Certain parts of the registrant\u2019s definitive Proxy Statement for its 2025 Annual Meeting to be held on May 14, 2025 are incorporated by reference into Part III of this report.
"}]},{"name":"rpt:f-47","factDimensions":{"xbrl:concept":"cyd:CybersecurityRiskManagementProcessesForAssessingIdentifyingAndManagingThreatsTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"Item 1C. CybersecurityThe Company's approach to cybersecurity risk management includes the following key elements:
\u00a0
While the Company has experienced minor cybersecurity incidents in the past, to date none have materially affected the Company or its financial position, results of operations and/or cash flows. The Company continues to invest in the cybersecurity and resiliency of its networks and to enhance its internal controls and processes, which are designed to help protect its systems, infrastructure, and the information they contain.
Opinion on the Financial Statements
\u00a0
We have audited the accompanying consolidated balance sheets of The Boston Beer Company, Inc. and subsidiaries (the \"Company\") as of December 28, 2024 and December 30, 2023, the related consolidated statements of comprehensive income, stockholders\u2019 equity, and cash flows, for each of the three years in the period ended December 28, 2024, and the related notes (collectively referred to as the \u201cfinancial statements\u201d). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 28, 2024 and December 30, 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 28, 2024, in conformity with accounting principles generally accepted in the United States of America.
\u00a0
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 28, 2024, based on criteria established in Internal Control \u2014 Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 25, 2025, expressed an unqualified opinion on the Company's internal control over financial reporting.
\u00a0
A. Organization and Basis of Presentation
\u00a0
The Boston Beer Company, Inc. and certain subsidiaries (the \u201cCompany\u201d) are engaged in the business of selling alcohol beverages throughout the United States and in selected international markets, under the trademarks \u201cThe Boston Beer Company\u00ae\u201d, \u201cTwisted Tea Brewing Company\u00ae\u201d, \u201cHard Seltzer Beverage Company\u201d, \u201cAngry Orchard\u00ae Cider Company\u201d, \u201cDogfish Head\u00ae Craft Brewery\u201d, \u201cDogfish Head Distilling Co.\u201d, \u201cAngel City\u00ae Brewing Company\u201d, \u201cConey Island\u00ae Brewing Company\u201d, \"Green Rebel Brewing Co.\",\u201cTeaPot Worldwide\u201d, and \u201cSun Cruiser Beverage Co.\".
"}]},{"name":"rpt:f-402","factDimensions":{"xbrl:concept":"us-gaap:SignificantAccountingPoliciesTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"B. Summary of Significant Accounting Policies
\u00a0
Fiscal Year
\u00a0
The Company\u2019s fiscal year is a fifty-two or fifty-three-week period ending on the last Saturday in December. The 2024 and 2023 fiscal years consisted of fifty-two weeks, while the 2022 fiscal year consisted of fifty-three weeks.
\u00a0
Principles of Consolidation
\u00a0
The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. All intercompany transactions and balances have been eliminated in consolidation.
\u00a0
Use of Estimates
\u00a0
The preparation of condensed consolidated financial statements in conformity with United States generally accepted accounting principles (\u201cGAAP\u201d) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities during the reporting periods, the reported amounts of revenue and expenses during the reporting periods and the disclosure of contingent assets and liabilities at the date of the financial statements. On an ongoing basis, the Company bases estimates and assumptions on historical experience, currently available information, and various other factors that management believes to be reasonable under the circumstances. Actual results may differ materially from these estimates and assumptions.
\u00a0
Cash and Cash Equivalents
\u00a0
Cash and cash equivalents at December 28, 2024 and December 30, 2023 included cash on-hand and money market instruments that are highly liquid investments. Cash and cash equivalents are carried at cost, which approximates fair value.
\u00a0
Accounts Receivable and Allowance for Credit Losses
\u00a0
The Company\u2019s accounts receivable primarily consist of trade receivables. The Company records an allowance for credit losses that is based on historical trends, customer knowledge, any known disputes, and the aging of the accounts receivable balances combined with management\u2019s estimate of future potential recoverability. Receivables are written off against the allowance after all attempts to collect a receivable have failed. The Company believes its allowances for credit losses as of December 28, 2024 and December 30, 2023 are adequate, but actual losses could exceed the recorded allowance.
\u00a0
Concentrations of Credit Risk
\u00a0
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash equivalents, and trade receivables. The Company places its cash equivalents with high credit quality financial institutions. As of December 28, 2024 and December 30, 2023, the Company\u2019s cash and cash equivalents were primarily invested in a \u201cTriple A\u201d rated money market fund.
\u00a0
The Company sells primarily to a network of independent wholesalers in the United States and to a network of foreign wholesalers, importers or other agencies (collectively referred to as \u201cDistributors\u201d). In 2024, 2023, and 2022, sales to foreign Distributors were approximately 5%, 4%, 4%, respectively of total sales. Receivables arising from the Company's sales are not collateralized; however, credit risk is minimized as a result of the large and diverse nature of the Company\u2019s customer base. There were no individual customer accounts receivable balances outstanding at December 28, 2024 or December 30, 2023 that were in excess of 10% of the gross accounts receivable balance on those dates. No individual customers represented more than 10% of the Company\u2019s revenues in fiscal years 2024, 2023, or 2022.
