The Boston Beer Company, Inc. (SAM) 10-Q 22 Apr 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 28, 2020	Apr. 17, 2020
Document Information [Line Items]
Document Transition Report	false
Document Quarterly Report	true
Document Type	10-Q
Document Period End Date	Mar. 28, 2020
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	2020
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000949870
Current Fiscal Year End Date	--12-26
Trading Symbol	SAM
Security Exchange Name	NYSE
Title of 12(b) Security	Class A Common Stock
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		9,655,555
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,522,983

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Current Assets:
Cash and cash equivalents	$ 129,504	$ 36,670
Accounts receivable	58,253	54,404
Inventories	124,529	106,038
Prepaid expenses and other current assets	14,894	12,077
Income tax receivable	8,823	9,459
Total current assets	336,003	218,648
Property, plant and equipment, net	550,030	541,068
Operating right-of-use assets	63,039	53,758
Goodwill	112,529	112,529
Intangible assets	104,209	104,272
Other assets	27,754	23,782
Total assets	1,193,564	1,054,057
Current Liabilities:
Accounts payable	92,247	76,374
Accrued expenses and other current liabilities	89,078	99,107
Current operating lease liabilities	5,459	5,168
Total current liabilities	186,784	180,649
Deferred income taxes, net	77,389	75,010
Line of credit	100,000
Non-current operating lease liabilities	63,248	53,940
Other liabilities	7,907	8,822
Total liabilities	435,328	318,421
Commitments and Contingencies (See Note K)
Stockholders' Equity:
Additional paid-in capital	576,208	571,784
Accumulated other comprehensive loss, net of tax	(1,727)	(1,669)
Retained earnings	183,634	165,400
Total stockholders' equity	758,236	735,636
Total liabilities and stockholders' equity	1,193,564	1,054,057
Common Class A
Stockholders' Equity:
Common Stock	96	94
Common Class B
Stockholders' Equity:
Common Stock	$ 25	$ 27

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 28, 2020	Dec. 28, 2019
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	9,559,200	9,370,526
Common Stock, shares outstanding	9,559,200	9,370,526
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	2,522,983	2,672,983
Common Stock, shares outstanding	2,522,983	2,672,983

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Revenue	$ 352,225	$ 267,559
Less excise taxes	21,660	15,908
Net revenue	330,565	251,651
Cost of goods sold	182,592	127,111
Gross profit	147,973	124,540
Operating expenses:
Advertising, promotional and selling expenses	97,891	71,723
General and administrative expenses	27,029	23,374
Impairment of assets	1,521
Total operating expenses	126,441	95,097
Operating income	21,532	29,443
Other (expense) income, net:
Interest income, net	63	637
Other (expense) income, net	(360)	(252)
Total other (expense) income, net	(297)	385
Income before income tax provision	21,235	29,828
Income tax provision	3,001	6,134
Net income	$ 18,234	$ 23,694
Net income per common share - basic	$ 1.50	$ 2.04
Net income per common share - diluted	$ 1.49	$ 2.02
Weighted-average number of common shares - basic	12,157	11,635
Weighted-average number of common shares - diluted	12,186	11,636
Net income	$ 18,234	$ 23,694
Other comprehensive income:
Foreign currency translation adjustment	(58)	37
Comprehensive income	$ 18,176	$ 23,731
Common Class A
Other (expense) income, net:
Net income per common share - basic	$ 1.50	$ 2.04
Weighted-average number of common shares - basic	9,425	8,606
Common Class B
Other (expense) income, net:
Net income per common share - basic	$ 1.50	$ 2.04
Net income per common share - diluted	$ 1.49	$ 2.02
Weighted-average number of common shares - basic	2,645	2,918

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. 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. 28, 2019	735,636	$ 94	$ 27	571,784	(1,669)	165,400
Balance (in shares) at Dec. 28, 2019		9,371,000	2,673,000
Net income	$ 18,234					18,234
Stock options exercised and restricted shares activities (in shares)	23,233	38,000
Stock options exercised and restricted shares activities	$ 1,858			1,858
Stock-based compensation expense	2,566			2,566
Conversion from Class B to Class A (in shares)		150,000	(150,000)
Conversion from Class B to Class A		$ 2	$ (2)
Currency translation adjustment	(58)				(58)
Balance at Mar. 28, 2020	$ 758,236	$ 96	$ 25	$ 576,208	$ (1,727)	$ 183,634
Balance (in shares) at Mar. 28, 2020		9,559,000	2,523,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Cash flows provided by operating activities:
Net income	$ 18,234	$ 23,694
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	15,945	12,863
Impairment of assets	1,521
Loss on disposal of property, plant and equipment		271
Change in ROU assets	1,807	859
Credit loss expense	552
Stock-based compensation expense	2,566	2,066
Deferred income taxes	2,379	1,029
Changes in operating assets and liabilities:
Accounts receivable	(4,436)	(20,452)
Inventories	(23,856)	(15,353)
Prepaid expenses, income tax receivable and other assets	(884)	1,336
Accounts payable	14,264	14,400
Accrued expenses and other current liabilities	(7,579)	(6,465)
Change in operating lease liability	(1,489)	(624)
Other liabilities	(100)	19
Net cash provided by operating activities	18,924	13,643
Cash flows used in investing activities:
Purchases of property, plant and equipment	(27,394)	(22,080)
Proceeds from disposal of property, plant and equipment	35	1
Other investing activities	96	28
Net cash used in investing activities	(27,263)	(22,051)
Cash flows provided by financing activities:
Proceeds from exercise of stock options and sale of investment shares	2,941	2,968
Net cash paid on note payable and finance leases	(209)	(72)
Payment of tax withholdings on stock-based payment awards and investment shares	(1,559)
Cash borrowed on line of credit	100,000
Net cash provided by (used in) financing activities	101,173	2,896
Change in cash and cash equivalents	92,834	(5,512)
Cash and cash equivalents at beginning of year	36,670	108,399
Cash and cash equivalents at end of period	129,504	102,887
Supplemental disclosure of cash flow information:
Income taxes paid	5	207
Cash paid for amounts included in measurement of lease liabilities
Operating cash flows from operating leases	2,097	885
Operating cash flows from finance leases	22	8
Financing cash flows from finance leases	141	7
Right-of-use assets obtained in exchange for operating lease obligations	11,088	27,034
Right-of-use assets obtained in exchange for finance lease obligations		3
Change in purchase of property, plant and equipment in accounts payable and accrued expenses	$ (1,029)	$ 118

