidated operations and consolidated cash flows for the interim periods ended September 30, 2017 and September 24, 2016, 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	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 December 31, 2016 (in thousands) Current inventory: Raw materials $ 34,267 $ 35,314 Work in process 8,687 8,131 Finished goods 11,989 9,054 Total current inventory 54,943 52,499 Long term inventory 13,202 6,316 Total inventory $ 68,145 $ 58,815

Net Income per Share

Net Income per Share	9 Months Ended
	Sep. 30, 2017
Net Income per Share	Net Income per Share The Company calculates net income per share using the two-class The Class A Common Stock has no voting rights, except (1) as required by law, (2) for the election of Class A Directors, and (3) that the approval of the holders of the Class A Common Stock is required for (a) certain future authorizations or issuances of additional securities which have rights senior to Class A Common Stock, (b) certain alterations of rights or terms of the Class A or Class B Common Stock as set forth in the Articles of Organization of the Company, (c) other amendments of the Articles of Organization of the Company, (d) certain mergers or consolidations with, or acquisitions of, other entities, and (e) sales or dispositions of any significant portion of the Company’s assets. The Class B Common Stock has full voting rights, including the right to (1) elect a majority of the members of the Company’s Board of Directors and (2) approve all (a) amendments to the Company’s Articles of Organization, (b) mergers or consolidations with, or acquisitions of, other entities, (c) sales or dispositions of any significant portion of the Company’s assets, and (d) equity-based and other executive compensation and other significant corporate matters. The Company’s Class B Common Stock is not listed for trading. Each share of the Class B Common Stock is freely convertible into one share of Class A Common Stock, upon request of the respective Class B holder, and participates equally in dividends. The Company’s unvested share-based payment awards include unvested shares (1) issued under the Company’s investment share program, which permits employees who have been with the Company for at least one year to purchase shares of Class A Common Stock and to purchase those shares at a discount ranging from 20% to 40% below market value based on years of employment starting after two years of employment, and (2) awarded as restricted stock awards at the discretion of the Company’s Board of Directors. The investment shares and restricted stock awards generally vest over five years in equal number of shares. The unvested shares participate equally in dividends. See Note 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 re-election non-employee Net Income per Common Share — Basic The following table sets forth the computation of basic net income per share using the two-class Thirteen weeks ended Thirty-nine weeks ended September 30, 2017 September 24, 2016 September 30, 2017 September 24, 2016 (in thousands, except per share data) (in thousands, except per share data) Net income $ 33,683 $ 31,530 $ 68,519 $ 65,183 Allocation of net income for basic: Class A Common Stock $ 24,772 $ 22,841 $ 50,647 $ 47,465 Class B Common Stock 8,730 8,529 17,493 17,390 Unvested participating shares 181 160 379 328 $ 33,683 $ 31,530 $ 68,519 $ 65,183 Weighted average number of shares for basic: Class A Common Stock 8,789 9,018 9,037 9,191 Class B Common Stock* 3,097 3,367 3,122 3,367 Unvested participating shares 65 63 67 64 11,951 12,448 12,226 12,622 Net income per share for basic: Class A Common Stock $ 2.82 $ 2.53 $ 5.60 $ 5.16 Class B Common Stock $ 2.82 $ 2.53 $ 5.60 $ 5.16 *Change in Class B Common Stock resulted from the conversion of 100,000 shares to Class A Common Stock on March 7, 2017, 45,000 shares to Class A Common Stock on November 30, 2016 and 125,000 shares to Class A Common Stock on November 4, 2016, with the ending 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 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 September 30, 2017 September 24, 2016 Earnings to Common EPS Earnings to Common EPS (in thousands, except per share data) As reported — basic $ 24,772 8,789 $ 2.82 $ 22,841 9,018 $ 2.53 Add: effect of dilutive potential common shares Share-based awards — 151 — 256 Class B Common Stock 8,730 3,097 8,529 3,367 Net effect of unvested participating shares 2 — 3 — Net income per common share — diluted $ 33,504 12,037 $ 2.78 $ 31,373 12,641 $ 2.48 Thirty-nine weeks ended September 30, 2017 September 24, 2016 Earnings to Common EPS Earnings to Common EPS (in thousands, except per share data) As reported — basic $ 50,647 9,037 $ 5.60 $ 47,465 9,191 $ 5.16 Add: effect of dilutive potential common shares Share-based awards — 140 — 295 Class B Common Stock 17,493 3,122 17,390 3,367 Net effect of unvested participating shares 4 — 7 — Net income per common share — diluted $ 68,144 12,299 $ 5.54 $ 64,862 12,853 $ 5.05 During the thirteen and thirty-nine weeks ended September 30, 2017, weighted-average stock options to purchase approximately 791,000 and 800,000 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 thirty-nine weeks ended September 24, 2016, weighted-average stock options to purchase approximately 740,000 and 704,000 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 approximately 36,000 and 35,000 shares of Class A Common Stock were outstanding as of September 30, 2017 and September 24, 2016, 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 approximately 36,000 shares of Class A Common Stock that were excluded from computing diluted net income per common share as of September 30, 2017, 31,000 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 2017 to 2023. The remaining 5,000 shares were granted in 2017 to executive officers and the vesting of these shares requires annual depletions to attain certain thresholds in 2019. Furthermore, stock options to purchase approximately 12,000 shares of Class A Common Stock were not included in computing diluted income per share because these stock options were cancelled during the thirty-nine weeks ended September 30, 2017, due to performance criteria not being met or employee termination prior to vesting.