\u00a0
Financial Instruments and Fair Value of Financial Instruments
\u00a0
The Company\u2019s primary financial instruments at December 28, 2024 and December 30, 2023 consisted of cash equivalents, accounts receivable, and accounts payable. The Company determines the fair value of its financial assets and liabilities in accordance with Financial Accounting Standards Board (\u201cFASB\u201d) Accounting Standards Codification (\u201cASC\u201d) Topic 820, Fair Value Measurements and Disclosures (\u201cASC 820\u201d). The Company believes that the carrying amount of its cash equivalents, accounts receivable, and accounts payable approximates fair value due to the short-term nature of these assets and liabilities. The Company is not exposed to significant interest, currency or credit risks arising from these financial assets and liabilities.
\u00a0
Inventories and Provision for Excess or Expired Inventory
\u00a0
Inventories consist of raw materials and packaging materials, work in process and finished goods. Raw materials, which principally consist of flavorings, hops, malt, fruit juices, other brewing materials and packaging, are stated at the lower of cost (first-in, first-out basis) or net realizable value. The Company\u2019s goal is to maintain on-hand a supply of approximately two years for essential hop varieties, in order to limit the risk of an unexpected reduction in supply. Inventories are generally classified as current assets. The Company classifies hops inventory in excess of two years of forecasted usage in other long-term assets. The cost elements of work in process and finished goods inventory consist of raw materials, direct labor and manufacturing overhead. Packaging design costs are expensed as incurred. The Company enters into multi-year purchase commitments in order to secure adequate supply of ingredients and packaging, to brew and package its products.
\u00a0
The provisions for excess or expired inventory are based on management\u2019s estimates of forecasted usage of inventories on hand. Forecasting usage involves significant judgments regarding future demand for the Company\u2019s various existing products and products under development as well as the potency and shelf-life of various raw material ingredients and finished goods. A significant change in the timing or level of demand for certain products as compared to forecasted amounts may result in recording additional provisions for excess or expired inventory in the future. Provision for excess or expired inventory included in cost of goods sold was $21.9 million, $19.3 million, and $35.9 million in fiscal years 2024, 2023, and 2022 respectively.
\u00a0
Property, Plant and Equipment
\u00a0
Property, plant, and equipment are stated at cost or fair value as of the date of acquisition. Expenditures for repairs and maintenance are expensed as incurred. Major renewals and betterments that extend the life of the property are capitalized. Depreciation is computed using the straight-line method based upon the estimated useful lives of the underlying assets as follows:
\u00a0
| \n | \n |
Kegs | \n 5\u00a0years | \n
| \n
| \n
Computer software and equipment | \n 2\u00a0to 5 years | \n
| \n
| \n
Office equipment and furniture | \n 3\u00a0to 7 years | \n
| \n
| \n
Machinery and plant equipment | \n 3\u00a0to 20 years | \n
| \n
| \n
Leasehold improvements | \n Lesser of the remaining term of the lease or estimated useful life of the asset | \n
| \n
| \n
Building and building improvements | \n 12 to 20 years, or the remaining useful life of the building, whichever is shorter | \n
\u00a0
For purposes of determining whether there are any impairment losses on brewery assets, as further discussed below, management has historically examined the carrying value of the Company\u2019s identifiable long-lived assets, including their useful lives, semi-annually, or more frequently when indicators of impairment are present. Evaluations of whether indicators of impairment exist involve judgments regarding the current and future business environment and the length of time the Company intends to use the asset. If an impairment loss is identified based on the fair value of the asset, as compared to the carrying value of the asset, such loss would be charged to expense in the period the impairment is identified. Furthermore, if the review of the carrying values of the long-lived assets indicates impairment of such assets, the Company may determine that shorter estimated useful lives are more appropriate. In that event, the Company will be required to record additional depreciation in future periods, which will reduce earnings. Estimating the amount of impairment, if any, requires significant judgments including identification of potential impairments, market comparison to similar assets, estimated cash flows to be generated by the asset, discount rates, the remaining useful life of the asset, and the usefulness of the asset in consideration of future business plans. Impairment of brewery assets classified as property, plant, and equipment included in operating expenses was $7.2 million, $5.0 million and $2.6 million in fiscal years 2024, 2023, and 2022, respectively.
\u00a0
Factors generally considered important which could trigger an impairment review on the carrying value of long-lived assets include the following: (1) significant underperformance relative to historical or projected future operating results; (2) significant changes in the manner of use of acquired assets or the strategy for the Company\u2019s overall business; (3) underutilization of assets; and (4) discontinuance of products by the Company or its customers.
\u00a0
Segment Reporting
\u00a0
The Company consists of one operating segment that produces and sells alcohol beverages under various brands. All 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, with similar profit margins, and through the same channels of distribution. See Note U for further discussion of the Company's segment reporting.