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 28, 2020
Organization and Basis of Presentation	A. Organization and Basis of Presentation The Boston Beer Company, Inc. and certain subsidiaries (the “Company”) are engaged in the business of selling alcohol beverages throughout the United States and in selected international markets, under the trade names “The Boston Beer Company ® ® ® ® ® ® ® The accompanying unaudited consolidated balance sheet as of March 28, 2020, and the consolidated statements of comprehensive income, stockholders’ equity, and cash flows for the interim periods ended March 28, 2020 and March 30, 2019 have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnotes normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. All intercompany accounts and transactions have been eliminated. These 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 March 28, 2020 and the results of its consolidated operations, stockholders’ equity, and cash flows for the interim periods ended March 28, 2020 and March 30, 2019, 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.

COVID-19 Pandemic

COVID-19 Pandemic	3 Months Ended
	Mar. 28, 2020
COVID Nineteen Pandemic [Abstract]
COVID-19 Pandemic	B. COVID-19 In early March 2020, the Company began seeing the impact of the COVID-19 on-premise COVID-19 pre-tax COVID-19 million are recorded in operating expenses. While the duration of the disruption and related impact on the Company’s consolidated financial statements is currently uncertain, the Company expects this matter will continue to negatively impact its results of operations.

Dogfish Head Brewery Transactio

Dogfish Head Brewery Transaction	3 Months Ended
	Mar. 28, 2020
Business Combinations [Abstract]
Dogfish Head Brewery Transaction	C. Dogfish Head Brewery Transaction On May 8, 2019, the Company entered into definitive agreements to acquire Dogfish Head Brewery (“Dogfish Head”) and various related operations (the “Transaction”) through the acquisition of all of the equity interests held by certain private entities in Off-Centered The fair value of the Transaction is estimated at approximately $317.7 million. 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 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 estimated the Dogfish Head brand trade name will have an indefinite life and customer relationships will have an estimated useful life of 15 years. The customer relationship intangible asset will be amortized on a straight-line basis over the 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 basis. The Company used a preliminary consolidated tax rate to determine the net deferred tax liabilities. The Company will record measurement period adjustments as the Company applies the appropriate tax rate for each legal entity within Dogfish Head. The expectation is that the Dogfish Head deferred income taxes will be subject to the Company’s consolidated rate. 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, expected synergies and value of the workforce. The Company believes the majority of the goodwill is deductible for tax purposes. 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 statements of comprehensive income since the July 3, 2019 Transaction closing date. 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 30, 2018, the first day of the Company’s 2019 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 30, 2018. (ii) Transaction costs incurred to date 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 23.6%. (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 March 28, March 30, 2020 2019 (in thousands) Net revenue $ 330,565 $ 276,739 Net income $ 18,234 $ 24,664 Basic earnings per share $ 1.50 $ 2.04 Diluted earnings per share $ 1.49 $ 2.02

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 28, 2020
Goodwill and Intangible Assets	D. Goodwill and Intangible Assets There were no changes in the carrying value of goodwill during the thirteen weeks ended March 28, 2020 and March 30, 2019. The Company’s intangible assets as of March 28, 2020 and December 28, 2019 were as follows: As of March 28, 2020 As of December 28, 2019 Estimated Useful Gross Carrying Accumulated Net Book Gross Carrying Accumulated Net Book Life (Years) Value Amortization Value Value Amortization Value (in thousands) Custmer Relationships 15 $ 3,800 $ (190 ) $ 3,610 $ 3,800 $ (127 ) $ 3,673 Trade Names Indefinite 100,599 — 100,599 100,599 — 100,599 Total intangible assets $ 104,399 $ (190 ) $ 104,209 $ 104,399 $ (127 ) $ 104,272 As disclosed within Note C, the Company acquired intangible assets as part of the Dogfish Head Transaction that consists of $98.5 million for the value of the Dogfish Head brand name and $3.8 million for the value of customer relationships. The customer relationship intangible will be amortized on a straight-line basis over the 15 year useful life. Amortization expense in the thirteen weeks ended March 28, 2020 was approximately $63,000. The Company expects to record amortization expense as follows over the remaining current year and the five subsequent years: Fiscal Year Amount (in thou sands) Remainder of 2020 $ 190 2021 253 2022 253 2023 253 2024 253 2025 253

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 28, 2020
Recent Accounting Pronouncements	E. Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In June 2016, the FASB issued ASU 2016-13, 2016-13 In January 2017, the FASB issued ASU No. 2017-04, 2017-04, two-step 2017-04 2017-04 2017-04 Accounting Pronouncements Not Yet Effective In December 2019, the FASB issued ASU 2019-12, 2019-12

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 28, 2020
Revenue Recognition	F. Revenue Recognition During the thirteen weeks ended March 28, 2020 and March 30, , and was 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 March 28, 2020 and December 28, 2019, the Company has deferred $13.9 million and $7.0 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 distributors for certain periods of time. The reimbursements for discounts to distributors are recorded as reductions to net revenue and were $8.2 million and $6.2 million for the thirteen weeks ended March 28, 2020 and March 30, 2019, respectively. The agreed-upon discount rates are applied to certain distributors’ sales to retailers, based on volume metrics, in order to determine the total discounted amount. The computation of the discount allowance requires that management make certain estimates and assumptions that affect the timing and amounts of revenue and liabilities recorded. Actual promotional discounts owed and paid have historically been in line with allowances recorded by the Company, however, the amounts could differ from the estimated allowance. Customer programs and incentives are a common practice in the alcohol beverage industry. Amounts paid in connection with customer programs and incentives are recorded as reductions to net revenue or as advertising, promotional and selling expenses , point-of-sale The Further Consolidated Appropriations Act, 2020 extends reductions in federal excise taxes as a result of the Tax Cuts and Jobs Act of 2017 through December 31, 2020. The Company benefited from a reduction in federal excise taxes of $2.6 million and $1.7 million for the thirteen weeks ended March 28, 2020 and March 30, 2019, respectively. Shipment volume for the quarter was significantly higher than depletions volume and resulted in significantly higher distributor inventory as of March 28, 2020 when compared to March 30, 2019. The Company believes distributor inventory as of March 28, 2020 averaged approximately 6 weeks on hand and was at an appropriate level based on the supply chain capacity constraints and inventory requirements to support the forecasted growth of Truly and Twisted Tea brands over the summer. The Company expects wholesaler inventory levels in terms of weeks on hand to return to more normal levels of approximately 4 weeks on hand later in the year.

