The Boston Beer Company, Inc. (SAM) 10-Q 29 Oct 19 2019 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 28, 2019	Oct. 25, 2019
Document Information [Line Items]
Document Quarterly Report	true
Document Transition Report	false
Document Type	10-Q
Document Period End Date	Sep. 28, 2019
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Registrant Name	BOSTON BEER CO INC
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity File Number	1-14092
Entity Incorporation, State or Country Code	MA
Entity Tax Identification Number	04-3284048
Entity Address, Address Line One	One Design Center Place, Suite 850
Entity Address, City or Town	Boston
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02210
City Area Code	617
Local Phone Number	368-5000
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000949870
Current Fiscal Year End Date	--12-29
Common Class A
Document Information [Line Items]
Trading Symbol	SAM
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		9,216,022
Title of 12(b) Security	Common Stock
Common Class B
Document Information [Line Items]
No Trading Symbol Flag	true
Entity Common Stock, Shares Outstanding		2,817,983
Title of 12(b) Security	Common Stock

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 28, 2019	Dec. 29, 2018
Current Assets:
Cash and cash equivalents	$ 27,128	$ 108,399
Accounts receivable	68,687	34,073
Inventories	92,632	70,249
Prepaid expenses and other current assets	14,965	13,136
Income tax receivable	5,980	5,714
Total current assets	209,392	231,571
Property, plant and equipment, net	521,316	389,789
Operating right-of-use assets	38,943
Goodwill	112,529	3,683
Intangible assets	104,335	2,099
Other assets	29,661	12,709
Total assets	1,016,176	639,851
Current Liabilities:
Accounts payable	71,035	47,102
Accrued expenses and other current liabilities	92,850	73,412
Current operating lease liabilities	2,599
Total current liabilities	166,484	120,514
Deferred income taxes, net	81,653	49,169
Non-current operating lease liabilities	41,215
Other liabilities	7,844	9,851
Total liabilities	297,196	179,534
Stockholders' Equity:
Additional paid-in capital	568,047	405,711
Accumulated other comprehensive loss, net of tax	(1,154)	(1,197)
Retained earnings	151,967	55,688
Total stockholders' equity	718,980	460,317
Total liabilities and stockholders' equity	1,016,176	639,851
Common Class A
Stockholders' Equity:
Common Stock	92	86
Common Class B
Stockholders' Equity:
Common Stock	$ 28	$ 29

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 28, 2019	Dec. 29, 2018
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	9,216,022	8,580,593
Common Stock, shares outstanding	9,216,022	8,580,593
Common Class B
Common Stock, par value	$ 0.01	$ 0.01
Common Stock, shares authorized	4,200,000	4,200,000
Common Stock, shares issued	2,817,983	2,917,983
Common Stock, shares outstanding	2,817,983	2,917,983

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Revenue	$ 402,691	$ 326,852	$ 1,008,893	$ 818,257
Less excise taxes	24,225	19,982	60,369	47,830
Net revenue	378,466	306,870	948,524	770,427
Cost of goods sold	190,631	149,643	477,147	375,133
Gross profit	187,835	157,227	471,377	395,294
Advertising, promotional and selling expenses	96,570	87,765	262,372	241,796
General and administrative expenses	31,429	22,734	81,552	65,951
Impairment of assets			243	517
Total operating expenses	127,999	110,499	344,167	308,264
Operating income	59,836	46,728	127,210	87,030
Interest (expense) income, net	(138)	343	472	821
Other income (expense), net	(764)	(51)	(818)	(539)
Total other income (expense), net	(902)	292	(346)	282
Income before income tax provision	58,934	47,020	126,864	87,312
Income tax provision	14,205	9,013	30,585	16,460
Net income	$ 44,729	$ 38,007	$ 96,279	$ 70,852
Net income per common share - basic	$ 3.70	$ 3.25	$ 8.16	$ 6.02
Net income per common share - diluted	$ 3.65	$ 3.21	$ 8.07	$ 5.96
Weighted-average number of common shares — basic	12,099	11,705	11,802	11,769
Weighted-average number of common shares - diluted	12,150	11,702	11,823	11,773
Net income	$ 44,729	$ 38,007	$ 96,279	$ 70,852
Other comprehensive income:
Foreign currency translation adjustment	1	(13)	43	4
Comprehensive income	$ 44,730	$ 37,994	$ 96,322	$ 70,856
Common Class A
Net income per common share - basic	$ 3.70	$ 3.25	$ 8.16	$ 6.02
Weighted-average number of common shares — basic	9,136	8,557	8,797	8,646
Common Class B
Net income per common share - basic	$ 3.70	$ 3.25	$ 8.16	$ 6.02
Weighted-average number of common shares — basic	2,862	3,018	2,899	3,018

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common StockCommon Class A	Common StockCommon Class B	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income, net of tax	Retained Earnings
Balance at Dec. 30, 2017	$ 423,523	$ 86	$ 30	$ 372,590	$ (1,288)	$ 52,105
Balance (in shares) at Dec. 30, 2017		8,603,000	3,018,000
Net income	9,310					9,310
Stock options exercised and restricted shares activities (in shares)		188,000
Stock options exercised and restricted shares activities	20,234	$ 2		20,232
Stock-based compensation expense	1,491			1,491
Repurchase of Class A Common Stock (in shares)		(91,000)
Repurchase of Class A Common Stock	(16,639)	$ (1)				(16,638)
Currency translation adjustment	(11)				(11)
One time effect of adoption of ASU 2014-09,Revenue from Contracts with Customers, net of tax of $329	(982)					(982)
One time effect of adoption of ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income					(210)	210
Balance at Mar. 31, 2018	436,926	$ 87	$ 30	394,313	(1,509)	44,005
Balance (in shares) at Mar. 31, 2018		8,700,000	3,018,000
Balance at Dec. 30, 2017	423,523	$ 86	$ 30	372,590	(1,288)	52,105
Balance (in shares) at Dec. 30, 2017		8,603,000	3,018,000
Net income	70,852
Balance at Sep. 29, 2018	434,546	$ 85	$ 30	402,056	(1,503)	33,878
Balance (in shares) at Sep. 29, 2018		8,475,000	3,018,000
Balance at Mar. 31, 2018	436,926	$ 87	$ 30	394,313	(1,509)	44,005
Balance (in shares) at Mar. 31, 2018		8,700,000	3,018,000
Net income	23,535					23,535
Stock options exercised and restricted shares activities (in shares)		32,000
Stock options exercised and restricted shares activities	2,224			2,224
Stock-based compensation expense	3,079			3,079
Repurchase of Class A Common Stock (in shares)		(97,000)
Repurchase of Class A Common Stock	(23,085)	$ (1)				(23,084)
Currency translation adjustment	(7)				(7)
Balance at Jun. 30, 2018	442,672	$ 86	$ 30	399,616	(1,516)	44,456
Balance (in shares) at Jun. 30, 2018		8,635,000	3,018,000
Net income	38,007					38,007
Stock options exercised and restricted shares activities (in shares)		2,000
Stock options exercised and restricted shares activities	15			15
Stock-based compensation expense	2,425			2,425
Repurchase of Class A Common Stock (in shares)		(162,000)
Repurchase of Class A Common Stock	(48,586)	$ (1)				(48,585)
Currency translation adjustment	(13)				13
Balance at Sep. 29, 2018	434,546	$ 85	$ 30	402,056	(1,503)	33,878
Balance (in shares) at Sep. 29, 2018		8,475,000	3,018,000
Balance at Dec. 29, 2018	460,317	$ 86	$ 29	405,711	(1,197)	55,688
Balance (in shares) at Dec. 29, 2018		8,580,000	2,918,000
Net income	23,694					23,694
Stock options exercised and restricted shares activities (in shares)		54,000
Stock options exercised and restricted shares activities	3,704			3,704
Stock-based compensation expense	2,066			2,066
Currency translation adjustment	37				37
Balance at Mar. 30, 2019	489,818	$ 86	$ 29	411,481	(1,160)	79,382
Balance (in shares) at Mar. 30, 2019		8,634,000	2,918,000
Balance at Dec. 29, 2018	460,317	$ 86	$ 29	405,711	(1,197)	55,688
Balance (in shares) at Dec. 29, 2018		8,580,000	2,918,000
Net income	$ 96,279
Stock options exercised and restricted shares activities (in shares)	72,937
Currency translation adjustment	$ 43
Balance at Sep. 28, 2019	718,980	$ 92	$ 28	568,047	(1,154)	151,967
Balance (in shares) at Sep. 28, 2019		9,216,000	2,818,000
Balance at Mar. 30, 2019	489,818	$ 86	$ 29	411,481	(1,160)	79,382
Balance (in shares) at Mar. 30, 2019		8,634,000	2,918,000
Net income	27,856					27,856
Stock options exercised and restricted shares activities (in shares)		21,000
Stock options exercised and restricted shares activities	1,378	$ 1		1,377
Stock-based compensation expense	3,744			3,744
Currency translation adjustment	5				5
Balance at Jun. 29, 2019	522,801	$ 87	$ 29	416,602	(1,155)	107,238
Balance (in shares) at Jun. 29, 2019		8,655,000	2,918,000
Net income	44,729					44,729
Stock options exercised and restricted shares activities (in shares)		31,000
Stock options exercised and restricted shares activities	3,473			3,473
Stock-based compensation expense	3,233			3,233
Shares issued in connection with Dogfish Head merger (in shares)		430,000
Shares issued in connection with Dogfish Head merger	144,743	$ 4		144,739
Conversion from Class B to Class A (in shares)		100,000	(100,000)
Conversion from Class B to Class A		$ 1	$ (1)
Currency translation adjustment	1				1
One time effect of adoption of ASU 2014-09,Revenue from Contracts with Customers, net of tax of $329	1,000
Balance at Sep. 28, 2019	$ 718,980	$ 92	$ 28	$ 568,047	$ (1,154)	$ 151,967
Balance (in shares) at Sep. 28, 2019		9,216,000	2,818,000