\u00a0
Goodwill and Intangible Assets
\u00a0
The Company has recorded intangible assets with indefinite lives and goodwill for which impairment testing is required at least annually or more frequently if events or circumstances indicate that these assets might be impaired. The Company performs its annual impairment tests and re-evaluates the useful lives of other intangible assets with indefinite lives at the annual impairment test measurement date in the third quarter of each fiscal year or when circumstances arise that indicate a possible impairment or change in useful life might exist.
\u00a0
The Company\u2019s annual goodwill impairment evaluation analysis conducted at the end of fiscal August indicated that the fair value of the Company\u2019s goodwill was greater than the carrying value and accordingly there was no impairment to record as of the impairment evaluation analysis date. The guidance for goodwill impairment testing allows an entity to assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of a reporting unit, of which the Company has one, is less than its carrying amount or to proceed directly to performing a quantitative impairment test. Under the quantitative assessment, the estimated fair value of the Company\u2019s reporting unit is compared to its carrying value, including goodwill. The estimate of fair value of the Company\u2019s reporting unit is generally calculated based on an income approach using the discounted cash flow method supplemented by the market approach which considers the Company\u2019s market capitalization and enterprise value. If the estimated fair value of the Company\u2019s reporting unit is less than the carrying value of its reporting unit, a goodwill impairment will be recognized. In estimating the fair value of the Company\u2019s reporting unit, management must make assumptions and projections regarding such items as future cash flows, future revenues, future earnings, cost of capital, and other factors. The assumptions used in the estimate of fair value are based on historical trends and the projections and assumptions that are used in the latest operating plans. These assumptions reflect management\u2019s estimates of future economic and competitive conditions and are, therefore, subject to change as a result of changing market conditions. If these estimates or their related assumptions change in the future, the Company may be required to recognize an impairment loss for the Company\u2019s goodwill which could have a material adverse impact on the Company\u2019s financial statements.
\u00a0
The Company\u2019s intangible assets consist primarily of a trademark and customer relationships obtained through the Company\u2019s Dogfish Head acquisition. Customer relationships are amortized over their estimated useful lives. As of the annual impairment assessment date at the end of fiscal August, the Dogfish Head trademark was determined to have an indefinite useful life and was not amortized. The guidance for indefinite lived intangible asset impairment testing allows an entity to assess qualitative factors to determine whether the existence of events or circumstances indicates that it is more likely than not that the indefinite lived intangible asset is impaired or to proceed directly to performing the quantitative impairment test. Under the quantitative assessment, the trademark is evaluated for impairment by comparing the carrying value of the trademark to its estimated fair value. The estimated fair value of the trademark is calculated based on an income approach using the relief from royalty method. If the estimated fair value is less than the carrying value of the trademark, then an impairment charge is recognized to reduce the carrying value of the trademark to its estimated fair value.
\u00a0
Significant judgment is required to estimate the fair value of the Dogfish Head trademark. Accordingly, the Company obtains the assistance of third-party valuation specialists as part of the impairment evaluation. In estimating the fair value of the trademark, management must make assumptions and projections regarding future cash flows based upon future revenues, the market-based royalty rate, the discount rate, and the after-tax royalty savings expected from ownership of the trademark. The assumptions and projections used in the estimate of fair value are consistent with recent trends and represent the projections used in the Company\u2019s current strategic operating plans which include reductions in revenues from the Dogfish Head beer products. These assumptions reflect management\u2019s estimates of future economic and competitive conditions and consider many factors including macroeconomic conditions, industry growth rates, and competitive activities and are, therefore, subject to change as a result of changing market conditions.
\u00a0
Refundable Deposits on Kegs and Pallets
\u00a0
The Company distributes its packaged flavored malt beverages, hard seltzers, beers, hard ciders and spirits based ready to drink beverages primarily in cans and glass bottles and its draft beer and hard ciders in kegs and such cans, bottles, and kegs are shipped on pallets to Distributors. Most kegs and pallets are owned by the Company. Kegs are reflected in the Company\u2019s balance sheets at cost and are depreciated over the estimated useful life of the keg, while pallets are expensed upon purchase. Upon shipment of beer to Distributors, the Company collects a refundable deposit on the kegs and certain pallets, which is included in current liabilities in the Company\u2019s balance sheets. Upon return of the kegs and pallets to the Company, the deposit is refunded to the Distributor.