Comprehensive Income or Loss

Comprehensive Income or Loss	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 and September 24, 2016 were not material.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies	E. Commitments and Contingencies Contract Obligations 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 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 September 30, 2017 totaled $44.0 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 2017 and cover the Company’s barley, wheat, and malt requirements for 2017 and part of 2018. These purchase commitments outstanding at September 30, 2017 totaled $15.5 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 production cancelled by the Company, as of September 30, 2017 totaled $2.6 million. The Company has various operating lease agreements for facilities and equipment as of September 30, 2017. 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 2022. The contractual obligation on these lease agreements as of September 30, 2017 totaled $13.5 million. Currently, the Company brews and packages more than 90% of its volume at Company-owned breweries. In the normal course of its business, the Company has historically entered into various production arrangements with other brewing companies. Pursuant to these arrangements, the Company 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	9 Months Ended
	Sep. 30, 2017
Income Taxes	F. Income Taxes As of September 30, 2017 and December 31, 2016, 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 September 30, 2017 and December 31, 2016, the Company had $0.3 million and $0.3 million, respectively, accrued for interest and penalties. In September 2017, the Internal Revenue Service commenced an examination of the Company’s 2015 consolidated corporate income tax return. The examination was still in process as of September 30, 2017. The Company’s state income tax returns remain subject to examination for three or four years depending on the state’s statute of limitations. The Company is being audited by two states as of September 30, 2017. In addition, the Company is generally obligated to report changes in taxable income arising from federal income tax audits. The following table provides a summary of the income tax provision for the thirteen and thirty-nine weeks ended September 30, 2017 and September 24, 2016: Thirteen weeks ended September 30, September 24, 2017 2016 (in thousands) Summary of income tax provision Tax provision based on net income $ 18,753 $ 18,632 Impact of adoption of ASU 2016-09 (533 ) — Total income tax provision $ 18,220 $ 18,632 Thirty-nine weeks ended September 30, September 24, 2017 2016 (in thousands) Summary of income tax provision Tax provision based on net income $ 37,189 $ 37,622 Impact of adoption of ASU 2016-09 (4,262 ) — Total income tax provision $ 32,927 $ 37,622 The Company’s effective tax rate for the thirteen weeks ended September 30, 2017 decreased to 35.1% from 37.1% for the thirteen weeks ended September 24, 2016. The Company’s effective tax rate for the thirty-nine weeks ended September 30, 2017 decreased to 32.5% from 36.6% for the thirty-nine weeks ended September 24, 2016. These decreases were primarily due to the tax benefit resulting from the adoption of ASU 2016-09,