Consolidated Statements of St_2

Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
One time effect of adoption of ASU 2014-09, Revenue from Contracts with Customers, tax	$ 329

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018
Cash flows provided by operating activities:
Net income	$ 96,279	$ 70,852
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	41,841	38,860
Impairment of assets	243	517
Loss on disposal of property, plant and equipment	449	45
Change in ROU assets	2,734
Bad debt (recovery) expense	53	39
Stock-based compensation expense	9,043	6,995
Deferred income taxes	14,047	12,818
Changes in operating assets and liabilities:
Accounts receivable	(26,532)	(20,412)
Inventories	(16,847)	(20,836)
Prepaid expenses, income tax receivable and other assets	(13,903)	(8,385)
Accounts payable	22,388	20,560
Accrued expenses and other current liabilities	14,949	6,309
Change in operating lease liability	(2,270)
Other liabilities	207	693
Net cash provided by operating activities	142,681	108,055
Cash flows used in investing activities:
Purchases of property, plant and equipment	(66,760)	(38,752)
Proceeds from disposal of property, plant and equipment	144	2
Cash paid for acquisition of intangible assets		5
Investment in Dogfish Head, net of cash acquired	(165,517)
Other investing activities	(10)	131
Net cash used in investing activities	(232,143)	(38,614)
Cash flows provided by (used in) financing activities:
Repurchase of Class A Common Stock		(88,311)
Proceeds from exercise of stock options	7,619	21,528
Net cash paid on note payable and capital lease	(246)	(78)
Cash borrowed on line of credit	97,000
Cash paid on line of credit	(97,000)
Net proceeds from sale of investment shares	818	670
Net cash provided (used in) by financing activities	8,191	(66,191)
Change in cash and cash equivalents	(81,271)	3,250
Cash and cash equivalents at beginning of year	108,399	65,637
Cash and cash equivalents at end of period	27,128	68,887
Supplemental disclosure of cash flow information:
Non cash consideration issued in Dogfish Head Transaction (Refer to Note B)	144,743
Income taxes paid	16,759	11,252
Cash paid for amounts included in measurement of lease liabilities	3,443
Right-of-use assets obtained in exchange for operating lease obligations	41,678
Right-of-use assets obtained in exchange for capital lease obligations	2,837
Interest paid on revolving credit facility	349
Decrease in accounts receivable for ASU 2014-09 adoption		(1,310)
Decrease in accounts payable for purchase of property, plant and equipment	$ (2,076)	$ 3,346

Organization and Basis of Prese

Organization and Basis of Presentation	9 Months Ended
	Sep. 28, 2019
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 producing and selling alcohol beverages throughout the United States and in selected international markets, under the trade names, “The Boston Beer Company ® Dogfish Head ® Craft Brewery”, “Twisted Tea Brewing Company ® ® ® ® ® ™ The accompanying unaudited consolidated balance sheet as of September 28, 2019, and the consolidated statements of comprehensive income, stockholders’ equity, and cash flows for the interim periods ended September 28, 2019 and September 29, 2018 have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnotes normally included in financial statements prepared in accordance with 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 28, 2019 and the results of its consolidated operations, stockholders’ equity, and cash flows for the interim periods ended September 28, 2019 and September 29, 2018, 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.

Dogfish Head Brewery Merger

Dogfish Head Brewery Merger	9 Months Ended
	Sep. 28, 2019
Dogfish Head Brewery Merger	B. Dogfish Head Brewery Transaction On May 8, 2019, the Company (“Dogfish Head”) ” Off-Centered the Co mpany , after taking into account a post-closing cash related adjustment. As required under the definitive agreements, 127,146 of the 429,291 shares of restricted Class A Stock have been placed in escrow and will be released no later than July 3, 2029. These shares had a market value on July 3, 2019 of $48.3 million. The timing of the release of these escrowed shares is primarily related to the continued employment with the Company of Samuel A. Calagione III, one of the two Dogfish Head founders The fair value of the Transaction is estimated at approximately $317.7 million. The Company estimates that transaction-related and other non-recurring and consists of $3.3 million in transaction costs and $4.6 million in other non-recurring costs. on-hand L The following table summarizes the acquisition date fair value of the tangible assets, intangible assets, liabilities assumed, and related goodwill acquired from Dogfish Head, as well as the allocation of purchase price paid: Total (In Thousands) Cash and cash equivalents $ 7,476 Accounts receivable 8,081 Inventories 9,286 Prepaid expenses and other current assets 847 Property, plant and equipment 106,964 Goodwill 108,846 Brand 98,500 Other intangible assets 3,800 Other assets 378 Total assets acquired 344,178 Accounts payable 3,861 Accrued expenses and other current liabilities 4,085 Deferred income taxes 18,437 Other liabilities 59 Total liabilities assumed 26,442 Net assets acquired $ 317,736 Cash consideration $ 172,993 Nominal value of equity issued 162,999 Fair Value reduction due to liquidity (18,256 ) Estimated total purchase price $ 317,736 The Company accounted for the acquisition in accordance with the accounting standards codification guidance for business combinations, whereby the total purchase price was allocated to the acquired net tangible and intangible assets of Dogfish Head based on their fair values as of the Transaction closing date. The Company believes that the information available as of the Transaction closing date provides a reasonable basis for estimating the fair values of the assets acquired and liabilities assumed; however, the Company is continuing to finalize these amounts, particularly with respect to income taxes and valuation of inventories, fixed assets, and intangible assets. Thus, the preliminary measurements of fair value reflected are subject to change as additional information becomes available and as additional analysis is performed. The Company expects to finalize the valuation and complete the allocation of the purchase price as soon as practicable, but no later than one year from the closing date of the acquisition, as required. The fair value of the Dogfish Head brand trade name is estimated at approximately $98.5 million and the fair value of customer relationships is estimated at $3.8 million. The Company will have 15 year estimated useful life. The fair value of the deferred income tax liability assumed is $18.4 million, representing the expected future tax consequences of temporary differences between the fair values of the assets acquired and liabilities assumed and their tax bas i . The excess of the purchase price paid over the estimated fair values of the assets and liabilities assumed has been recorded as goodwill in the amount of $108.8 million. Goodwill associated with the acquisition is primarily attributable to the future growth opportunities associated with the Transaction , The fair value of the brand trade name was determined utilizing the relief from royalty method which is a form of the income approach. Under this method, a royalty rate based on observed market royalties is applied to projected revenue supporting the trade name and discounted to present value using an appropriate discount rate. The fair value of the property, plant and equipment was determined utilizing the cost and market valuation approaches. The results of operations from Dogfish Head have been included in the Company’s consolidated statement s September , , Dogfish Head represented $ million of the Company’s total revenue and $ million of total net income. Transaction costs incurred by the Company in connection with the Transaction were $ million and for thirteen and thirty -nin e ended September , , respectively , and were recorded within general and administrative expenses in the Company’s consolidated statements of operations. Consistent with prior periods and considering post-merger reporting structures, the Company will continue to report as one operating segment. The combined Company’s brands are predominantly beverages that are manufactured using similar production processes, have comparable alcohol content, generally fall under the same regulatory environment, and are sold to the same types of customers in similar size quantities at similar price points and through the same channels of distribution. The following unaudited pro forma information has been prepared as if the Transaction and the related debt financing had occurred as of December , , the first day of the Company’s fiscal year. The pro forma amounts reflect the combined historical operational results for Boston Beer and Dogfish Head, after giving effect to adjustments related to the impact of purchase accounting, transaction costs and financing. The unaudited pro forma financial information is not indicative of the operational results that would have been obtained had the Transaction occurred as of that date, nor is it necessarily indicative of the Company’s future operational results. The following adjustments have been made: (i) Depreciation and amortization expenses were updated to reflect the fair value adjustments to Dogfish Head property, plant and equipment and intangible assets beginning December 31, 2017. (ii) Transaction costs incurred in the thirteen and thirty-nine weeks ended September 28, 2019 have been re-assigned (iii) Interest expense has been included at a rate of approximately 3% which is consistent with the borrowing rate on the Company’s current line of credit. (iv) The tax effects of the pro forma adjustments at an estimated statutory rate of 25.6%. (v) Earnings per share amounts are calculated using the Company’s historical weighted average shares outstanding plus the 429,291 shares issued in the merger. Thirteen weeks ended Thirty-nine weeks ended September 28, September 29, September 28, September 29, Net revenue $ 379,205 $ 335,954 $ 1,002,939 $ 852,611 Net income $ 46,445 $ 42,638 $ 103,105 $ 77,541 Basic earnings per share $ 3.84 $ 3.51 $ 8.74 $ 6.36 Diluted earnings per share $ 3.79 $ 3.48 $ 8.64 $ 6.30