\u00a0
The Company has experienced some loss of kegs and pallets and anticipates that some loss will occur in future periods due to the significant volume of kegs and pallets handled by each Distributor and retailer, the homogeneous nature of kegs and pallets owned by most brewers, and the relatively small deposit collected for each keg when compared with its market value. The Company believes that this is an industry-wide issue and that the Company\u2019s loss experience is not atypical. The Company believes that the loss of kegs and pallets, after considering the forfeiture of related deposits, has not been material to the financial statements. The Company uses internal records, records maintained by Distributors, records maintained by other third-party vendors and historical information to estimate the physical count of kegs and pallets held by Distributors. These estimates affect the amount recorded as property, plant and equipment and current liabilities as of the date of the financial statements. The actual liability for refundable deposits could differ from these estimates. For the year ended December 28, 2024, the Company increased its liability for refundable deposits, and decreased its gross property, plant, and equipment and related accumulated depreciation by $1.8 million, $2.3 million and $2.2 million, respectively. For the year ended December 30, 2023, the Company decreased its liability for refundable deposits and increased its gross property, plant, and equipment and related accumulated depreciation by $0.7 million, $2.2 million and $0.3 million. As of December 28, 2024, and December 30, 2023, the Company\u2019s balance sheet includes $15.1 million and $13.3 million, respectively, in refundable deposits on kegs and pallets and $2.8 million and $0.7 million, respectively, in kegs, net of accumulated depreciation.
\u00a0
Income Taxes
\u00a0
The Company provides for deferred taxes using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company\u2019s consolidated financial statements or tax returns. This results in differences between the book and tax basis of the Company\u2019s assets, liabilities and carry-forwards, such as tax credits. In estimating future tax consequences, all expected future events, other than enactment of changes in the tax laws or rates, are generally considered. Valuation allowances are provided when recovery of deferred tax assets does not meet the more likely than not standards as defined in ASC Topic 740, Income Taxes.
The calculation of the Company\u2019s uncertain tax positions involves dealing with uncertainties in the application of tax regulations in several different state tax jurisdictions. The Company is periodically reviewed by tax authorities regarding the amount of taxes due. These reviews include inquiries regarding the timing and amount of deductions and the allocation of income among various tax jurisdictions. The Company records estimated reserves for exposures associated with positions that it takes on its income tax returns that do not meet the more likely than not standards as defined in ASC Topic 740, Income Taxes.
The Organization for Economic Co-operation and Development/G20 Inclusive Framework on Base Erosion and Profit Shifting has introduced rules to establish a global minimum tax rate of 15%, commonly referred to as the Pillar Two rules. Numerous foreign countries have enacted legislation to implement the Pillar Two rules, effective beginning in 2024, or are expected to enact similar legislation. The Company is currently evaluating the potential impacts that Pillar Two may have on future periods and will continue to monitor the implementation of the Pillar Two rules in the jurisdictions in which it operates. The Company meets the transitional safe harbor for the period ended December 28, 2024.
\u00a0
Revenue Recognition and Classification of Customer Programs and Incentives
\u00a0
During fiscal years 2024, 2023, and 2022 approximately 94%, 94%, and 95%, respectively, of the Company\u2019s revenue was from shipments of its products to domestic Distributors and 5%, 4%, 4% from shipments to international Distributors, primarily located in Canada. Approximately 1%, 2%, and 1% of the Company\u2019s revenue was from retail beer, cider, food and merchandise sales at the Company\u2019s retail locations during fiscal years 2024, 2023, and 2022, respectively.
\u00a0
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 December 28, 2024 and December 30, 2023, the Company had deferred revenue of $11.3 million and $8.9 million, respectively, related to product shipped prior to these dates for which the criteria to recognize revenue was not met as of these dates. These amounts are included in accrued expenses and other current liabilities in the accompanying consolidated balance sheets.
\u00a0
The Company is committed to maintaining the freshness of its products in the market. In certain circumstances and with the Company\u2019s approval, the Company accepts and destroys or offers credits for stale beer that is returned or destroyed by Distributors. The Company generally credits approximately fifty percent of the distributor\u2019s cost of beer that has passed its freshness expiration date when it is returned to the Company or destroyed. The Company reduces revenue and establishes an accrual based upon both historical returns, which is applied to an estimated lag time for receipt of product, and knowledge of specific return transactions. Estimating this reserve involves significant judgments and estimates, including comparability of historical return trends to future trends, lag time from date of sale to date of return, and product mix of returns. Stale beer expense is reflected in the accompanying financial statements as a reduction of revenue. Historically, the cost of actual stale beer returns has been in line with established reserves; however, the cost could differ materially from the reserves which would impact revenue. As of December 28, 2024, and December 30, 2023, the stale beer reserve was $6.1 million and $8.2 million, respectively. These amounts are included in accrued expenses and other current liabilities in the accompanying consolidated balance sheets. Provision for stale beer recorded as reductions to revenue totaled $5.3 million, $18.8 million, and $19.6 million in fiscal years 2024, 2023, and 2022 respectively.
\u00a0
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, based on the nature of the expenditure. Customer incentives and other payments made to Distributors are primarily based upon the performance of certain marketing and advertising activities. Depending on applicable state laws and regulations, these activities promoting the Company\u2019s products may include, but are not limited to, point-of-sale and merchandise placement, samples, product displays, promotional programs at retail locations and meals, travel and entertainment. Amounts paid to customers in connection with these programs that were recorded as reductions to net revenue or as advertising, promotional and selling expenses totaled $112.3 million, $106.4 million and $95.9 million in fiscal years 2024, 2023, and 2022, respectively. Estimates are based on historical and projected experience for each type of program or customer and have historically been in line with actual costs incurred.