Revolving Line of Credit

Revolving Line of Credit	9 Months Ended
	Sep. 30, 2017
Revolving Line of Credit	G. Revolving 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 September 30, 2017, the Company was not in violation of any of its financial 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	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 Level 1 Level 2 Level 3 Total Cash equivalents $ 67,521 $ — $ — $ 67,521 As of December 31, 2016 Level 1 Level 2 Level 3 Total Cash equivalents $ 89,966 $ — $ — $ 89,966 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 money market funds were invested substantially in United States Treasury and government securities. 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 September 30, 2017 and December 31, 2016, the Company had money market funds which have been deemed “Triple A” rated. The Company considers the “Triple A” rated money market funds to be a large, highly-rated investment-grade institution. As of September 30, 2017 and December 31, 2016, the Company’s cash and cash equivalents balance was $70.0 million and $91.0 million, respectively, including money market funds amounting to $67.5 million and $90.0 million, respectively. 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 September 30, 2017 Level 1 Level 2 Level 3 Total Note payable $ — $ 340 $ — $ 340 As of December 31, 2016 Level 1 Level 2 Level 3 Total Note payable $ — $ 400 $ — $ 400

Common Stock and Stock-Based Co

Common Stock and Stock-Based Compensation	9 Months Ended
	Sep. 30, 2017
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 Shares Weighted- Weighted- Aggregate (in thousands) Outstanding at December 31, 2016 1,348,233 $ 141.98 Granted 15,373 150.10 Forfeited (12,208 ) 160.47 Expired — — Exercised (190,401 ) 79.61 Outstanding at September 30, 2017 1,160,997 $ 176.25 6.55 $ 24,703 Exercisable at September 30, 2017 186,242 $ 98.55 4.01 $ 11,969 Vested and expected to vest at September 30, 2017 566,478 $ 123.65 5.75 $ 24,067 Of the total options outstanding at September 30, 2017, 35,885 shares were performance-based options for which the performance criteria had yet to be achieved. On January 1, 2017, the Company granted options to purchase an aggregate of 5,185 shares of the Company’s Class A Common Stock to senior management with a weighted average fair value of $81.95 per share, of which all shares relate to performance-based stock options. On May 18, 2017, the Company granted options to purchase an aggregate of 10,188 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 $67.72 per share. All of the options vested immediately on the date of the grant. On August 1, 2017, the Company modified the performance criteria for performance-based options that were originally granted on April 26, 2016. This modification was accounted for in accordance with ASC 718-20-35. 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 over the exercise price. At September 30, 2017 and September 24, 2016, the stock option remained unexercised as to 150,773 shares and 301,546 shares, respectively. If the stock option had been exercised on September 30, 2017, the exercise price would have been $86.20 per share. If the stock option had been exercised on September 24, 2016, the exercise price would have been $82.30 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 $8.41. 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 cannot exceed $150 per share over the exercise price. At September 30, 2017 and September 24, 2016, the stock option remained unexercised as to 574,507 shares. If the stock option had been exercised on September 30, 2017, the exercise price would have been $229.53 per share. If the stock option had been exercised on September 24, 2016, the exercise price would have been $217.53 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. As a result of the Chief Executive Officer’s planned retirement in 2018, the Company estimated a 100% forfeiture rate related to this grant. Non-Vested 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 31, 2016 64,968 $ 166.29 Granted 25,946 132.88 Vested (21,003 ) 150.04 Forfeited (5,980 ) 184.25 Non-vested at September 30, 2017 63,931 $ 156.39 On January 1, 2017, the Company granted 12,358 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, 2017, employees elected to purchase 10,146 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 $169.85 and $78.74 per share, respectively. On March 3, 2017, the Company granted 2,167 shares of restricted stock awards to a newly hired key employee, of which all shares vest ratably over a service period of five years. The weighted average fair value of the restricted stock award was $161.45. On August 1, 2017, the Company granted 1,275 shares of restricted stock awards to a newly hired key employee, of which all shares vest ratably over a service period of five years. The weighted average fair value of the restricted stock award was $156.80. Stock-Based Compensation Stock-based compensation expense related to share-based awards recognized in the thirteen and thirty-nine weeks ended September 30, 2017 was $1.2 million and $4.6 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 thirty-nine weeks ended September 24, 2016 was $2.4 million and $8.1 million, respectively, and was calculated based on awards expected to vest.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2017
Recent Accounting Pronouncements	J. Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In March 2016, the FASB issued ASU No. 2016-09, Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting 2016-09 2016-09, 2016-09, In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes 2015-17 In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330), Simplifying the Measurement of Inventory 2015-11 Accounting Pronouncements Not Yet Effective In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) 2014-09 2014-09 2014-09 No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date 2015-14 2014-09 2014-09 2014-09 In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) 2016-02 2016-02 In January 2017, the FASB issued ASU No. 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplfying the Test for Goodwill Impairment 2017-04 2017-04