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 28, 2019
Goodwill and Intangible Assets	C. Goodwill and Intangible Assets The change in the carrying value of goodwill and intangible assets during the thirty-nine weeks ended September 28, 2019 and September 29, 2019 were as follows: Thirty-nine weeks ended September 28, September 29, 2019 2018 Goodwill as of beginning of period $ 3,683 $ 3,683 Acquired goodwill 108,846 — Impairment of goodwill — — Goodwill as of end of period $ 112,529 $ 3,683 The $108.8 million of goodwill acquired during the thirty-nine weeks ended September 28, 2019 is related to the Dogfish Head transaction disclosed in Note B. No impairment of existing goodwill was recorded in the period. The Company’s intangible assets as of September 28, 2019 and December 29, 2018 were as follows: As of September 28, 2019 As of December 29, 2018 Estimated Useful Gross Carrying Accumulated Net Book Gross Carrying Accumulated Net Book Life (Years) Value Amortization Value Value Amortization Value Custmer Relationships 15 $ 3,800 $ (64 ) $ 3,736 $ — $ — $ — Trade Names Indefinite 100,599 — 100,599 2,099 — 2,099 Total intangible assets $ 104,399 $ (64 ) $ 104,335 $ 2,099 $ — $ 2,099 During the thirty-nine weeks ended September 28, 2019 the Company acquired intangible assets as part of the Dogfish Head Transaction disclosed in Note Fiscal Year Amount Remainder of 2019 $ 63 2020 253 2021 253 2022 253 2023 253 2024 253

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 28, 2019
Recent Accounting Pronouncements	D. Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) 2014-09 In February 2016, the FASB issued ASU No. 2016-02, right-of-use 2016-02, 2018-11, Accounting Pronouncements Not Yet Effective In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326) inform credit loss estimates. ASU 2016-13 In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment 2017-04, two-step 2017-04 2017-04 2017-04

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 28, 2019
Revenue Recognition	E. Revenue Recognition During the thirty-nine weeks ended September 28, 2019 approximately 95% of the Company’s revenue was from shipments of its products to domestic d d The Company recognizes revenue when obligations under the terms of a contract with its customer are satisfied; generally, this occurs with the transfer of control of its products. Revenue is measured as the amount of consideration expected to be received in exchange for transferring products. If the conditions for revenue recognition are not met, the Company defers the revenue until all conditions are met. As of September 28, 2019 and December 29, 2018, the Company has deferred $6.9 million and $4.6 million, respectively in revenue related to product shipped prior to these dates. These amounts are included in accrued expenses and other current liabilities in the accompanying consolidated balance sheets. Customer promotional discount programs are entered into by the Company with d istributors for certain periods of time. The reimbursements for discounts to d istributors are recorded a n d i amount. The computation of the discount allowance requires that management make certain estimates and assumptions that affect the timing and amounts of revenue and liabilities recorded. Actual promotional discounts owed and paid have historically been in line with allowances recorded by the Company, however, the amounts could differ from the estimated allowance. Customer programs and incentives are a common practice in the alcohol beverage industry. Amounts paid in connection with customer programs and incentives are recorded as reductions to net revenue or as advertising, promotional and selling expenses , d point-of-sale The Company benefited from a reduction in federal excise taxes of $2.8 million and $2.0 million for the thirteen weeks ended September 28, 2019 and September 29, 2018, respectively, as a result of the Tax Cuts and Jobs Act of 2017. The Company benefited from a reduction in federal excise taxes of $6.6 million and $4.8 million for the thirty-nine weeks ended September 28, 2019 and September 29, 2018, respectively, as a result of the Tax Cuts and Jobs Act of 2017.

Inventories

Inventories	9 Months Ended
	Sep. 28, 2019
Inventories	F. 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 28, December 29, (in thousands) Current inventory: Raw materials $ 51,322 $ 44,655 Work in process 13,270 8,252 Finished goods 28,040 17,342 Total current inventory 92,632 70,249 Long term inventory 15,369 11,619 Total inventory $ 108,001 $ 81,868

Leases

Leases	9 Months Ended
	Sep. 28, 2019
Leases	G. Leases The Company has various lease agreements in place for facilities and equipment. 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 2031. As the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate based on information available at commencement to determine the present value of the lease payments. Based on the present value of the lease payments for the remaining lease term of the Company’s existing leases, the Company recognized ROU assets of $27.0 million and lease liabilities of $31.5 million upon adoption of ASU No. 2016-02 hs or less (“short-term leases”) are not recorded on the balance sheet and are recognized on a straight-line basis over the lease term. As of September 28, 2019, total ROU assets and lease liabilities were as follows: Classification Leases Right-of-use (in thousands) Operating lease assets Operating right-of-use $ 38,943 Capital lease assets Property, plant and equipment, net 2,663 Lease Liabilities Current Operating lease liabilities Current operating lease liabilities 2,599 Capital lease liabilities Accrued expenses and other current l 541 Non-current Operating lease liabilities Non-current 41,215 Capital lease liabilities Other liabilities 2,178 Aggregate lease expense for the thirteen weeks ended September 28, 2019 was $1.9 million, consisting of $1.6 million in lease expense for lease liabilities recorded on the Company’s balance sheet and $0.3 million in short-term lease expense. Aggregate lease expense for the thirty-nine weeks ended September 28, 2019 was $4.9 million, consisting of $3.9 million in lease expense for lease liabilities recorded on the Company’s balance sheet and $1.0 million in short-term lease expense. Maturities of lease liabilities as of September 28, 2019 are as follows: Operating Capital Weighted-Average Leases Leases Operating Leases Capital Leases (in thousands) 2019 $ 1,466 $ 155 2020 2,642 626 2021 5,754 626 2022 5,453 626 2023 5,313 626 After 2023 32,191 288 Total lease payments 52,819 2,947 Less imputed interest (based on 3.5% weighted-average discount rate) (9,005 ) (228 ) Present value of lease liability $ 43,814 $ 2,719 4.7 9.9 Future minimum lease payments expected under non-cancellable Leases (in thousands) 2019 $ 4,446 2020 4,530 2021 4,370 2022 3,559 2023 1,672 Thereafter 7,582 Total $ 26,159