\u00a0
Customer promotional discount programs are entered into with Distributors for certain periods of time. Amounts paid to Distributors in connection with these programs in fiscal years 2024, 2023, and 2022 were $61.0 million, $62.6 million and $54.8 million, respectively. The reimbursements for discounts to Distributors are recorded as reductions to net revenue. The agreed-upon discount rates are applied to certain Distributors\u2019 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 allowances.
\u00a0
Customer incentives and other payments are made primarily to Distributors based upon the performance of certain marketing and advertising activities. Depending on applicable state laws and regulations, these activities promoting the Company\u2019s products may include, but are not limited to point-of-sale and merchandise placement, samples, product displays, promotional programs at retail locations and meals, travel and entertainment. Amounts paid to customers in connection with these programs in fiscal years 2024, 2023, and 2022 were $51.3 million, $43.8 million and $41.1 million, respectively. In fiscal years 2024, 2023, and 2022, the Company recorded certain of these costs in the total amount of $32.2 million, $31.4 million and $29.9 million, respectively, as reductions to net revenue. Costs recognized in net revenues include, but are not limited to, promotional discounts, sales incentives and certain other promotional activities. Costs recognized in advertising, promotional and selling expenses include point of sale materials, samples and media advertising expenditures in local markets. These costs are recorded as incurred, generally when invoices are received; however certain estimates are required at the period end. Estimates are based on historical and projected experience for each type of program or customer and have historically been in line with actual costs incurred.
\u00a0
In connection with its preparation of financial statements and other financial reporting, management is required to make certain estimates and assumptions regarding the amount, timing and classification of expenditures resulting from these activities. Actual expenditures incurred could differ from management\u2019s estimates and assumptions.
\u00a0
Excise Taxes
\u00a0
The Company is responsible for compliance with TTB regulations, including making timely and accurate excise tax payments. The Company is subject to periodic compliance audits by the TTB. Individual states also impose excise taxes on alcohol beverages in varying amounts. The Company calculates its excise tax expense based upon units shipped and on its understanding of the applicable excise tax laws.
\u00a0
Cost of Goods Sold
\u00a0
The following expenses are included in cost of goods sold in the accompanying consolidated statements of comprehensive income: raw material costs, packaging material costs, costs and income related to deposit activity, purchasing and receiving costs, manufacturing labor and overhead, brewing and processing costs, inspection costs relating to quality control, inbound freight charges, depreciation expense related to manufacturing equipment and warehousing costs, which include rent, labor and overhead costs.
\u00a0
Shipping Costs
\u00a0
Costs incurred for the shipping of products to customers are included in advertising, promotional and selling expenses in the accompanying consolidated statements of comprehensive income. The Company incurred shipping costs of $104.1 million, $114.7 million, and $165.5 million in fiscal years 2024, 2023, and 2022, respectively.
\u00a0
Advertising, Promotional, and Selling Expenses
\u00a0
The following expenses are included in advertising, promotional and selling expenses in the accompanying consolidated statements of comprehensive income: media advertising and production costs, sales and brand related expenses, sales and brand salary and benefit expenses, stock compensation, meals, travel and entertainment expenses, promotional activity expenses, shipping costs related to shipments of finished goods from manufacturing locations to distributor locations and point-of-sale items. Total advertising and sales promotional expenditures of $240.9 million, $233.5 million, and $226.7 million were included in advertising, promotional and selling expenses in the accompanying consolidated statements of comprehensive income for fiscal years 2024, 2023, and 2022, respectively.
\u00a0
The Company conducts certain advertising and promotional activities in its Distributors\u2019 markets and the Distributors make contributions to the Company for such efforts. Reimbursements from Distributors for advertising and promotional activities are recorded as reductions to advertising, promotional and selling expenses.
\u00a0
General and Administrative Expenses
\u00a0
The following expenses are included in general and administrative expenses in the accompanying consolidated statements of comprehensive income: general and administrative salary and benefit expenses, stock compensation, insurance costs, consulting and professional service fees, rent and utility expenses, meals, travel and entertainment expenses for general and administrative employees, and other general and administrative overhead costs.
\u00a0
Stock-Based Compensation
\u00a0
The Company accounts for share-based awards in accordance with ASC Topic 718, Compensation \u2013 Stock Compensation (\u201cASC 718\u201d), which generally requires recognition of share-based compensation costs in financial statements based on fair value. Compensation cost is recognized over the period during which an employee is required to provide services in exchange for the award (the requisite service period). The amount of compensation cost recognized in the consolidated statements of comprehensive income is based on the awards ultimately expected to vest, and therefore, reduced for estimated forfeitures. Stock-based compensation was $19.0 million, $17.0 million and $14.0 million in fiscal years 2024, 2023, and 2022, respectively.