Inventories

Inventories	3 Months Ended
	Mar. 28, 2020
Inventories	G. Inventories Inventories consist of raw materials, work in process and finished goods. Raw materials, which principally consist of hops , flavorings, first-in, first-out March 28, December 28, 2020 2019 (in thousands) Current inventory: Raw materials $ 73,267 $ 61,522 Work in process 14,775 12,631 Finished goods 36,487 31,885 Total current inventory 124,529 106,038 Long term inventory 15,413 10,048 Total inventory $ 139,942 $ 116,086

Leases

Leases	3 Months Ended
	Mar. 28, 2020
Leases	H. 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 2034. 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. ROU assets and lease liabilities commencing after December 30, 2018 are recognized at commencement date based on the present value of lease payments over the lease term. Leases with an initial term of 12 months 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 March 28 Classification Leases March 28, December 28, 2020 2019 (in thousands) Right-of-use Operating lease assets Operating right-of-use $ 63,039 $ 53,758 Finance lease assets Property, plant and equipment, net 2,398 2,531 Lease Liabilities Current Operating lease liabilities Current operating lease liabilities 5,459 5,168 Finance lease liabilities Accrued expenses and other current liabilities 551 546 Non-current Operating lease liabilities Non-current 63,248 53,940 Finance lease liabilities Other liabilities 1,896 2,042 The gross value and accumulated depreciation of ROU assets related to finance leases as of March 28, 2020 and December 28, 2019 were as follows: Finance Leases March 28, December 28, 2020 2019 (in thousands) Gross value $ 2,837 $ 2,837 Accumulated amortization (439 ) (306 ) Carrying value $ 2,398 $ 2,531 Components of lease cost for the thirteen weeks ended March 28, 2020 and March 30, 2019 were as follows: Lease Cost March 28, March 30, 2020 2019 (in thousands) Operating lease cost $ 2,415 $ 1,128 Variable lease costs not included in liability 485 199 Finance lease cost: Amortization of right-of-use 133 — Interest on lease liabilities 22 — Total finance lease cost $ 155 $ — Maturities of lease liabilities as of March 28, 2020 were as follows: Operating Capital Weighted-Average Operating Capital (in thousands) 2020 $ 3,962 $ 464 2021 9,816 626 2022 9,695 626 2023 9,694 626 2024 9,470 265 Thereafter 39,524 23 Total lease payments 82,161 2,630 Less imputed interest (based on 3.5% weighted-average discount rate) (13,454 ) (183 ) Present value of lease liability $ 68,707 $ 2,447 9.4 4.5 The Company has additional lease liabilities of $3.9 million which have not yet commenced as of March 28, 2020, and as such, have not been recognized on the Company’s Consolidated balance sheet. These leases are expected to commence during the second quarter of 2020 with a term of three years.

Net Income per Share

Net Income per Share	3 Months Ended
	Mar. 28, 2020
Net Income per Share	I. 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 O for a discussion of the current year unvested stock awards and issuances. Included in the computation of net income per diluted common share are dilutive outstanding stock options and restricted stock that are vested or expected to vest. At its discretion, the Board of Directors grants stock options and restricted stock to senior management and certain key employees. The terms of the employee stock options are determined by the Board of Directors at the time of grant. To date, stock options granted to employees vest over various service periods and/or based on the attainment of certain performance criteria and generally expire after ten years. In December 2018, the Employee Equity Incentive Plan was amended to permit the grant of restricted stock units. The restricted stock units generally vest over four years in equal number of shares. Each restricted stock unit represents an unfunded and unsecured right to receive one share of Class A Stock upon satisfaction of the vesting criteria. The unvested shares participate equally in dividends and are forfeitable. Prior to March 1, 2019, the Company granted restricted stock awards, generally vesting over five years in equal number of shares. The Company also grants stock options to its 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 method: Thirteen weeks ended March 28, March 30, 2020 2019 (in thousands, except per share data) Net income $ 18,234 $ 23,694 Allocation of net income for basic: Class A Common Stock $ 14,136 $ 17,525 Class B Common Stock 3,967 5,942 Unvested participating shares 131 227 $ 18,234 $ 23,694 Weighted average number of shares for basic: Class A Common Stock 9,425 8,606 Class B Common Stock* 2,645 2,918 Unvested participating shares 87 111 12,157 11,635 Net income per share for basic: Class A Common Stock $ 1.50 $ 2.04 Class B Common Stock $ 1.50 $ 2.04 * Change in Class B Common Stock resulted from the conversion of 100,000 shares to Class A Common Stock on August 8, 2019, 145,000 shares to Class A Common Stock on December 13, 2019 and 150,000 shares to Class A Common Stock on March 6, 2020 with the ending number of shares reflecting the weighted average for the period. Net Income per Common Share - The Company calculates diluted net income per share for common stock using the more dilutive of (1) the treasury stock method, or (2) the two-class The following table sets forth the computation of diluted net income per share, assuming the conversion of all Class B Common Stock into Class A Common Stock and using the two-class Thirteen weeks ended March 28, 2020 March 30, 2019 Earnings to Common Shares EPS Earnings to Common Shares EPS (in thousands, except per share data) As reported - $ 14,136 9,425 $ 1.50 $ 17,525 8,606 $ 2.04 Add: effect of dilutive potential common shares Share-based awards — 116 — 112 Class B Common Stock 3,967 2,645 5,942 2,918 Net effect of unvested participating shares 1 — 2 — Net income per common share - $ 18,104 12,186 $ 1.49 $ 23,469 11,636 $ 2.02 Weighted-average stock options to purchase approximately 33,000 and 15,000 shares of Class A Common Stock were outstanding during the thirteen weeks ended March 28, 2020 and March 30, 2019, respectively, 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 10,000 shares of Class A Common Stock were outstanding as of March 28, 2020 and March 30, 2019, respectively, but not included in computing diluted income per common share because the performance criteria of these stock options were not met as of the end of the reporting period. All of 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 March 28, 2020, were granted in 2016 to a key employee The vesting of these shares requires annual depletions, or sales by to retailers, of certain of the Company’s brands to attain various thresholds during the period from 2017 to 2023.