Net Income per Share

Net Income per Share	9 Months Ended
	Sep. 28, 2019
Net Income per Share	H. 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 N Included in the computation of net income per diluted common share are dilutive outstanding stock options and restricted stock that are vested or expected to vest. At its discretion, the Board of Directors grants stock options and restricted stock to senior management and certain key employees. The terms of the employee of certain performance criteria and generally expire after ten years. In December 2018, the Employee Equity Incentive Plan was amended to permit the grant of restricted stock units. The restricted stock units generally vest over four years in equal number of shares. Each restricted stock unit represents an unfunded and unsecured right to receive one share of Class A Stock upon satisfaction of the vesting criteria. The unvested shares participate equally in dividends and are forfeitable. Prior to March 1, 2019, the Company granted restricted stock awards, generally vesting over five years non-employee re-election non-employee Net Income per Common Share — 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 28, September 29, September 28, September 29, (in thousands, except per share data) (in thousands, except per share data) Net income $ 44,729 $ 38,007 $ 96,279 $ 70,852 Allocation of net income for basic: Class A Common Stock $ 33,776 $ 27,786 $ 71,761 $ 52,051 Class B Common Stock 10,581 9,800 23,652 18,169 Unvested participating shares 372 421 866 632 $ 44,729 $ 38,007 $ 96,279 $ 70,852 Weighted average number of shares for basic: Class A Common Stock 9,136 8,557 8,797 8,646 Class B Common Stock* 2,862 3,018 2,899 3,018 Unvested participating shares 101 130 106 105 12,099 11,705 11,802 11,769 Net income per share for basic: Class A Common Stock $ 3.70 $ 3.25 $ 8.16 $ 6.02 Class B Common Stock $ 3.70 $ 3.25 $ 8.16 $ 6.02 * Change in Class B Common Stock resulted from the conversion of 100,000 100,000 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 28, 2019 September 29, 2018 Earnings to Common Shares EPS Earnings to Common Shares EPS (in thousands, except per share data) As reported — basic $ 33,776 9,136 $ 3.70 $ 27,786 8,557 $ 3.25 Add: effect of dilutive potential common shares Share-based awards — 152 — 127 Class B Common Stock 10,581 2,862 9,800 3,018 Net effect of unvested participating shares 4 — 5 — Net income per common share — diluted $ 44,361 12,150 $ 3.65 $ 37,591 11,702 $ 3.21 Thirty-nine weeks ended September 28, 2019 September 29, 2018 Earnings to Common Shares EPS Earnings to Common Shares EPS (in thousands, except per share data) As reported — basic $ 71,761 8,797 $ 8.16 $ 52,051 8,646 $ 6.02 Add: effect of dilutive potential common shares Share-based awards — 127 — 109 Class B Common Stock 23,652 2,899 18,169 3,018 Net effect of unvested participating shares 8 — 5 — Net income per common share — diluted $ 95,421 11,823 $ 8.07 $ 70,225 11,773 $ 5.96 During the thirteen and thirty-nine weeks ended September 28, 2019, weighted-average stock options to purchase approximately 27,000 and 21,000 shares of Class A Common Stock were outstanding but not included in computing dilutive income per common share because their effects were anti-dilutive. During the thirteen and thirty-nine weeks ended September 29, 2018, weighted-average stock options to purchase approximately zero and 653,000 shares of Class A Common Stock were outstanding but not included in computing dilutive income per common share because their effects were anti-dilutive. Additionally, performance-based stock options to purchase approximately 10,000 and 61,000 shares of Class A Common Stock were outstanding as of September 28, 2019 and September 29, 2018, respectively, but not included in computing diluted income per common share because the performance criteria of these stock options w ere The performance-based stock options to purchase approximately 10,000 shares of Class A Common Stock that were excluded from computing diluted net income per common share as of September 28, 2019, were granted in 2016 to a key employee. The vesting of these shares requires annual depletions, or sales by d

Comprehensive Income or Loss

Comprehensive Income or Loss	9 Months Ended
	Sep. 28, 2019
Comprehensive Income	I. 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 28, 2019 and September 29, 2018 were not material.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 28, 2019
Commitments and Contingencies	J. Commitments and Contingencies Contract Obligations The Company had outstanding total non-cancelable equipment and machinery of $53.0 million Currently, the Company has entered into contracts for barley and wheat with three major suppliers. The contracts include crop year 2018 and 2019 and cover the Company’s barley, wheat, and malt requirements for 2019 and part of 2020. These purchase commitments outstanding at September 28, 2019 totaled $12.2 million. The Company has entered into contracts for the supply of a portion of its hops requirements. These purchase contracts extend through crop year 2025 and specify both the quantities and prices, denominated in U.S. Dollars, Euros, New Zealand Dollars, and British Pounds, to which the Company is committed. Hops purchase commitments outstanding at September 28, 2019 totaled $37.4 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 brews and packages more than 70% 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 supplies raw materials to those brewing companies, and incurs conversion fees for labor at the time the liquid is produced and packaged. 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. 28, 2019
Income Taxes	K. Income Taxes As of September 28, 2019 and December 29, 2018, the Company had approximately $0.8 million and $0.8 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 28, 2019 and December 29, 2018, the Company had $0.2 million and $0.1 million, respectively, accrued for interest and penalties recorded in other liabilities. The Internal Revenue Service completed an examination of the 2015 consolidated corporate income tax return and issued a no change report in 2018. The Company’s state income tax returns remain subject to examination for three The following table provides a summary of the income tax provision for the thirteen and thirty-nine weeks ended September 28, 2019 and September 29, 2018: Thirteen weeks ended September 28, September 29, 2019 2018 (in thousands) Summary of income tax provision Tax provision based on net income $ 16,047 $ 13,671 Accounting Method Changes — (4,529 ) Benefit of ASU 2016-09 (1,842 ) (129 ) Total income tax provision $ 14,205 $ 9,013 Thirty-nine weeks ended September 28, September 29, 2019 2018 (in thousands) Summary of income tax provision Tax provision based on net income $ 34,455 $ 24,969 Accounting Method Changes — (4,529 ) Benefit of ASU 2016-09 (3,870 ) (3,980 ) Total income tax provision $ 30,585 $ 16,460 2016-09, one-time one-time 2016-09, one-time one-time

Revolving Line of Credit

Revolving Line of Credit	9 Months Ended
	Sep. 28, 2019
Revolving Line of Credit	L. Revolving Line of Credit In March 2018, the Company amended its credit facility in place that provides for a $150.0 million revolving line of credit to extend the scheduled expiration date to March 31, 2023. On May 6, 2019, the Company borrowed Transaction wa Company was not in violation of any of its financial covenants to the lender under the credit facility and had repaid the Transaction borrowing in full, so that there were no borrowings outstanding and the line of credit was fully available to the Company for borrowing.

Fair Value Measures

Fair Value Measures	9 Months Ended
	Sep. 28, 2019
Fair Value Measures	M. Fair Value Measures The Company defines fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). • Level 1 — Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 — Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. • Level 3 — Level 3 inputs are unobservable inputs for the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date. The Company’s money market funds are measured at fair value on a recurring basis (at least annually) and are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The money market funds are invested substantially in United States Treasury and government securities. The Company does not adjust the quoted market price for such financial instruments. Cash, receivables and payables are carried at their cost, which approximates fair value, because of their short-term nature. At September 28, 2019 and December 29, 2018, the Company had money market funds with a “Triple A” rated money market fund. The Company considers the “Triple A” rated money market fund to be a large, highly-rated investment-grade institution. As of September 28, 2019 and December 29, 2018, the Company’s cash and cash equivalents balance was $27.1 million and $108.4 million, respectively, including money market funds amounting to $21.4 million and $107.5 million, respectively .