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events	K. Subsequent Events On October 5, 2017, the Board of Directors approved an increase of $150.0 million to the previously approved $781.0 million share buyback expenditure limit for a new limit of $931.0 million. The Company evaluated subsequent events occurring after the balance sheet date, September 30, 2017, and concluded that there were no other 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)	9 Months Ended
	Sep. 30, 2017
Components of Inventories	Inventories consist of the following: September 30, 2017 December 31, 2016 (in thousands) Current inventory: Raw materials $ 34,267 $ 35,314 Work in process 8,687 8,131 Finished goods 11,989 9,054 Total current inventory 54,943 52,499 Long term inventory 13,202 6,316 Total inventory $ 68,145 $ 58,815

Net Income per Share (Tables)

Net Income per Share (Tables)	9 Months Ended
	Sep. 30, 2017
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 Thirty-nine weeks ended September 30, 2017 September 24, 2016 September 30, 2017 September 24, 2016 (in thousands, except per share data) (in thousands, except per share data) Net income $ 33,683 $ 31,530 $ 68,519 $ 65,183 Allocation of net income for basic: Class A Common Stock $ 24,772 $ 22,841 $ 50,647 $ 47,465 Class B Common Stock 8,730 8,529 17,493 17,390 Unvested participating shares 181 160 379 328 $ 33,683 $ 31,530 $ 68,519 $ 65,183 Weighted average number of shares for basic: Class A Common Stock 8,789 9,018 9,037 9,191 Class B Common Stock* 3,097 3,367 3,122 3,367 Unvested participating shares 65 63 67 64 11,951 12,448 12,226 12,622 Net income per share for basic: Class A Common Stock $ 2.82 $ 2.53 $ 5.60 $ 5.16 Class B Common Stock $ 2.82 $ 2.53 $ 5.60 $ 5.16 *Change in Class B Common Stock resulted from the conversion of 100,000 shares to Class A Common Stock on March 7, 2017, 45,000 shares to Class A Common Stock on November 30, 2016 and 125,000 shares to Class A Common Stock on November 4, 2016, with the ending 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 Thirteen weeks ended September 30, 2017 September 24, 2016 Earnings to Common EPS Earnings to Common EPS (in thousands, except per share data) As reported — basic $ 24,772 8,789 $ 2.82 $ 22,841 9,018 $ 2.53 Add: effect of dilutive potential common shares Share-based awards — 151 — 256 Class B Common Stock 8,730 3,097 8,529 3,367 Net effect of unvested participating shares 2 — 3 — Net income per common share — diluted $ 33,504 12,037 $ 2.78 $ 31,373 12,641 $ 2.48 Thirty-nine weeks ended September 30, 2017 September 24, 2016 Earnings to Common EPS Earnings to Common EPS (in thousands, except per share data) As reported — basic $ 50,647 9,037 $ 5.60 $ 47,465 9,191 $ 5.16 Add: effect of dilutive potential common shares Share-based awards — 140 — 295 Class B Common Stock 17,493 3,122 17,390 3,367 Net effect of unvested participating shares 4 — 7 — Net income per common share — diluted $ 68,144 12,299 $ 5.54 $ 64,862 12,853 $ 5.05