\u00a0
As permitted by ASC 718, the Company elected to use a lattice model, such as the trinomial option-pricing model, to estimate the fair values of stock options. All option-pricing models require the input of subjective assumptions. These assumptions include the estimated volatility of the Company\u2019s common stock price over the expected term, the expected dividend rate, the estimated post-vesting forfeiture rate, the risk-free interest rate and expected exercise behavior. See Note O for further discussion of the application of the option-pricing models.
\u00a0
In addition, an estimated pre-vesting forfeiture rate is applied in the recognition of the compensation charge. Periodically, the Company grants performance-based stock options. The Company only recognizes compensation expense with respect to these options if it is probable that the performance targets will be met. Consequently, at the end of each reporting period, the Company estimates whether it is probable that performance targets will be met. Changes in the subjective assumptions and estimates can materially affect the amount of stock-based compensation expense recognized in the consolidated statements of comprehensive income.
\u00a0
Net Income Per Share
\u00a0
Basic net income per share is calculated by dividing net income by the weighted-average common shares outstanding. Diluted net income per share is calculated by dividing net income by the weighted-average common shares and potentially dilutive securities outstanding during the period using the treasury stock method or the two-class method, whichever is more dilutive.
"}]},{"name":"rpt:f-403","factDimensions":{"xbrl:concept":"us-gaap:FiscalPeriod","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"Fiscal Year
\u00a0
The Company\u2019s fiscal year is a fifty-two or fifty-three-week period ending on the last Saturday in December. The 2024 and 2023 fiscal years consisted of fifty-two weeks, while the 2022 fiscal year consisted of fifty-three weeks.
"}]},{"name":"rpt:f-404","factDimensions":{"xbrl:concept":"us-gaap:ConsolidationPolicyTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"Principles of Consolidation
\u00a0
The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. All intercompany transactions and balances have been eliminated in consolidation.
"}]},{"name":"rpt:f-405","factDimensions":{"xbrl:concept":"us-gaap:UseOfEstimates","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"Use of Estimates
\u00a0
The preparation of condensed consolidated financial statements in conformity with United States generally accepted accounting principles (\u201cGAAP\u201d) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities during the reporting periods, the reported amounts of revenue and expenses during the reporting periods and the disclosure of contingent assets and liabilities at the date of the financial statements. On an ongoing basis, the Company bases estimates and assumptions on historical experience, currently available information, and various other factors that management believes to be reasonable under the circumstances. Actual results may differ materially from these estimates and assumptions.
"}]},{"name":"rpt:f-406","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsPolicyTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"Cash and Cash Equivalents
\u00a0
Cash and cash equivalents at December 28, 2024 and December 30, 2023 included cash on-hand and money market instruments that are highly liquid investments. Cash and cash equivalents are carried at cost, which approximates fair value"}]},{"name":"rpt:f-407","factDimensions":{"xbrl:concept":"us-gaap:TradeAndOtherAccountsReceivablePolicy","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"Accounts Receivable and Allowance for Credit Losses
\u00a0
The Company\u2019s accounts receivable primarily consist of trade receivables. The Company records an allowance for credit losses that is based on historical trends, customer knowledge, any known disputes, and the aging of the accounts receivable balances combined with management\u2019s estimate of future potential recoverability. Receivables are written off against the allowance after all attempts to collect a receivable have failed. The Company believes its allowances for credit losses as of December 28, 2024 and December 30, 2023 are adequate, but actual losses could exceed the recorded allowance.
"}]},{"name":"rpt:f-408","factDimensions":{"xbrl:concept":"us-gaap:ConcentrationRiskCreditRisk","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"Concentrations of Credit Risk
\u00a0
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash equivalents, and trade receivables. The Company places its cash equivalents with high credit quality financial institutions. As of December 28, 2024 and December 30, 2023, the Company\u2019s cash and cash equivalents were primarily invested in a \u201cTriple A\u201d rated money market fund.
\u00a0
The Company sells primarily to a network of independent wholesalers in the United States and to a network of foreign wholesalers, importers or other agencies (collectively referred to as \u201cDistributors\u201d). In 2024, 2023, and 2022, sales to foreign Distributors were approximately 5%, 4%, 4%, respectively of total sales. Receivables arising from the Company's sales are not collateralized; however, credit risk is minimized as a result of the large and diverse nature of the Company\u2019s customer base. There were no individual customer accounts receivable balances outstanding at December 28, 2024 or December 30, 2023 that were in excess of 10% of the gross accounts receivable balance on those dates. No individual customers represented more than 10% of the Company\u2019s revenues in fiscal years 2024, 2023, or 2022.