Common Stock and Stock-Based Co

Common Stock and Stock-Based Compensation	9 Months Ended
	Sep. 28, 2019
Common Stock and Stock-Based Compensation	N. Common Stock and Stock-Based Compensation Option Activity Information related to stock options under the Restated Employee Equity Incentive Plan and the Stock Option Plan for Non-Employee Shares Weighted-Average Weighted-Average Aggregate Intrinsic (in thousands) Outstanding at December 29, 2018 366,829 $ 155.75 Granted 31,286 313.56 Forfeited — — Expired — — Exercised (72,937 ) 104.47 Outstanding at September 28, 325,178 $ 182.44 5.83 $ 55,196 Exercisable at September 28, 2019 102,613 $ 139.16 3.96 $ 21,859 Vested and expected to vest at September 28, 2019 300,886 $ 180.81 5.76 $ 51,563 Of the total options outstanding at September 28, 2019, 65,306 shares were performance-based options for which the performance criteria had yet to be achieved. On March 1, 2019, the Company granted options to purchase an aggregate of 14,680 shares of the Company’s Class A Common Stock to senior management with a weighted average fair value of $136.00 per share, of which all shares relate to performance-based stock options. On March 14, 2019, the Company granted options to purchase an aggregate of 844 shares of the Company’s Class A Common Stock to the Company’s newly appointed non-employee On April 29, 2019, the Company granted options to purchase an aggregate of 11,827 shares of the Company’s Class A Common Stock to the Company’s newly appointed Chief Marketing Officer with a weighted average fair value of $126.83 per share with service based vesting through 2024. On May 16, 2019, the Company granted options to purchase an aggregate of 3,935 shares of the Company’s Class A Common Stock to the Company’s nonemployee Directors. These options have a weighted average fair value of $145.95 per share. All of the options vested immediately on the date of the grant. Non-Vested The following table summarizes vesting activities of shares issued under the investment share program and restricted stock awards: Number of Shares Weighted Average Fair Value Non-vested 126,720 $ 192.74 Granted 30,410 $ 269.91 Vested (33,201 ) $ 188.63 Forfeited (1,550 ) $ 142.00 Non-vested 122,379 $ 213.67 On January 1, 2019, the Company granted a key employee 207 shares of restricted stock units with a weighted average fair value of $240.84 and vests ratable over the service period of four years. On March 1, 2019, the Company granted 16,471 shares of restricted stock units to certain officers, senior managers and key employees, of which all shares vest ratably over service periods of four years. On March 1, 2019, employees elected to purchase 7,901 shares under the Company’s investment share program. The weighted average fair value of the restricted stock units and investment shares, which are sold to employees at discount under its investment share program, was $312.56 and $147.98 per share, respectively. On April 29, 2019, the Company granted its newly appointed Chief Marketing Officer 4,925 shares of restricted stock units with a weighted-average fair value of $304.56 per share with service based vesting through 2023. On July 3, 2019, the Company granted four key employees 906 shares of restricted stock units with a weighted average fair value of $379.63 and service based vesting in one year . Stock-Based Compensation Stock-based compensation expense related to share-based awards recognized in the thirteen and thirty-nine weeks ended September 28, 2019 was $3.2 million and $9.0 million, respectively, and was calculated based on awards expected to vest. Stock-based compensation expense related to share-based awards recognized in the thirteen weeks and thirty-nine weeks ended September 29, 2018 was $2.4 million and $7.0 million, respectively, and was calculated based on awards expected to vest.

Employee Retirement Plans

Employee Retirement Plans	9 Months Ended
	Sep. 28, 2019
Employee Retirement Plans	O. Employee Retirement Plans The Company has one company-sponsored defined benefit pension plan that covers certain of its union employees. It was established in 1991 and is open to all union employees who are covered by the Company’s collective bargaining agreement with Teamsters Local Union No. 1199 (“Local Union 1199”). As of December 29, 2018, the fair value of the plan assets w as

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 28, 2019
Related Party Transactions	P. Related Party Transactions In connection with the Dogfish Head Transaction, the Company has entered a lease with the Dogfish Head founders and other owners of buildings used in certain of the Company’s restaurant operations. The lease is for ten years with renewal options. The total payments due under the initial ten year term is $3.6 million. Total related party expense recognized for the 13-weeks ended September 28, 2019 was approximately $91,000.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 28, 2019
Subsequent Events	Q. Subsequent Events The Company evaluated subsequent events occurring after the balance sheet date, September 28, 2019, 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.

Dogfish Head Brewery Merger (Ta

Dogfish Head Brewery Merger (Tables)	9 Months Ended
	Sep. 28, 2019
Fair value of assets acquired and liabilities assumed	The following table summarizes the acquisition date fair value of the tangible assets, intangible assets, liabilities assumed, and related goodwill acquired from Dogfish Head, as well as the allocation of purchase price paid: Total (In Thousands) Cash and cash equivalents $ 7,476 Accounts receivable 8,081 Inventories 9,286 Prepaid expenses and other current assets 847 Property, plant and equipment 106,964 Goodwill 108,846 Brand 98,500 Other intangible assets 3,800 Other assets 378 Total assets acquired 344,178 Accounts payable 3,861 Accrued expenses and other current liabilities 4,085 Deferred income taxes 18,437 Other liabilities 59 Total liabilities assumed 26,442 Net assets acquired $ 317,736 Cash consideration $ 172,993 Nominal value of equity issued 162,999 Fair Value reduction due to liquidity (18,256 ) Estimated total purchase price $ 317,736
Unaudited proforma information	Thirteen weeks ended Thirty-nine weeks ended September 28, September 29, September 28, September 29, Net revenue $ 379,205 $ 335,954 $ 1,002,939 $ 852,611 Net income $ 46,445 $ 42,638 $ 103,105 $ 77,541 Basic earnings per share $ 3.84 $ 3.51 $ 8.74 $ 6.36 Diluted earnings per share $ 3.79 $ 3.48 $ 8.64 $ 6.30

Goodwill and Intangible Assets

Goodwill and Intangible Assets - (Tables)	9 Months Ended
	Sep. 28, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Change in carrying value of goodwill and intangible assets	The change in the carrying value of goodwill and intangible assets during the thirty-nine weeks ended September 28, 2019 and September 29, 2019 were as follows: Thirty-nine weeks ended September 28, September 29, 2019 2018 Goodwill as of beginning of period $ 3,683 $ 3,683 Acquired goodwill 108,846 — Impairment of goodwill — — Goodwill as of end of period $ 112,529 $ 3,683
Schedule of intangible assets	The Company’s intangible assets as of September 28, 2019 and December 29, 2018 were as follows: As of September 28, 2019 As of December 29, 2018 Estimated Useful Gross Carrying Accumulated Net Book Gross Carrying Accumulated Net Book Life (Years) Value Amortization Value Value Amortization Value Custmer Relationships 15 $ 3,800 $ (64 ) $ 3,736 $ — $ — $ — Trade Names Indefinite 100,599 — 100,599 2,099 — 2,099 Total intangible assets $ 104,399 $ (64 ) $ 104,335 $ 2,099 $ — $ 2,099
Schedule of amortization expense	The Company expects to record amortization expense as follows over the remaining current year and the five subsequent years: Fiscal Year Amount Remainder of 2019 $ 63 2020 253 2021 253 2022 253 2023 253 2024 253

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 28, 2019
Components of Inventories	Inventories consist of the following: September 28, December 29, (in thousands) Current inventory: Raw materials $ 51,322 $ 44,655 Work in process 13,270 8,252 Finished goods 28,040 17,342 Total current inventory 92,632 70,249 Long term inventory 15,369 11,619 Total inventory $ 108,001 $ 81,868

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 28, 2019
Leases [Abstract]
ROU assets and lease liabilities	As of September 28, 2019, total ROU assets and lease liabilities were as follows: Classification Leases Right-of-use (in thousands) Operating lease assets Operating right-of-use $ 38,943 Capital lease assets Property, plant and equipment, net 2,663 Lease Liabilities Current Operating lease liabilities Current operating lease liabilities 2,599 Capital lease liabilities Accrued expenses and other current l 541 Non-current Operating lease liabilities Non-current 41,215 Capital lease liabilities Other liabilities 2,178
Maturities of lease liabilities	Maturities of lease liabilities as of September 28, 2019 are as follows: Operating Capital Weighted-Average Leases Leases Operating Leases Capital Leases (in thousands) 2019 $ 1,466 $ 155 2020 2,642 626 2021 5,754 626 2022 5,453 626 2023 5,313 626 After 2023 32,191 288 Total lease payments 52,819 2,947 Less imputed interest (based on 3.5% weighted-average discount rate) (9,005 ) (228 ) Present value of lease liability $ 43,814 $ 2,719 4.7 9.9
Schedule of future minimum lease payments	Future minimum lease payments expected under non-cancellable Leases (in thousands) 2019 $ 4,446 2020 4,530 2021 4,370 2022 3,559 2023 1,672 Thereafter 7,582 Total $ 26,159

Net Income per Share (Tables)