Comprehensive Income or Loss

Comprehensive Income or Loss	3 Months Ended
	Mar. 28, 2020
Comprehensive Income or Loss	J. Comprehensive Income or Loss Comprehensive income or loss represents net income or loss, plus defined benefit plans liability adjustment, net of tax effect and foreign currency translation adjustment. The defined benefit plans liability and foreign currency translation adjustments for the interim periods ended March 28, 2020 and March 28, 2019 were not material.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 28, 2020
Commitments and Contingencies	K. Commitments and Contingencies Contract Obligations The Company had outstanding total non-cancelable on a T 2020 and part of 2021. These purchase commitments outstanding at March 28, 2020 totaled $13.2 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 March 28, 2020 totaled $31.1 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 60% 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. The Company is in the process of assessing the impact the COVID-19 nde Litigation The Company is not a party to any pending or threatened litigation, the outcome of which would be expected to have a material adverse effect upon its financial condition or the results of its operations. In general, while the Company believes it conducts its business appropriately in accordance with laws, regulations and industry guidelines, claims, whether or not meritorious, could be asserted against the Company that might adversely impact the Company’s results.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 28, 2020
Income Taxes	L. Income Taxes As of March 28, 2020 and December 28, 2019, 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 March 28, 2020 and December 28, 2019, the Company had $0.1 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 audits. The following table provides a summary of the income tax provision for the thirteen weeks ended March 28, 2020 and March 30, 2019: Thirteen weeks ended March 28, March 30, 2020 2019 (in thousands) Summary of income tax provision Tax provision based on net income $ 5,005 $ 7,909 Benefit of ASU 2016-09 (2,004 ) (1,775 ) Total income tax provision $ 3,001 $ 6,134 The Company’s effective tax rate for the thirteen weeks ended March 28, 2020, excluding the impact of ASU 2016-09, one-time

Revolving Line of Credit

Revolving Line of Credit	3 Months Ended
	Mar. 28, 2020
Revolving Line of Credit	M. 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 March 12, 2020, the Company withdrew $100.0 million of the available balance to provide flexibility and enhance its ability to address potential future uncertainties regarding the impact of the COVID-19 is 1.15% (LIBOR rate of 0.70% plus 0.45%). As of March 28, 2020, the Company had not made any payments towards the borrowing. As of March 28, 2020, the Company was not in violation of any of its financial covenants to the lender under the credit facility and the unused balance of $50.0 million remaining on the line of credit was available to the Company for

Fair Value Measures

Fair Value Measures	3 Months Ended
	Mar. 28, 2020
Fair Value Measures	N. 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 hi era • 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 March 28, 2020 and December 28, 201 9 28 2019 respectively

Common Stock and Share-Based Co

Common Stock and Share-Based Compensation	3 Months Ended
	Mar. 28, 2020
Common Stock and Share-Based Compensation	O. 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- A Weighted-Average Aggregate (in thousands) Outstanding at December 28, 2019 315,678 $ 186.53 Granted 22,970 370.43 Forfeited (2,595 ) 241.84 Expired — — Exercised (23,233 ) 103.99 Outstanding at March 28, 2020 312,820 $ 205.70 6.08 $ 47,034 Exercisable at March 28, 2020 105,636 $ 164.80 4.63 $ 20,091 Vested and expected to vest at March 28, 2020 285,886 $ 203.74 6.01 $ 43,532 Of the total options outstanding at March 28, 2020, 42,000 shares were performance-based options for which the performance criteria had yet to be achieved. On January 31, 2020, the Company granted options to purchase an aggregate of 978 shares of the Company’s Class A Common Stock to the Company’s newly appointed non-employee On March 1, 2020, the Company granted options to purchase an aggregate of 14,962 shares of the Company’s Class A Common Stock to senior management with a weighted average fair value of $142.25 per share, of which all shares relate to performance-based stock options. On March 2, 2020, the Company granted options to purchase an aggregate of 7,030 shares of the Company’s Class A Common Stock to the Company’s newly appointed Chief People Officer with a weighted average fair value of $142.23 per share, Weighted average assumptions used to estimate fair values of stock options on the date of grants are as follows: 2020 Expected Volatility 32.4% Risk-free interest rate 1.15% Expected Dividends 0.0% Exercise factor 2.03 times Discount for post-vesting restrictions 0.0% Non-Vested The following table summarizes vesting activities of shares issued under the investment share program and restricted stock awards: Number Weighted Fair Non-vested 122,142 $ 213.52 Granted 40,316 318.07 Vested (19,589 ) 187.26 Forfeited (2,845 ) 245.17 Non-vested 140,024 $ 243.80 On March 1, 2020, the Company granted 15,011 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. Additionally on March 1, 2020, the Company granted a combined 13,482 shares of restricted stock units to select senior management employees with various service and performance based vesting conditions. On March 1, 2020, employees elected to purchase 9,127 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 $370.79 and $169.43 per share, respectively. On March 2, 2020, Stock-Based Compensation Stock-based compensation expense related to share-based awards recognized in the thirteen weeks ended March 28, 2020 and March 30, 2019 was $2.6 million and $2.1 million, respectively, and was calculated based on awards expected to vest

Employee Retirement Plans

Employee Retirement Plans	3 Months Ended
	Mar. 28, 2020
Employee Retirement Plans	P. 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 28, 2019, the fair value of the plan assets was $3.9 million and the benefit obligation was $6.7 million. On April 21, 2019, the Company reached an agreement with the Local Union 1199 to terminate the Local Union No. 1199 Pension Plan effective January 1, 2020 through either lump sum payments or the purchase of third party annuities. In the fourth quarter of 2020 the Company expects to complete the termination of the plan and record an expense of approximately $1.8 million as a result of the termination.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 28, 2020
Related Party Transactions	Q. 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 thirteen weeks ended March 28, 2020 was approximately $91,000. Additionally, the Company incurred expenses of less than $5,000 to various other suppliers affiliated with the Dogfish Head founders.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 28, 2020
Subsequent Events	R. Subsequent Events The Company began seeing the impact of the global COVID-19 early COVID-19 on-premise The Company evaluated subsequent events occurring after the balance