"}]},{"name":"rpt:f-409","factDimensions":{"xbrl:concept":"sam:NumberOfCustomersAccountedForMoreThanTenPercentOfAccountsReceivable","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"sam:Customer"},"factValues":[{"value":"0"}]},{"name":"rpt:f-410","factDimensions":{"xbrl:concept":"sam:NumberOfCustomersAccountedForMoreThanTenPercentOfAccountsReceivable","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"sam:Customer"},"factValues":[{"value":"0"}]},{"name":"rpt:f-411","factDimensions":{"xbrl:concept":"sam:NumberOfCustomersAccountedForMoreThanTenPercentOfRevenue","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"sam:Customer"},"factValues":[{"value":"0"}]},{"name":"rpt:f-412","factDimensions":{"xbrl:concept":"sam:NumberOfCustomersAccountedForMoreThanTenPercentOfRevenue","xbrl:period":"2021-12-26T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"sam:Customer"},"factValues":[{"value":"0"}]},{"name":"rpt:f-413","factDimensions":{"xbrl:concept":"sam:NumberOfCustomersAccountedForMoreThanTenPercentOfRevenue","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"sam:Customer"},"factValues":[{"value":"0"}]},{"name":"rpt:f-414","factDimensions":{"xbrl:concept":"us-gaap:FairValueOfFinancialInstrumentsPolicy","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"Financial Instruments and Fair Value of Financial Instruments
\u00a0
The Company\u2019s primary financial instruments at December 28, 2024 and December 30, 2023 consisted of cash equivalents, accounts receivable, and accounts payable. The Company determines the fair value of its financial assets and liabilities in accordance with Financial Accounting Standards Board (\u201cFASB\u201d) Accounting Standards Codification (\u201cASC\u201d) Topic 820, Fair Value Measurements and Disclosures (\u201cASC 820\u201d). The Company believes that the carrying amount of its cash equivalents, accounts receivable, and accounts payable approximates fair value due to the short-term nature of these assets and liabilities. The Company is not exposed to significant interest, currency or credit risks arising from these financial assets and liabilities.
"}]},{"name":"rpt:f-415","factDimensions":{"xbrl:concept":"us-gaap:InventoryPolicyTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"Inventories and Provision for Excess or Expired Inventory
\u00a0
Inventories consist of raw materials and packaging materials, work in process and finished goods. Raw materials, which principally consist of flavorings, hops, malt, fruit juices, other brewing materials and packaging, are stated at the lower of cost (first-in, first-out basis) or net realizable value. The Company\u2019s goal is to maintain on-hand a supply of approximately two years for essential hop varieties, in order to limit the risk of an unexpected reduction in supply. Inventories are generally classified as current assets. The Company classifies hops inventory in excess of two years of forecasted usage in other long-term assets. The cost elements of work in process and finished goods inventory consist of raw materials, direct labor and manufacturing overhead. Packaging design costs are expensed as incurred. The Company enters into multi-year purchase commitments in order to secure adequate supply of ingredients and packaging, to brew and package its products.
\u00a0
The provisions for excess or expired inventory are based on management\u2019s estimates of forecasted usage of inventories on hand. Forecasting usage involves significant judgments regarding future demand for the Company\u2019s various existing products and products under development as well as the potency and shelf-life of various raw material ingredients and finished goods. A significant change in the timing or level of demand for certain products as compared to forecasted amounts may result in recording additional provisions for excess or expired inventory in the future. Provision for excess or expired inventory included in cost of goods sold was $21.9 million, $19.3 million, and $35.9 million in fiscal years 2024, 2023, and 2022 respectively.
"}]},{"name":"rpt:f-416","factDimensions":{"xbrl:concept":"us-gaap:InventoryWriteDown","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"21900000","decimals":-5}]},{"name":"rpt:f-417","factDimensions":{"xbrl:concept":"us-gaap:InventoryWriteDown","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"19300000","decimals":-5}]},{"name":"rpt:f-418","factDimensions":{"xbrl:concept":"us-gaap:InventoryWriteDown","xbrl:period":"2021-12-26T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"35900000","decimals":-5}]},{"name":"rpt:f-419","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentPolicyTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"Property, Plant and Equipment
\u00a0
Property, plant, and equipment are stated at cost or fair value as of the date of acquisition. Expenditures for repairs and maintenance are expensed as incurred. Major renewals and betterments that extend the life of the property are capitalized. Depreciation is computed using the straight-line method based upon the estimated useful lives of the underlying assets as follows:
\u00a0
| \n | \n |
Kegs | \n 5\u00a0years | \n
| \n
| \n
Computer software and equipment | \n 2\u00a0to 5 years | \n
| \n
| \n
Office equipment and furniture | \n 3\u00a0to 7 years | \n
| \n
| \n
Machinery and plant equipment | \n 3\u00a0to 20 years | \n
| \n
| \n
Leasehold improvements | \n Lesser of the remaining term of the lease or estimated useful life of the asset | \n
| \n
| \n
Building and building improvements | \n 12 to 20 years, or the remaining useful life of the building, whichever is shorter | \n
\u00a0
For purposes of determining whether there are any impairment losses on brewery assets, as further discussed below, management has historically examined the carrying value of the Company\u2019s identifiable long-lived assets, including their useful lives, semi-annually, or more frequently when indicators of impairment are present. Evaluations of whether indicators of impairment exist involve judgments regarding the current and future business environment and the length of time the Company intends to use the asset. If an impairment loss is identified based on the fair value of the asset, as compared to the carrying value of the asset, such loss would be charged to expense in the period the impairment is identified. Furthermore, if the review of the carrying values of the long-lived assets indicates impairment of such assets, the Company may determine that shorter estimated useful lives are more appropriate. In that event, the Company will be required to record additional depreciation in future periods, which will reduce earnings. Estimating the amount of impairment, if any, requires significant judgments including identification of potential impairments, market comparison to similar assets, estimated cash flows to be generated by the asset, discount rates, the remaining useful life of the asset, and the usefulness of the asset in consideration of future business plans. Impairment of brewery assets classified as property, plant, and equipment included in operating expenses was $7.2 million, $5.0 million and $2.6 million in fiscal years 2024, 2023, and 2022, respectively.