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2017
Summary of Income Tax Provision	The following table provides a summary of the income tax provision for the thirteen and thirty-nine weeks ended September 30, 2017 and September 24, 2016: Thirteen weeks ended September 30, September 24, 2017 2016 (in thousands) Summary of income tax provision Tax provision based on net income $ 18,753 $ 18,632 Impact of adoption of ASU 2016-09 (533 ) — Total income tax provision $ 18,220 $ 18,632 Thirty-nine weeks ended September 30, September 24, 2017 2016 (in thousands) Summary of income tax provision Tax provision based on net income $ 37,189 $ 37,622 Impact of adoption of ASU 2016-09 (4,262 ) — Total income tax provision $ 32,927 $ 37,622

Fair Value Measures (Tables)

Fair Value Measures (Tables)	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017 Level 1 Level 2 Level 3 Total Cash equivalents $ 67,521 $ — $ — $ 67,521 As of December 31, 2016 Level 1 Level 2 Level 3 Total Cash equivalents $ 89,966 $ — $ — $ 89,966
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 September 30, 2017 Level 1 Level 2 Level 3 Total Note payable $ — $ 340 $ — $ 340 As of December 31, 2016 Level 1 Level 2 Level 3 Total Note payable $ — $ 400 $ — $ 400

Common Stock and Stock-Based 21

Common Stock and Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2017
Summary of Stock Options under Equity Plan and Non-Employee Director Plan	Information related to stock options under the Employee Equity Incentive Plan and the Stock Option Plan for Non-Employee Shares Weighted- Weighted- Aggregate (in thousands) Outstanding at December 31, 2016 1,348,233 $ 141.98 Granted 15,373 150.10 Forfeited (12,208 ) 160.47 Expired — — Exercised (190,401 ) 79.61 Outstanding at September 30, 2017 1,160,997 $ 176.25 6.55 $ 24,703 Exercisable at September 30, 2017 186,242 $ 98.55 4.01 $ 11,969 Vested and expected to vest at September 30, 2017 566,478 $ 123.65 5.75 $ 24,067
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 64,968 $ 166.29 Granted 25,946 132.88 Vested (21,003 ) 150.04 Forfeited (5,980 ) 184.25 Non-vested 63,931 $ 156.39

Components of Inventories (Deta

Components of Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current inventory:
Raw materials	$ 34,267	$ 35,314
Work in process	8,687	8,131
Finished goods	11,989	9,054
Total current inventory	54,943	52,499
Long term inventory	13,202	6,316
Total inventory	$ 68,145	$ 58,815

Net Income per Share - Addition

Net Income per Share - Additional Information (Detail)	Aug. 01, 2017	Mar. 03, 2017	Jan. 01, 2017	Sep. 30, 2017shares	Sep. 24, 2016shares	Sep. 30, 2017shares	Sep. 24, 2016shares	Dec. 31, 2016Employeeshares
Earnings Per Share Note [Line Items]
Stock options cancelled during the period						12,208
Investment Share Program
Earnings Per Share Note [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 Note [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 Note [Line Items]
Discount from current market value						40.00%
Restricted Stock Awards
Earnings Per Share Note [Line Items]
Vesting period			5 years
Restricted Stock Awards | Key Employee
Earnings Per Share Note [Line Items]
Vesting period	5 years	5 years
Common Class A
Earnings Per Share Note [Line Items]
Antidilutive securities excluded from computation of earnings per share				791,000	740,000	800,000	704,000
Common Class A | Performance-Based Awards
Earnings Per Share Note [Line Items]
Number of shares not included because the performance criteria was not met as of the end of the reporting period						36,000	35,000
Stock options cancelled during the period						12,000
Common Class A | Performance-Based Awards | Key Employee
Earnings Per Share Note [Line Items]
Options granted in period								31,000
Number of employees | Employee								2
Common Class A | Performance-Based Awards | Executive Officers
Earnings Per Share Note [Line Items]
Options granted in period						5,000