Dogfish Head Brewery Transact_2

Dogfish Head Brewery Transaction (Tables)	3 Months Ended
	Mar. 28, 2020
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 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 March 28, March 30, 2020 2019 (in thousands) Net revenue $ 330,565 $ 276,739 Net income $ 18,234 $ 24,664 Basic earnings per share $ 1.50 $ 2.04 Diluted earnings per share $ 1.49 $ 2.02

Goodwill and Intangible Assets

Goodwill and Intangible Assets - (Tables)	3 Months Ended
	Mar. 28, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	The Company’s intangible assets as of March 28, 2020 and December 28, 2019 were as follows: As of March 28, 2020 As of December 28, 2019 Estimated Useful Gross Carrying Accumulated Net Book Gross Carrying Accumulated Net Book Life (Years) Value Amortization Value Value Amortization Value (in thousands) Custmer Relationships 15 $ 3,800 $ (190 ) $ 3,610 $ 3,800 $ (127 ) $ 3,673 Trade Names Indefinite 100,599 — 100,599 100,599 — 100,599 Total intangible assets $ 104,399 $ (190 ) $ 104,209 $ 104,399 $ (127 ) $ 104,272
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 (in thou sands) Remainder of 2020 $ 190 2021 253 2022 253 2023 253 2024 253 2025 253

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 28, 2020
Components of Inventories	Inventories consist of the following: March 28, December 28, 2020 2019 (in thousands) Current inventory: Raw materials $ 73,267 $ 61,522 Work in process 14,775 12,631 Finished goods 36,487 31,885 Total current inventory 124,529 106,038 Long term inventory 15,413 10,048 Total inventory $ 139,942 $ 116,086

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 28, 2020
Leases [Abstract]
ROU assets and lease liabilities	As of March 28 Classification Leases March 28, December 28, 2020 2019 (in thousands) Right-of-use Operating lease assets Operating right-of-use $ 63,039 $ 53,758 Finance lease assets Property, plant and equipment, net 2,398 2,531 Lease Liabilities Current Operating lease liabilities Current operating lease liabilities 5,459 5,168 Finance lease liabilities Accrued expenses and other current liabilities 551 546 Non-current Operating lease liabilities Non-current 63,248 53,940 Finance lease liabilities Other liabilities 1,896 2,042
Schedule of gross value and accumulated depreciation of right of use assets	The gross value and accumulated depreciation of ROU assets related to finance leases as of March 28, 2020 and December 28, 2019 were as follows: Finance Leases March 28, December 28, 2020 2019 (in thousands) Gross value $ 2,837 $ 2,837 Accumulated amortization (439 ) (306 ) Carrying value $ 2,398 $ 2,531
Components of lease cost	Components of lease cost for the thirteen weeks ended March 28, 2020 and March 30, 2019 were as follows: Lease Cost March 28, March 30, 2020 2019 (in thousands) Operating lease cost $ 2,415 $ 1,128 Variable lease costs not included in liability 485 199 Finance lease cost: Amortization of right-of-use 133 — Interest on lease liabilities 22 — Total finance lease cost $ 155 $ —
Maturities of lease liabilities	Maturities of lease liabilities as of March 28, 2020 were as follows: Operating Capital Weighted-Average Operating Capital (in thousands) 2020 $ 3,962 $ 464 2021 9,816 626 2022 9,695 626 2023 9,694 626 2024 9,470 265 Thereafter 39,524 23 Total lease payments 82,161 2,630 Less imputed interest (based on 3.5% weighted-average discount rate) (13,454 ) (183 ) Present value of lease liability $ 68,707 $ 2,447 9.4 4.5

Net Income per Share (Tables)

Net Income per Share (Tables)	3 Months Ended
	Mar. 28, 2020
Computation of Earnings Per Share, Basic	The following table sets forth the computation of basic net income per share using the two-class method: Thirteen weeks ended March 28, March 30, 2020 2019 (in thousands, except per share data) Net income $ 18,234 $ 23,694 Allocation of net income for basic: Class A Common Stock $ 14,136 $ 17,525 Class B Common Stock 3,967 5,942 Unvested participating shares 131 227 $ 18,234 $ 23,694 Weighted average number of shares for basic: Class A Common Stock 9,425 8,606 Class B Common Stock* 2,645 2,918 Unvested participating shares 87 111 12,157 11,635 Net income per share for basic: Class A Common Stock $ 1.50 $ 2.04 Class B Common Stock $ 1.50 $ 2.04 * Change in Class B Common Stock resulted from the conversion of 100,000 shares to Class A Common Stock on August 8, 2019, 145,000 shares to Class A Common Stock on December 13, 2019 and 150,000 shares to Class A Common Stock on March 6, 2020 with the ending number of shares reflecting the weighted average for the period.
Computation of Earnings Per Share, Diluted	The following table sets forth the computation of diluted net income per share, assuming the conversion of all Class B Common Stock into Class A Common Stock and using the two-class Thirteen weeks ended March 28, 2020 March 30, 2019 Earnings to Common Shares EPS Earnings to Common Shares EPS (in thousands, except per share data) As reported - $ 14,136 9,425 $ 1.50 $ 17,525 8,606 $ 2.04 Add: effect of dilutive potential common shares Share-based awards — 116 — 112 Class B Common Stock 3,967 2,645 5,942 2,918 Net effect of unvested participating shares 1 — 2 — Net income per common share - $ 18,104 12,186 $ 1.49 $ 23,469 11,636 $ 2.02

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 28, 2020
Significant Components of Provisions for Income Taxes	The following table provides a summary of the income tax provision for the thirteen weeks ended March 28, 2020 and March 30, 2019: Thirteen weeks ended March 28, March 30, 2020 2019 (in thousands) Summary of income tax provision Tax provision based on net income $ 5,005 $ 7,909 Benefit of ASU 2016-09 (2,004 ) (1,775 ) Total income tax provision $ 3,001 $ 6,134