Net Income per Share (Tables)	9 Months Ended
	Sep. 28, 2019
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 28, September 29, September 28, September 29, (in thousands, except per share data) (in thousands, except per share data) Net income $ 44,729 $ 38,007 $ 96,279 $ 70,852 Allocation of net income for basic: Class A Common Stock $ 33,776 $ 27,786 $ 71,761 $ 52,051 Class B Common Stock 10,581 9,800 23,652 18,169 Unvested participating shares 372 421 866 632 $ 44,729 $ 38,007 $ 96,279 $ 70,852 Weighted average number of shares for basic: Class A Common Stock 9,136 8,557 8,797 8,646 Class B Common Stock* 2,862 3,018 2,899 3,018 Unvested participating shares 101 130 106 105 12,099 11,705 11,802 11,769 Net income per share for basic: Class A Common Stock $ 3.70 $ 3.25 $ 8.16 $ 6.02 Class B Common Stock $ 3.70 $ 3.25 $ 8.16 $ 6.02 * Change in Class B Common Stock resulted from the conversion of 100,000 100,000
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 28, 2019 September 29, 2018 Earnings to Common Shares EPS Earnings to Common Shares EPS (in thousands, except per share data) As reported — basic $ 33,776 9,136 $ 3.70 $ 27,786 8,557 $ 3.25 Add: effect of dilutive potential common shares Share-based awards — 152 — 127 Class B Common Stock 10,581 2,862 9,800 3,018 Net effect of unvested participating shares 4 — 5 — Net income per common share — diluted $ 44,361 12,150 $ 3.65 $ 37,591 11,702 $ 3.21 Thirty-nine weeks ended September 28, 2019 September 29, 2018 Earnings to Common Shares EPS Earnings to Common Shares EPS (in thousands, except per share data) As reported — basic $ 71,761 8,797 $ 8.16 $ 52,051 8,646 $ 6.02 Add: effect of dilutive potential common shares Share-based awards — 127 — 109 Class B Common Stock 23,652 2,899 18,169 3,018 Net effect of unvested participating shares 8 — 5 — Net income per common share — diluted $ 95,421 11,823 $ 8.07 $ 70,225 11,773 $ 5.96

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 28, 2019
Significant Components of Provisions for Income Taxes	The following table provides a summary of the income tax provision for the thirteen and thirty-nine weeks ended September 28, 2019 and September 29, 2018: Thirteen weeks ended September 28, September 29, 2019 2018 (in thousands) Summary of income tax provision Tax provision based on net income $ 16,047 $ 13,671 Accounting Method Changes — (4,529 ) Benefit of ASU 2016-09 (1,842 ) (129 ) Total income tax provision $ 14,205 $ 9,013 Thirty-nine weeks ended September 28, September 29, 2019 2018 (in thousands) Summary of income tax provision Tax provision based on net income $ 34,455 $ 24,969 Accounting Method Changes — (4,529 ) Benefit of ASU 2016-09 (3,870 ) (3,980 ) Total income tax provision $ 30,585 $ 16,460

Common Stock and Stock-Based _2

Common Stock and Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 28, 2019
Summary of Stock Options under Equity Plan and Non-Employee Director Plan	Information related to stock options under the Restated Employee Equity Incentive Plan and the Stock Option Plan for Non-Employee Shares Weighted-Average Weighted-Average Aggregate Intrinsic (in thousands) Outstanding at December 29, 2018 366,829 $ 155.75 Granted 31,286 313.56 Forfeited — — Expired — — Exercised (72,937 ) 104.47 Outstanding at September 28, 325,178 $ 182.44 5.83 $ 55,196 Exercisable at September 28, 2019 102,613 $ 139.16 3.96 $ 21,859 Vested and expected to vest at September 28, 2019 300,886 $ 180.81 5.76 $ 51,563
Summary of Vesting Activities of Shares Issued Under Investment Share Program and Restricted Stock Awards	The following table summarizes vesting activities of shares issued under the investment share program and restricted stock awards: Number of Shares Weighted Average Fair Value Non-vested 126,720 $ 192.74 Granted 30,410 $ 269.91 Vested (33,201 ) $ 188.63 Forfeited (1,550 ) $ 142.00 Non-vested 122,379 $ 213.67

Dogfish Head Brewery Merger - A

Dogfish Head Brewery Merger - Additional Information (Detail) - USD ($)	Jul. 03, 2019	Sep. 28, 2019	Sep. 28, 2019	May 08, 2019	Dec. 29, 2018	Sep. 29, 2018	Dec. 29, 2017
Share based compensation shares granted			30,410
Excess of the purchase price paid over the estimated fair values of the assets and liabilities assumed		$ 112,529,000	$ 112,529,000		$ 3,683,000	$ 3,683,000	$ 3,683,000
Dogfish Head Brewery [Member]
Business acquisition cash transferred	$ 173,000,000
Escrow Deposit				$ 158,400,000
Dogfish Head Brewery [Member]
Business combination consideration	336,000,000		317,736,000
Business acquisition cash transferred			172,993,000
Business acquisition value of shares issued		162,999,000	162,999,000
Business combination transaction cost	9,100,000	7,900,000	4,600,000
Fairvalue of trade name		98,500,000	98,500,000
Excess of the purchase price paid over the estimated fair values of the assets and liabilities assumed		108,846,000	108,846,000
Revenue of acquiree		27,700,000
Net income of acquiree		3,400,000
Transaction costs	$ 9,100,000	7,900,000	4,600,000
Transaction costs		3,300,000	3,300,000
Deferred tax liabilities assumed		$ 18,437,000	$ 18,437,000
Dogfish Head Brewery [Member] | Interest Rate Adjustment [Member]
Interest expense rate		3.00%	3.00%
Dogfish Head Brewery [Member] | Weighted Average Shares Adjustment [Member]
Business acquisition Shares issued	429,291	429,291
Dogfish Head Brewery [Member] | Income Tax Rate Adjustment [Member]
Statutory income tax rate		25.60%
Dogfish Head Brewery [Member] | General and Administrative Expense [Member]
Business combination transaction cost		$ 2,300,000	$ 3,300,000
Transaction costs		2,300,000	3,300,000
Dogfish Head Brewery [Member] | Customer Relationships [Member]
Estimated fair value		3,800,000	$ 3,800,000
Estimated use full life			15 years
Dogfish Head Brewery [Member] | Trade Names [Member]
Fairvalue of trade name		$ 98,500,000	$ 98,500,000
Restricted Common Class A [Member] | Dogfish Head Brewery [Member]
Share based compensation shares granted		906
Share based compensation fair value of other than options outstanding		$ 345,000	$ 345,000
Restricted Common Class A [Member] | Dogfish Head Brewery [Member]
Business acquisition value of shares issued	$ 163,000,000
Shares held under escrow deposit	127,146
Shares held under escrow deposit market Value	$ 48,300,000
Business acquisition Shares issued	429,291

Dogfish Head Brewery Merger - F

Dogfish Head Brewery Merger - Fair value of assets acquired and liabilities assumed (Detail) - USD ($) $ in Thousands	Jul. 03, 2019	Sep. 28, 2019	Dec. 29, 2018	Sep. 29, 2018	Dec. 29, 2017
Goodwill		$ 112,529	$ 3,683	$ 3,683	$ 3,683
Dogfish Head Brewery [Member]
Cash and cash equivalents		7,476
Accounts receivable		8,081
Inventories		9,286
Prepaid expenses and other current assets		847
Property, plant and equipment		106,964
Goodwill		108,846
Brand		98,500
Other intangible assets		3,800
Other assets		378
Total assets acquired		344,178
Accounts payable		3,861
Accrued expenses and other current liabilities		4,085
Deferred income taxes		18,437
Other liabilities		59
Total liabilities assumed		26,442
Net assets acquired		317,736
Cash consideration		172,993
Nominal value of equity issued		162,999
Fair Value reduction due to liquidity		(18,256)
Estimated total purchase price	$ 336,000	$ 317,736

Dogfish Head Brewery Merger - U

Dogfish Head Brewery Merger - Unaudited proforma information (Detail) - Line of Credit [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Net revenue	$ 379,205	$ 335,954	$ 1,002,939	$ 852,611
Net income	$ 46,445	$ 42,638	$ 103,105	$ 77,541
Basic earnings per share	$ 3.84	$ 3.51	$ 8.74	$ 6.36
Diluted earnings per share	$ 3.79	$ 3.48	$ 8.64	$ 6.30

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Change in carrying value of goodwill and intangible assets (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018
Goodwill as of beginning of period	$ 3,683	$ 3,683
Acquired goodwill	108,846
Impairment of goodwill		0
Goodwill as of end of period	$ 112,529	$ 3,683