Computation of Earnings Per Sha

Computation of Earnings Per Share, Basic (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 24, 2016	Sep. 30, 2017	Sep. 24, 2016
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income		$ 33,683	$ 31,530	$ 68,519	$ 65,183
Allocation of net income for basic:
Allocation of net income for basic common stock		33,683	31,530	68,519	65,183
Allocation of net income for basic unvested participating shares		$ 181	$ 160	$ 379	$ 328
Weighted average number of shares for basic:
Weighted average number of shares for basic unvested participating shares		65	63	67	64
Shares used in net income per common share - basic		11,951	12,448	12,226	12,622
Net income per share for basic:
Net income per common share - basic		$ 2.82	$ 2.53	$ 5.60	$ 5.16
Common Class A
Allocation of net income for basic:
Allocation of net income for basic common stock		$ 24,772	$ 22,841	$ 50,647	$ 47,465
Weighted average number of shares for basic:
Weighted-average number of common shares - basic		8,789	9,018	9,037	9,191
Net income per share for basic:
Net income per common share - basic		$ 2.82	$ 2.53	$ 5.60	$ 5.16
Common Class B
Allocation of net income for basic:
Allocation of net income for basic common stock		$ 8,730	$ 8,529	$ 17,493	$ 17,390
Weighted average number of shares for basic:
Weighted-average number of common shares - basic	[1]	3,097	3,367	3,122	3,367
Net income per share for basic:
Net income per common share - basic		$ 2.82	$ 2.53	$ 5.60	$ 5.16
[1]	Change in Class B Common Stock resulted from the conversion of 100,000 shares to Class A Common Stock on March 7, 2017, 45,000 shares to Class A Common Stock on November 30, 2016 and 125,000 shares to Class A Common Stock on November 4, 2016, with the ending number of shares reflecting the weighted average for the periods.

Computation of Earnings Per S25

Computation of Earnings Per Share, Basic (Parenthetical) (Detail) - shares	Mar. 07, 2017	Nov. 30, 2016	Nov. 04, 2016
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	45,000	125,000

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		9 Months Ended
		Sep. 30, 2017	Sep. 24, 2016	Sep. 30, 2017	Sep. 24, 2016
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Allocation of net income for basic common stock		$ 33,683	$ 31,530	$ 68,519	$ 65,183
Earnings to Common Shareholders, Net effect of unvested participating shares		2	3	4	7
Earnings to Common Shareholders, Net income per common share - diluted		$ 33,504	$ 31,373	$ 68,144	$ 64,862
Add: effect of dilutive potential common, Share-based awards		151	256	140	295
Weighted-average number of common shares - diluted		12,037	12,641	12,299	12,853
Net income per common share-basic		$ 2.82	$ 2.53	$ 5.60	$ 5.16
Net income per common share-diluted		$ 2.78	$ 2.48	$ 5.54	$ 5.05
Common Class A
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Allocation of net income for basic common stock		$ 24,772	$ 22,841	$ 50,647	$ 47,465
Weighted-average number of common shares - basic		8,789	9,018	9,037	9,191
Net income per common share-basic		$ 2.82	$ 2.53	$ 5.60	$ 5.16
Common Class B
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Allocation of net income for basic common stock		$ 8,730	$ 8,529	$ 17,493	$ 17,390
Earnings to Common Shareholders, Class B Common Stock		$ 8,730	$ 8,529	$ 17,493	$ 17,390
Weighted-average number of common shares - basic	[1]	3,097	3,367	3,122	3,367
Add: effect of dilutive potential common, Class B Common Stock		3,097	3,367	3,122	3,367
Net income per common share-basic		$ 2.82	$ 2.53	$ 5.60	$ 5.16
[1]	Change in Class B Common Stock resulted from the conversion of 100,000 shares to Class A Common Stock on March 7, 2017, 45,000 shares to Class A Common Stock on November 30, 2016 and 125,000 shares to Class A Common Stock on November 4, 2016, with the ending number of shares reflecting the weighted average for the periods.