Common Stock and Share-Based _2

Common Stock and Share-Based Compensation (Tables)	3 Months Ended
	Mar. 28, 2020
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- A Weighted-Average Aggregate (in thousands) Outstanding at December 28, 2019 315,678 $ 186.53 Granted 22,970 370.43 Forfeited (2,595 ) 241.84 Expired — — Exercised (23,233 ) 103.99 Outstanding at March 28, 2020 312,820 $ 205.70 6.08 $ 47,034 Exercisable at March 28, 2020 105,636 $ 164.80 4.63 $ 20,091 Vested and expected to vest at March 28, 2020 285,886 $ 203.74 6.01 $ 43,532
Weighted Average Assumptions used to Estimate Fair Value of Stock Options	Weighted average assumptions used to estimate fair values of stock options on the date of grants are as follows: 2020 Expected Volatility 32.4% Risk-free interest rate 1.15% Expected Dividends 0.0% Exercise factor 2.03 times Discount for post-vesting restrictions 0.0%
Summary of Vesting Activities of Shares Issued Under Investment Share Program and Restricted Stock Awards	The following table summarizes vesting activities of shares issued under the investment share program and restricted stock awards: Number Weighted Fair Non-vested 122,142 $ 213.52 Granted 40,316 318.07 Vested (19,589 ) 187.26 Forfeited (2,845 ) 245.17 Non-vested 140,024 $ 243.80

COVID-19 Pandemic - Additional

COVID-19 Pandemic - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Reductions in net revenue and increases in other costs
Net effect of COVID-19 on revenue, cost of goods sold and operating expense	$ 21,532	$ 29,443
Cost of goods sold	182,592	127,111
Operating expenses	126,441	$ 95,097
COVID-19 Pandemic [Member]
Reductions in net revenue and increases in other costs
Net effect of COVID-19 on revenue, cost of goods sold and operating expense	10,000
Reduction in net revenue	5,800
Other direct costs	4,200
Cost of goods sold	3,600
Operating expenses	$ 600

Dogfish Head Brewery Transact_3

Dogfish Head Brewery Transaction - Additional Information (Detail) - USD ($) $ in Thousands	Jul. 03, 2019	Mar. 28, 2020	Dec. 28, 2019	May 08, 2019
Excess of the purchase price paid over the estimated fair values of the assets and liabilities assumed		$ 112,529	$ 112,529
Dogfish Head Brewery [Member]
Business combination fair value		$ 317,700
Business acquisition cash transferred	$ 173,000
Escrow Deposit				$ 158,400
Dogfish Head Brewery [Member]
Business combination consideration	336,000
Business combination fair value	317,736
Business acquisition cash transferred	172,993
Business acquisition value of shares issued	162,999
Fairvalue of trade name	98,500
Excess of the purchase price paid over the estimated fair values of the assets and liabilities assumed	108,846
Deferred tax liabilities assumed	18,437
Dogfish Head Brewery [Member] | Interest Rate Adjustment [Member]
Interest expense rate		3.00%
Dogfish Head Brewery [Member] | Income Tax Rate Adjustment [Member]
Statutory income tax rate		23.60%
Dogfish Head Brewery [Member] | Customer Relationships [Member]
Estimated fair value	$ 3,800	$ 3,800
Estimated use full life	15 years
Dogfish Head Brewery [Member] | Trade Names [Member]
Fairvalue of trade name	$ 98,500	$ 98,500
Restricted Common Class A [Member] | Dogfish Head Brewery [Member]
Business acquisition value of shares issued	$ 163,000
Shares held under escrow deposit	127,146
Shares held under escrow deposit market Value	$ 48,300
Business acquisition Shares issued	429,291	429,291

Dogfish Head Brewery Transact_4

Dogfish Head Brewery Transaction - Fair value of assets acquired and liabilities assumed (Detail) - USD ($) $ in Thousands	Jul. 03, 2019	Mar. 28, 2020	Dec. 28, 2019
Goodwill		$ 112,529	$ 112,529
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	$ 317,736

Dogfish Head Brewery Transact_5

Dogfish Head Brewery Transaction - Unaudited proforma information (Detail) - Line of Credit [Member] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Net revenue	$ 330,565	$ 276,739
Net income	$ 18,234	$ 24,664
Basic earnings per share	$ 1.50	$ 2.04
Diluted earnings per share	$ 1.49	$ 2.02

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of intangible assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Dec. 28, 2019
Gross Carrying Value	$ 104,399	$ 104,399
Accumulated Amortization	(190)	(127)
Net Book Value	104,209	104,272
Trade Names
Gross Carrying Value	100,599	100,599
Net Book Value	$ 100,599	100,599
Customer Relationships
Estimated Useful Life	15 years
Gross Carrying Value	$ 3,800	3,800
Accumulated Amortization	(190)	(127)
Net Book Value	$ 3,610	$ 3,673

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Schedule of amortization expense (Detail) $ in Thousands	Mar. 28, 2020USD ($)
Remainder of 2020	$ 190
2021	253
2022	253
2023	253
2024	253
2025	$ 253

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 28, 2020	Jul. 03, 2019
Customer Relationships
Useful life Of Finite Lived Intangibles	15 years
Dogfish Head Brewery [Member]
Business Combination Indefinite Lived Intangible Assets Assumed		$ 98,500,000
Dogfish Head Brewery [Member] | Customer Relationships
Business Combination Finite Lived Intangible Assets Assumed	$ 3,800,000	3,800,000
Useful life Of Finite Lived Intangibles	15 years
Intangible Assets Amortization	$ 63,000
Dogfish Head Brewery [Member] | Trade Names
Business Combination Indefinite Lived Intangible Assets Assumed	$ 98,500,000	$ 98,500,000

Revenue Recognition - Additiona

Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019	Dec. 28, 2019
Sales to domestic distributors as a percentage of total sales	96.00%	96.00%
Sales to foreign distributors as a percentage of total sales	3.00%	3.00%
Sales to retail locations as a percentage of total sales	1.00%	1.00%
Deferred revenue related to product shipped	$ 13.9		$ 7
Reduction in federal excise taxes	2.6	$ 1.7
Reimbursements for discounts to distributors	8.2	6.2
Marketing expense set off to revenue	$ 4.2	$ 3.1

Inventories - Components of Inv

Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Current inventory:
Raw materials	$ 73,267	$ 61,522
Work in process	14,775	12,631
Finished goods	36,487	31,885
Total current inventory	124,529	106,038
Long term inventory	15,413	10,048
Total inventory	$ 139,942	$ 116,086