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of intangible assets (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2019	Dec. 29, 2018
Gross Carrying Value	$ 104,399	$ 2,099
Accumulated Amortization	(64)
Net Book Value	104,335	2,099
Trade Names
Gross Carrying Value	100,599	2,099
Net Book Value	$ 100,599	$ 2,099
Customer Relationships
Estimated Useful Life	15 years
Gross Carrying Value	$ 3,800
Accumulated Amortization	(64)
Net Book Value	$ 3,736

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of amortization expense (Detail) $ in Millions	Sep. 28, 2019USD ($)
Remainder of 2019	$ 63
2020	253
2021	253
2022	253
2023	253
2024	$ 253

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2019	Dec. 29, 2018	Sep. 29, 2018	Dec. 29, 2017
Good will acquired	$ 112,529	$ 3,683	$ 3,683	$ 3,683
Customer Relationships
Useful life Of Finite Lived Intangibles	15 years
Dogfish Head Brewery [Member]
Good will acquired	$ 108,846
Business Combination Indefinite Lived Intangible Assets Assumed	98,500
Dogfish Head Brewery [Member] | Customer Relationships
Business Combination Finite Lived Intangible Assets Assumed	$ 3,800
Useful life Of Finite Lived Intangibles	15 years
Intangible Assets Amortization	$ 64
Dogfish Head Brewery [Member] | Trade Names
Business Combination Indefinite Lived Intangible Assets Assumed	$ 98,500

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 28, 2019	Mar. 31, 2018	Dec. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect on Retained Earnings, Net of Tax related to variable customer promotional discount programs	$ 1,000	$ (982)
Operating Lease, Right-of-Use Asset	38,943
Operating Lease, Liability	$ 43,814
Accounting Standards Update 2016-02 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating Lease, Right-of-Use Asset			$ 27,000
Operating Lease, Liability			$ 31,500

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018	Sep. 29, 2018	Dec. 29, 2018
Sales to domestic distributors as a percentage of total sales	95.00%		95.00%
Sales to foreign distributors as a percentage of total sales	4.00%		4.00%
Sales to retail locations as a percentage of total sales	1.00%		1.00%
Deferred Revenue, Current	$ 6.9		$ 6.9			$ 4.6
Reduction in federal excise taxes	2.8	$ 2	6.6	$ 4.8
Distributors [Member]
Amounts paid to distributors	14.8	11.1	34.5	$ 26.8
Marketing and Advertising Expense	$ 6.2	$ 3.5	$ 13		$ 9.7

Components of Inventories (Deta

Components of Inventories (Detail) - USD ($) $ in Thousands	Sep. 28, 2019	Dec. 29, 2018
Current inventory:
Raw materials	$ 51,322	$ 44,655
Work in process	13,270	8,252
Finished goods	28,040	17,342
Total current inventory	92,632	70,249
Long term inventory	15,369	11,619
Total inventory	$ 108,001	$ 81,868

Leases - ROU assets and lease l

Leases - ROU assets and lease liabilities (Detail) $ in Thousands	Sep. 28, 2019USD ($)
Right of use assets
Operating	$ 38,943
Current
Operating lease liabilities	2,599
Non-current
Operating lease liabilities	41,215
Operating Right Of Use Assets [Member]
Right of use assets
Operating	38,943
Property, Plant and Equipment [Member]
Right of use assets
Capital	2,663
Current Operating Lease Liabilities [Member]
Current
Operating lease liabilities	2,599
Accrued Expenses And Other Current Liabilities [Member]
Current
Finance lease liabilities	541
Non Current Operating Lease Liabilities [Member]
Non-current
Operating lease liabilities	41,215
Other Liabilities [Member]
Non-current
Finance lease liabilities	$ 2,178

Leases - Maturities of lease li

Leases - Maturities of lease liabilities (Detail) $ in Thousands	Sep. 28, 2019USD ($)
Operating Leases
2019	$ 1,466
2020	2,642
2021	5,754
2022	5,453
2023	5,313
After 2023	32,191
Total lease payments	52,819
Less imputed interest	(9,005)
Present Value of Lease liability	$ 43,814
Operating Lease, Weighted Average Discount Rate, Percent	3.50%
Operating Lease Weighted-Average Remaining Term
Lease Weighted Average Remaining Lease Term	4 years 8 months 12 days
Finance Lease Liabilities, Payments, Due
2019	$ 155
2020	626
2021	626
2022	626
2023	626
After 2023	288
Total lease payments	2,947
Less imputed interest	(228)
Present Value of Lease liability	$ 2,719
Finance Lease, Weighted Average Remaining Lease Term	9 years 10 months 24 days
Finance Lease, Weighted Average Discount Rate, Percent	3.50%

Leases - Schedule of future min

Leases - Schedule of future minimum lease payments (Detail) - USD ($) $ in Thousands	Sep. 28, 2019	Dec. 29, 2018
2020	$ 2,642
2021	5,754
2022	5,453
2023	5,313
Thereafter	32,191
Total	$ 52,819
Non-cancellable operating lease agreements [Member]
2019		$ 4,446
2020		4,530
2021		4,370
2022		3,559
2023		1,672
Thereafter		7,582
Total		$ 26,159

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 28, 2019	Sep. 28, 2019	Dec. 30, 2018
Lease expense	$ 1,900	$ 4,900
Operating Lease, Liability	43,814	43,814
Lease, cost	1,600	3,900
Short-term lease expense	300	1,000
Operating lease right of use asset	$ 38,943	$ 38,943
Accounting Standards Update 2016-02 [Member]
Operating Lease, Liability			$ 31,500
Operating lease right of use asset			$ 27,000

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. 28, 2019	Jun. 29, 2019	Mar. 30, 2019	Sep. 29, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 28, 2019	Sep. 29, 2018	Sep. 29, 2018
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 44,729	$ 27,856	$ 23,694	$ 38,007	$ 23,535	$ 9,310	$ 96,279	$ 70,852	$ 70,852
Allocation of net income for basic:
Allocation of net income for basic common stock	44,729			$ 38,007			96,279	70,852
Allocation of net income for basic unvested participating shares	$ 372						$ 866	$ 632
Weighted average number of shares for basic:
Weighted-average number of common shares — basic	12,099			11,705			11,802	11,769
Net income per share for basic:
Net income per common share — basic	$ 3.70			$ 3.25			$ 8.16	$ 6.02
Common Class A
Allocation of net income for basic:
Allocation of net income for basic common stock	$ 33,776			$ 27,786			$ 71,761	$ 52,051
Weighted average number of shares for basic:
Weighted-average number of common shares — basic	9,136			8,557			8,797	8,646
Net income per share for basic:
Net income per common share — basic	$ 3.70			$ 3.25			$ 8.16	$ 6.02
Common Class B
Allocation of net income for basic:
Allocation of net income for basic common stock	$ 10,581			$ 9,800			$ 23,652	$ 18,169
Weighted average number of shares for basic:
Weighted-average number of common shares — basic	2,862			3,018			2,899	3,018
Net income per share for basic:
Net income per common share — basic	$ 3.70			$ 3.25			$ 8.16	$ 6.02
Unvested participating shares
Allocation of net income for basic:
Allocation of net income for basic unvested participating shares				$ 421
Weighted average number of shares for basic:
Weighted-average number of common shares — basic	101			130			106	105

Computation of Earnings Per S_2

Computation of Earnings Per Share, Basic (Parenthetical) (Detail) - shares	Aug. 08, 2019	Nov. 01, 2018
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	100,000

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. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Allocation of net income for basic common stock	$ 44,729	$ 38,007	$ 96,279	$ 70,852
Add: effect of dilutive potential common shares Share-based awards	152	127	127	109
Earnings to Common Shareholders, Net effect of unvested participating shares	$ 4	$ 5	$ 8	$ 5
Earnings to Common Shareholders, Net income per common share — diluted	$ 44,361	$ 37,591	$ 95,421	$ 70,225
Weighted-average number of common shares — basic	12,099	11,705	11,802	11,769
Weighted-average number of common shares — diluted	12,150	11,702	11,823	11,773
Net income per common share — basic	$ 3.70	$ 3.25	$ 8.16	$ 6.02
Net income per common share — diluted	$ 3.65	$ 3.21	$ 8.07	$ 5.96
Common Class A
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Allocation of net income for basic common stock	$ 33,776	$ 27,786	$ 71,761	$ 52,051
Weighted-average number of common shares — basic	9,136	8,557	8,797	8,646
Net income per common share — basic	$ 3.70	$ 3.25	$ 8.16	$ 6.02
Common Class B
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Allocation of net income for basic common stock	$ 10,581	$ 9,800	$ 23,652	$ 18,169
Class B Common Stock	2,862	3,018	2,899	3,018
Earnings to Common Shareholders, Class B Common Stock	$ 10,581	$ 9,800	$ 23,652	$ 18,169
Weighted-average number of common shares — basic	2,862	3,018	2,899	3,018
Net income per common share — basic	$ 3.70	$ 3.25	$ 8.16	$ 6.02