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)Vendor	Dec. 31, 2016USD ($)
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations	$ 171.6
Operating Leases
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations	$ 13.5	$ 15.9
Lease expiration dates	2,022
Equipment and machinery
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations	$ 13.4
Minimum
Commitments and Contingencies Disclosure [Line Items]
Company's current brewing and packaging percentage	90.00%
Barley and Wheat
Commitments and Contingencies Disclosure [Line Items]
Number of suppliers | Vendor	2
Purchase commitments outstanding	$ 15.5
Hops
Commitments and Contingencies Disclosure [Line Items]
Purchase commitments	44
Hops, Barley and Wheat
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations	59.5
Other Ingredients
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations	32
Glass Bottles
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations	2.6
Purchase commitments	2.6
Advertising Contracts
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations	40.7
Other Commitments
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations	$ 9.9

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)	Sep. 24, 2016	Sep. 30, 2017USD ($)State	Sep. 24, 2016	Dec. 31, 2016USD ($)
Income Taxes [Line Items]
Unrecognized tax benefits	$ 0.4		$ 0.4		$ 0.5
Accrued interest and penalties	$ 0.3		$ 0.3		$ 0.3
Effective income tax rate	35.10%	37.10%	32.50%	36.60%
State and Local Jurisdiction
Income Taxes [Line Items]
Income tax return examination			In September 2017, the Internal Revenue Service commenced an examination of the Company’s 2015 consolidated corporate income tax return. The examination was still in process as of September 30, 2017. The Company’s 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

Summary of Income Tax Provision

Summary of Income Tax Provision (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 24, 2016	Sep. 30, 2017	Sep. 24, 2016
Summary of income tax (benefit) provision
Tax provision based on net income	$ 18,753	$ 18,632	$ 37,189	$ 37,622
Impact of adoption of ASU 2016-09	(533)	0	(4,262)	0
Total income tax provision	$ 18,220	$ 18,632	$ 32,927	$ 37,622

Revolving Line of Credit - Addi

Revolving Line of Credit - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2017USD ($)
Debt Instrument [Line Items]
Credit facility, borrowing outstanding	$ 0
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, current borrowing capacity	$ 150,000,000
Line of credit, expiration date	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	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 67,521	$ 89,966
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 67,521	$ 89,966

Fair Value Measures - Additiona

Fair Value Measures - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016	Sep. 24, 2016	Dec. 26, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 70,045	$ 91,035	$ 77,266	$ 94,193
Money market fund	$ 67,500	$ 90,000

Financial Instruments Not Recor

Financial Instruments Not Recorded at Fair Value (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note payable	$ 340	$ 400
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Note payable	$ 340	$ 400

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	9 Months Ended
	Sep. 30, 2017USD ($)$ / sharesshares
Shares
Outstanding at beginning of period | shares	1,348,233
Granted | shares	15,373
Forfeited | shares	(12,208)
Expired | shares	0
Exercised | shares	(190,401)
Outstanding at end of period | shares	1,160,997
Exercisable at end of period | shares	186,242
Vested and expected to vest at end of period | shares	566,478
Weighted-Average Exercise Price
Outstanding at beginning of period | $ / shares	$ 141.98
Granted | $ / shares	150.10
Forfeited | $ / shares	160.47
Expired | $ / shares	0
Exercised | $ / shares	79.61
Outstanding at end of period | $ / shares	176.25
Exercisable at end of period | $ / shares	98.55
Vested and expected to vest at end of period | $ / shares	$ 123.65
Weighted-Average Remaining Contractual Term
Outstanding at end of period	6 years 6 months 18 days
Exercisable at end of period	4 years 4 days
Vested and expected to vest at end of period	5 years 9 months
Aggregate Intrinsic Value
Outstanding at end of period | $	$ 24,703
Exercisable at end of period | $	11,969
Vested and expected to vest at end of period | $	$ 24,067