Leases - ROU assets and lease l

Leases - ROU assets and lease liabilities (Detail) - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Right-of-use assets
Operating lease assets	$ 63,039	$ 53,758
Finance lease assets	2,398	2,531
Current
Operating lease liabilities	5,459	5,168
Non-current
Operating lease liabilities	63,248	53,940
Operating Right Of Use Assets [Member]
Right-of-use assets
Operating lease assets	63,039	53,758
Property, Plant and Equipment [Member]
Right-of-use assets
Finance lease assets	2,398	2,531
Current Operating Lease Liabilities [Member]
Current
Operating lease liabilities	5,459	5,168
Accrued Expenses And Other Current Liabilities [Member]
Current
Finance lease liabilities	551	546
Non Current Operating Lease Liabilities [Member]
Non-current
Operating lease liabilities	63,248	53,940
Other Liabilities [Member]
Non-current
Finance lease liabilities	$ 1,896	$ 2,042

Leases - Gross Value of Accumul

Leases - Gross Value of Accumulated Depreciation Of Right Of Use Assets (Details). - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Finance Lease, Gross value	$ 2,837	$ 2,837
Finance Lease, Accumulated amortization	(439)	(306)
Finance Lease, Carrying value	$ 2,398	$ 2,531

Leases - Components of lease co

Leases - Components of lease cost (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Lease, Cost [Abstract]
Operating lease cost	$ 2,415	$ 1,128
Variable lease costs not included in liability	485	199
Finance lease cost:
Amortization of right-of-use asset	133	0
Interest on lease liabilities	22	8
Total finance lease cost	$ 155	$ 0

Leases - Maturities of lease li

Leases - Maturities of lease liabilities (Detail) $ in Thousands	Mar. 28, 2020USD ($)
Operating Leases
2020	$ 3,962
2021	9,816
2022	9,695
2023	9,694
2024	9,470
Thereafter	39,524
Total lease payments	82,161
Less imputed interest	(13,454)
Present value of lease liability	$ 68,707
Operating Lease, Weighted Average Discount Rate, Percent	3.50%
Operating Lease Weighted-Average Remaining Term
Lease Weighted Average Remaining Lease Term	9 years 4 months 24 days
Finance Lease Liabilities, Payments, Due
2020	$ 464
2021	626
2022	626
2023	626
2024	265
Thereafter	23
Total lease payments	2,630
Less imputed interest	(183)
Present value of lease liability	$ 2,447
Finance Lease, Weighted Average Remaining Lease Term	4 years 6 months
Finance Lease, Weighted Average Discount Rate, Percent	3.50%

Leases - Additional Information

Leases - Additional Information (Detail) $ in Millions	Mar. 28, 2020USD ($)
Lessee, Operating Lease, Lease Not Yet Commenced, Additional Lease Liability	$ 3.9
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract	3 years

Net Income per Share - Computat

Net Income per Share - Computation of Earnings Per Share, Basic (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 18,234	$ 23,694
Allocation of net income for basic:
Allocation of net income for basic common stock	$ 18,234	$ 23,694
Weighted average number of shares for basic:
Weighted-average number of common shares — basic	12,157	11,635
Net income per share for basic:
Net income per common share — basic	$ 1.50	$ 2.04
Common Class A
Allocation of net income for basic:
Allocation of net income for basic common stock	$ 14,136	$ 17,525
Weighted average number of shares for basic:
Weighted-average number of common shares — basic	9,425	8,606
Net income per share for basic:
Net income per common share — basic	$ 1.50	$ 2.04
Common Class B
Allocation of net income for basic:
Allocation of net income for basic common stock	$ 3,967	$ 5,942
Weighted average number of shares for basic:
Weighted-average number of common shares — basic	2,645	2,918
Net income per share for basic:
Net income per common share — basic	$ 1.50	$ 2.04
Unvested participating shares
Allocation of net income for basic:
Allocation of net income for basic unvested participating shares	$ 131	$ 227
Weighted average number of shares for basic:
Weighted-average number of common shares — basic	87	111

Net Income per Share - Comput_2

Net Income per Share - Computation of Earnings Per Share, Basic (Parenthetical) (Detail) - shares	Mar. 06, 2020	Dec. 13, 2019	Aug. 08, 2019
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Conversion of Class B Common Stock into Class A Common Stock	150,000	145,000	100,000

Net Income per Share - Comput_3

Net Income per Share - Computation of Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Allocation of net income for basic common stock	$ 18,234	$ 23,694
Add: effect of dilutive potential common shares Share-based awards	116	112
Earnings to Common Shareholders, Net effect of unvested participating shares	$ 1	$ 2
Earnings to Common Shareholders, Net income per common share — diluted	$ 18,104	$ 23,469
Weighted-average number of common shares — basic	12,157	11,635
Weighted-average number of common shares — diluted	12,186	11,636
Net income per common share — basic	$ 1.50	$ 2.04
Net income per common share — diluted	$ 1.49	$ 2.02
Common Class A
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Allocation of net income for basic common stock	$ 14,136	$ 17,525
Weighted-average number of common shares — basic	9,425	8,606
Net income per common share — basic	$ 1.50	$ 2.04
Common Class B
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Allocation of net income for basic common stock	$ 3,967	$ 5,942
Class B Common Stock	2,645	2,918
Earnings to Common Shareholders, Class B Common Stock	$ 3,967	$ 5,942
Weighted-average number of common shares — basic	2,645	2,918
Net income per common share — basic	$ 1.50	$ 2.04
Net income per common share — diluted	$ 1.49	$ 2.02

Net Income per Share - Addition

Net Income per Share - Additional Information (Detail)	Mar. 01, 2020	Mar. 01, 2019	Jan. 01, 2019	Mar. 28, 2020employeeshares	Mar. 30, 2019shares	Dec. 31, 2016employeeshares
Investment Share Program
Earnings Per Share Note [Line Items]
Vesting period				5 years
Investment Share Program | Maximum
Earnings Per Share Note [Line Items]
Requirement tenure of employee for investment share program, purchase shares at discount				2 years
Discount from current market value				40.00%
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	4 years	4 years	5 years
Common Class A
Earnings Per Share Note [Line Items]
Antidilutive securities excluded from computation of earnings per share				33,000	15,000
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	10,000
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	3 Months Ended
	Mar. 28, 2020USD ($)vendor
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations	$ 239.9
Equipment and machinery
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations	$ 45.8
Minimum
Commitments and Contingencies Disclosure [Line Items]
Company's current brewing and packaging percentage	60.00%
Barley, Wheat and Malt
Commitments and Contingencies Disclosure [Line Items]
Number of suppliers | vendor	3
Purchase commitments outstanding	$ 13.2
Hops
Commitments and Contingencies Disclosure [Line Items]
Purchase commitments	31.1
Hops | Barley and Wheat
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations	44.3
Advertising contract [Member]
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations	71.2
Other Ingredients [Member]
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations	51.1
Other Commitments
Commitments and Contingencies Disclosure [Line Items]
Contractual obligations	$ 27.5