Net Income per Share - Addition

Net Income per Share - Additional Information (Detail)	Jul. 03, 2019	Mar. 01, 2019	Jan. 01, 2019	Sep. 28, 2019employeeshares	Sep. 28, 2019employeeshares	Sep. 29, 2018shares	Dec. 31, 2016shares
Investment Share Program
Earnings Per Share Note [Line Items]
Vesting period					5 years
Investment Share Program | Maximum
Earnings Per Share Note [Line Items]
Discount from current market value					40.00%
Investment Share Program | Minimum
Earnings Per Share Note [Line Items]
Requirement tenure of employee for investment share program, purchase shares at discount					1 year
Discount from current market value					20.00%
Restricted Stock Awards
Earnings Per Share Note [Line Items]
Vesting period	1 year	4 years	4 years
Common Class A
Earnings Per Share Note [Line Items]
Antidilutive securities excluded from computation of earnings per share				27,000	21,000	653,000
Common Class A | Performance-Based Awards
Earnings Per Share Note [Line Items]
Number of shares not included because the performance criteria was not expected to be met					10,000	61,000
Common Class A | Performance-Based Awards | Key employee
Earnings Per Share Note [Line Items]
Number Of Employees | employee				1	1
Options granted in period							10,000

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 28, 2019USD ($)vendor
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations	$ 211.2
Equipment and machinery
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations	$ 53
Minimum
Commitments and Contingencies Disclosure [Line Items]
Company's current brewing and packaging percentage	70.00%
Barley and Wheat
Commitments and Contingencies Disclosure [Line Items]
Number of suppliers | vendor	3
Purchase commitments outstanding	$ 12.2
Hops
Commitments and Contingencies Disclosure [Line Items]
Purchase commitments	37.4
Hops | Barley and Wheat
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations	49.7
Advertising contract [Member]
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations	75.3
Other Ingredients [Member]
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations	12
Glass Bottles [Member]
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations	1.7
Other Commitments
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations	$ 19.5

Summary of Income Tax Benefit (

Summary of Income Tax Benefit (Detail) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 28, 2019	Sep. 28, 2019	Sep. 29, 2018	Sep. 28, 2019	Sep. 29, 2018
Summary of income tax provision
Tax provision based on net income	$ 16,047		$ 13,671	$ 34,455	$ 24,969
Accounting Method Changes			(4,529)		(4,529)
Benefit of ASU 2016-09	(1,842)		(129)	(3,870)	(3,980)
Total income tax provision	$ 14,205	$ 14,205	$ 9,013	$ 30,585	$ 16,460

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 28, 2019	Sep. 29, 2018	Sep. 29, 2019	Sep. 28, 2019	Dec. 29, 2018
Income Taxes [Line Items]
Accrued interest and penalties	$ 0.2			$ 0.2	$ 0.1
Effective Income Tax Rate Reconciliation, Percent, Total	27.20%	19.40%
Other Liabilities [Member]
Income Taxes [Line Items]
unrecognized income tax benefits	$ 0.8			$ 0.8	$ 0.8
Effective Income Tax Rate Reconciliation, Percent, Total			27.20%	23.40%
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

Revolving Line of Credit - Addi

Revolving Line of Credit - Additional Information (Detail) - USD ($) $ in Millions	May 06, 2019	Mar. 31, 2018
Debt Instrument [Line Items]
Line of credit, expiration date		Mar. 31, 2023
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, current borrowing capacity		$ 150
Line of credit	$ 75
Debt instrument stated percentage	2.95%
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument variable rate basis	LIBOR rate of 2.5% plus 0.45%
Debt instrument basis spread on variable rate	0.45%

Fair Value Measures - Additiona

Fair Value Measures - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 28, 2019	Dec. 29, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 27,128	$ 108,399
Money market fund	$ 21,400	$ 107,500

Summary of Stock Options under

Summary of Stock Options under Employee Equity Incentive Plan and Stock Option Plan for Non-Employee Directors (Detail) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 28, 2019
Shares
Outstanding at beginning of period	366,829
Granted	31,286
Forfeited	0
Expired	0
Exercised	(72,937)
Outstanding at end of period	325,178
Exercisable at end of period	102,613
Vested and expected to vest at end of period	300,886
Weighted-Average Exercise Price
Outstanding at beginning of period	$ 155.75
Granted	313.56
Forfeited	0
Expired	0
Exercised	104.47
Outstanding at end of period	182.44
Exercisable at end of period	139.16
Vested and expected to vest at end of period	$ 180.81
Weighted-Average Remaining Contractual Term
Outstanding at end of period	5 years 9 months 29 days
Exercisable at end of period	3 years 11 months 15 days
Vested and expected to vest at end of period	5 years 9 months 3 days
Aggregate Intrinsic Value
Outstanding at end of period	$ 55,196
Exercisable at end of period	21,859
Vested and expected to vest at end of period	$ 51,563

Summary of Vesting Activities f

Summary of Vesting Activities for Investment Share Program and Restricted Stock Awards (Detail)	9 Months Ended
	Sep. 28, 2019$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested at beginning of period | shares	126,720
Granted | shares	30,410
Vested | shares	(33,201)
Forfeited | shares	(1,550)
Non-vested at end of period | shares	122,379
Non-vested at beginning of period | $ / shares	$ 192.74
Granted | $ / shares	269.91
Vested | $ / shares	188.63
Forfeited | $ / shares	142
Non-vested at end of period | $ / shares	$ 213.67

Common Stock and Stock-Based _3

Common Stock and Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands	Jul. 03, 2019CompensationPlan$ / sharesshares	Mar. 14, 2019$ / sharesshares	Mar. 01, 2019$ / sharesshares	Jan. 01, 2019	May 16, 2019$ / sharesshares	Apr. 29, 2019$ / sharesshares	Sep. 28, 2019USD ($)shares	Sep. 29, 2018USD ($)	Sep. 28, 2019USD ($)$ / sharesshares	Sep. 29, 2018USD ($)	Dec. 29, 2018shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options granted in period									30,410
Stock option outstanding							325,178		325,178		366,829
Stock-based compensation expense | $							$ 3,200	$ 2,400	$ 9,043	$ 6,995
Weighted average fair value of stock awards | $ / shares									$ 269.91
Number Of key Employees | CompensationPlan	4
Non Employee Director Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period		844			3,935
Options granted in period - weighted average fair value | $ / shares		$ 136.10			$ 145.95
Chief Marketing Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period						11,827
Options granted in period - weighted average fair value | $ / shares						$ 126.83
Performance-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option outstanding							65,306		65,306
Investment Share Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares employees elected to purchase			7,901
Weighted average fair value of stock awards | $ / shares			$ 147.98
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	1 year		4 years	4 years
Other than options granted in period	906		16,471
Weighted average fair value of stock awards | $ / shares	$ 379.63		$ 312.56
Restricted Stock Awards | Chief Marketing Officer Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options granted in period						4,925
Weighted average fair value of stock awards | $ / shares						$ 304.56
Employee Stock Compensation Plan | Senior Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period			14,680
Options granted in period - weighted average fair value | $ / shares			$ 136

Employee Retirement Plans - Add

Employee Retirement Plans - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2019	Dec. 29, 2018
Pension Benefit Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Fair value of plan assets at end of fiscal year		$ 3.3
Benefit obligation at end of fiscal year		$ 5.4
Union Number1199 Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Estimated cost of termination of retirement pension plan	$ 1.7

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	9 Months Ended
	Sep. 28, 2019USD ($)
Related Party Transaction [Line Items]
Total payments due	$ 52,819,000
Dogfish Head Brewery [Member]
Related Party Transaction [Line Items]
Lease term of contract	10 years
Total payments due	$ 3,600,000
Related party expense	$ 91,000