Common Stock and Stock-Based 35

Common Stock and Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands

Aug. 01, 2017

May 18, 2017

Mar. 03, 2017

Jan. 01, 2017

Apr. 26, 2016

Jan. 01, 2016

Jan. 01, 2008

Sep. 30, 2017

Sep. 24, 2016

Sep. 30, 2017

Sep. 24, 2016

Dec. 31, 2016

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock option unexercised

1,160,997

1,160,997

1,348,233

Other than options granted in period

25,946

Exercise Price Per Share

$ 150.10

Weighted average fair value of stock awards

$ 132.88

Stock-based compensation expense

$ 1,200

$ 2,400

$ 4,593

$ 8,122

Restricted Stock Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Other than options granted in period

12,358

Vesting period

5 years

Weighted average fair value of stock awards

$ 169.85

Investment Share Program

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Vesting period

5 years

Shares employees elected to purchase

10,146

Weighted average fair value of stock awards

$ 78.74

Performance-Based Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock option unexercised

35,885

35,885

Options granted in period, weighted average fair value

$ 67.92

$ 72.53

Other than options granted in period

20,681

Key Employee | Restricted Stock Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Other than options granted in period

1,275

2,167

Vesting period

5 years

5 years

Weighted average fair value of stock awards

$ 156.80

$ 161.45

Chief Executive Officer | January 1, 2008

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock option unexercised

150,773

301,546

150,773

301,546

Options granted in period

753,864

Vesting period

5 years

Vesting percentage per year

20.00%

Stock price

$ 42

Exercise Price Per Share

$ 86.20

$ 82.30

Options granted in period, weighted average fair value

8.41

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]

Stock option unexercised

574,507

574,507

574,507

574,507

Options granted in period

574,507

Options granted in period, weighted average fair value

$ 39.16

Vesting period

5 years

Vesting percentage per year

20.00%

Stock price

$ 201.91

Exercise Price Per Share

$ 229.53

$ 217.53

Option exercised, additional percentage

1.50%

Estimated forfeiture rate for equity awards that do not vest on January 1st

100.00%

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

5,185

Options granted in period, weighted average fair value

$ 81.95

Non-Employee Director Options

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Options granted in period

10,188

Options granted in period, weighted average fair value

$ 67.72

Summary of Vesting Activities f

Summary of Vesting Activities for Investment Share Program and Restricted Stock Awards (Detail)	9 Months Ended
	Sep. 30, 2017$ / sharesshares
Number of shares
Non-vested at beginning of period | shares	64,968
Granted | shares	25,946
Vested | shares	(21,003)
Forfeited | shares	(5,980)
Non-vested at end of period | shares	63,931
Weighted Average Fair Value
Non-vested at beginning of period | $ / shares	$ 166.29
Granted | $ / shares	132.88
Vested | $ / shares	150.04
Forfeited | $ / shares	184.25
Non-vested at end of period | $ / shares	$ 156.39

Recent Accounting Pronounceme37

Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 24, 2016	Sep. 30, 2017	Sep. 24, 2016	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Excess tax benefit from stock-based compensation arrangements recognized within income tax provision	$ (533)	$ 0	$ (4,262)	$ 0
Deferred income taxes	4,700		4,700		$ 7,400
Contractual obligations	171,600		171,600
Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Variable customer promotional discount programs expected additional liability recorded through retained earnings	2,000		2,000
Operating Leases
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Contractual obligations	$ 13,500		$ 13,500		$ 15,900

Subsequent Event - Additional I

Subsequent Event - Additional Information (Detail) - USD ($) $ in Millions	Oct. 05, 2017	Sep. 30, 2017
Schedule Of Common Share Purchase [Line Items]
Increase of expenditure limit for Company's Stock Repurchase Program	$ 150
Stock Repurchase Program limit	$ 931	$ 781