Income Taxes - Summary of Incom

Income Taxes - Summary of Income Tax Benefit (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019
Summary of income tax provision
Tax provision based on net income	$ 5,005	$ 7,909
Benefit of ASU 2016-09	(2,004)	(1,775)
Total income tax provision	$ 3,001	$ 6,134

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 28, 2020	Mar. 30, 2019	Dec. 28, 2019
Income Taxes [Line Items]
Accrued interest and penalties	$ 0.1		$ 0.1
Unrecognized income tax benefits	$ 0.8		$ 0.8
Effective Income Tax Rate Reconciliation, Percent, Total	23.60%	26.50%
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) - Revolving Credit Facility - USD ($) $ in Millions	May 12, 2020	Mar. 28, 2020
Debt Instrument [Line Items]
Line of credit, current borrowing capacity		$ 150
Line of credit, expiration date		Mar. 31, 2023
Line of credit	$ 100
Line of credit, unused balance		$ 50
Debt instrument stated percentage	1.15%
Debt instrument variable rate basis	LIBOR rate of 0.70% plus 0.45%
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Debt instrument basis spread on variable rate	0.45%

Fair Value Measures - Additiona

Fair Value Measures - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 28, 2020	Dec. 28, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 129,504	$ 36,670
Money market fund	$ 128,100	$ 29,500

Common Stock and Stock-Based Co

Common Stock and Stock-Based Compensation - Summary of Stock Options under Employee Equity Incentive Plan and Stock Option Plan for Non-Employee Directors (Detail) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 28, 2020USD ($)$ / sharesshares
Shares
Outstanding at beginning of period | shares	315,678
Granted | shares	22,970
Forfeited | shares	(2,595)
Exercised | shares	(23,233)
Outstanding at end of period | shares	312,820
Exercisable at end of period | shares	105,636
Vested and expected to vest at end of period | shares	285,886
Weighted-Average Exercise Price
Outstanding at beginning of period | $ / shares	$ 186.53
Granted | $ / shares	370.43
Forfeited | $ / shares	241.84
Exercised | $ / shares	103.99
Outstanding at end of period | $ / shares	205.70
Exercisable at end of period | $ / shares	164.80
Vested and expected to vest at end of period | $ / shares	$ 203.74
Weighted-Average Remaining Contractual Term
Outstanding at end of period	6 years 29 days
Exercisable at end of period	4 years 7 months 17 days
Vested and expected to vest at end of period	6 years 3 days
Aggregate Intrinsic Value
Outstanding at end of period | $	$ 47,034
Exercisable at end of period | $	20,091
Vested and expected to vest at end of period | $	$ 43,532

Common Stock and Stock-Based _2

Common Stock and Stock-Based Compensation - Summary Of Weighted Average Assumptions used to Estimate Fair Value of Stock Options (Detail)	3 Months Ended
	Mar. 28, 2020Times
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	32.40%
Risk-free interest rate	1.15%
Expected dividends	0.00%
Exercise factor	2.03
Discount for post-vesting restrictions	0.00%

Common Stock and Stock-Based _3

Common Stock and Stock-Based Compensation - Summary of Vesting Activities for Investment Share Program and Restricted Stock Awards (Detail)	3 Months Ended
	Mar. 28, 2020$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested at beginning of period | shares	122,142
Granted | shares	40,316
Vested | shares	(19,589)
Forfeited | shares	(2,845)
Non-vested at end of period | shares	140,024
Non-vested at beginning of period | $ / shares	$ 213.52
Granted | $ / shares	318.07
Vested | $ / shares	187.26
Forfeited | $ / shares	245.17
Non-vested at end of period | $ / shares	$ 243.80

Common Stock and Share-Based _3

Common Stock and Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	Mar. 02, 2020	Mar. 01, 2020	Jan. 31, 2020	Mar. 01, 2019	Jan. 01, 2019	Mar. 28, 2020	Mar. 30, 2019	Dec. 28, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options granted in period						40,316
Stock option outstanding						312,820		315,678
Stock-based compensation expense						$ 2,566	$ 2,066
Weighted average fair value of stock awards						$ 318.07
Performance-Based Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option outstanding						42,000
Non-Employee Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period			978
Options granted in period - weighted average fair value			$ 146.87
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years		4 years	5 years
Other than options granted in period		15,011
Weighted average fair value of stock awards		$ 370.79
Restricted Stock Awards | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Year	2024
Other than options granted in period	2,696
Weighted average fair value of stock awards	$ 370.79
Employee Stock Compensation Plan | Performance-Based Awards | Senior Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period		14,962
Options granted in period - weighted average fair value		$ 142.25
Employee Stock Compensation Plan | Performance-Based Awards | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted in period	7,030
Options granted in period - weighted average fair value	$ 142.23
Employee Stock Compensation Plan | Investment Share Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares employees elected to purchase		9,127
Weighted average fair value of stock awards		$ 169.43
Restricted Stock And Performance Based Awards | Senior Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Other than options granted in period		13,482

Employee Retirement Plans - Add

Employee Retirement Plans - Additional Information (Detail) - USD ($) $ in Millions	Apr. 30, 2019	Dec. 28, 2019
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		$ 3.9
Benefit obligation at end of fiscal year		$ 6.7
Union Number 1199 Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Estimated cost of termination of retirement pension plan	$ 1.8

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail)	3 Months Ended
	Mar. 28, 2020USD ($)
Related Party Transaction [Line Items]
Total payments due	$ 82,161,000
Transaction with related party expenses	$ 5,000
Dogfish Head Brewery
Related Party Transaction [Line Items]
Lease term of contract	10 years
Total payments due	$ 3,600,000
Related party expense	$ 91,000