\u00a0
Factors generally considered important which could trigger an impairment review on the carrying value of long-lived assets include the following: (1) significant underperformance relative to historical or projected future operating results; (2) significant changes in the manner of use of acquired assets or the strategy for the Company\u2019s overall business; (3) underutilization of assets; and (4) discontinuance of products by the Company or its customers.
"}]},{"name":"rpt:f-420","factDimensions":{"xbrl:concept":"sam:ScheduleOfPropertyPlantAndEquipmentUsefulLifeTableTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"\n| \n | \n |
Kegs | \n 5\u00a0years | \n
| \n
| \n
Computer software and equipment | \n 2\u00a0to 5 years | \n
| \n
| \n
Office equipment and furniture | \n 3\u00a0to 7 years | \n
| \n
| \n
Machinery and plant equipment | \n 3\u00a0to 20 years | \n
| \n
| \n
Leasehold improvements | \n Lesser of the remaining term of the lease or estimated useful life of the asset | \n
| \n
| \n
Building and building improvements | \n 12 to 20 years, or the remaining useful life of the building, whichever is shorter | \n
Segment Reporting
\u00a0
The Company consists of one operating segment that produces and sells alcohol beverages under various brands. All 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, with similar profit margins, and through the same channels of distribution. See Note U for further discussion of the Company's segment reporting.
"}]},{"name":"rpt:f-436","factDimensions":{"xbrl:concept":"us-gaap:NumberOfOperatingSegments","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"sam:Segment"},"factValues":[{"value":"1","decimals":0}]},{"name":"rpt:f-437","factDimensions":{"xbrl:concept":"us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"Goodwill and Intangible Assets
\u00a0
The Company has recorded intangible assets with indefinite lives and goodwill for which impairment testing is required at least annually or more frequently if events or circumstances indicate that these assets might be impaired. The Company performs its annual impairment tests and re-evaluates the useful lives of other intangible assets with indefinite lives at the annual impairment test measurement date in the third quarter of each fiscal year or when circumstances arise that indicate a possible impairment or change in useful life might exist.
\u00a0
The Company\u2019s annual goodwill impairment evaluation analysis conducted at the end of fiscal August indicated that the fair value of the Company\u2019s goodwill was greater than the carrying value and accordingly there was no impairment to record as of the impairment evaluation analysis date. The guidance for goodwill impairment testing allows an entity to assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the estimated fair value of a reporting unit, of which the Company has one, is less than its carrying amount or to proceed directly to performing a quantitative impairment test. Under the quantitative assessment, the estimated fair value of the Company\u2019s reporting unit is compared to its carrying value, including goodwill. The estimate of fair value of the Company\u2019s reporting unit is generally calculated based on an income approach using the discounted cash flow method supplemented by the market approach which considers the Company\u2019s market capitalization and enterprise value. If the estimated fair value of the Company\u2019s reporting unit is less than the carrying value of its reporting unit, a goodwill impairment will be recognized. In estimating the fair value of the Company\u2019s reporting unit, management must make assumptions and projections regarding such items as future cash flows, future revenues, future earnings, cost of capital, and other factors. The assumptions used in the estimate of fair value are based on historical trends and the projections and assumptions that are used in the latest operating plans. These assumptions reflect management\u2019s estimates of future economic and competitive conditions and are, therefore, subject to change as a result of changing market conditions. If these estimates or their related assumptions change in the future, the Company may be required to recognize an impairment loss for the Company\u2019s goodwill which could have a material adverse impact on the Company\u2019s financial statements.
\u00a0
The Company\u2019s intangible assets consist primarily of a trademark and customer relationships obtained through the Company\u2019s Dogfish Head acquisition. Customer relationships are amortized over their estimated useful lives. As of the annual impairment assessment date at the end of fiscal August, the Dogfish Head trademark was determined to have an indefinite useful life and was not amortized. The guidance for indefinite lived intangible asset impairment testing allows an entity to assess qualitative factors to determine whether the existence of events or circumstances indicates that it is more likely than not that the indefinite lived intangible asset is impaired or to proceed directly to performing the quantitative impairment test. Under the quantitative assessment, the trademark is evaluated for impairment by comparing the carrying value of the trademark to its estimated fair value. The estimated fair value of the trademark is calculated based on an income approach using the relief from royalty method. If the estimated fair value is less than the carrying value of the trademark, then an impairment charge is recognized to reduce the carrying value of the trademark to its estimated fair value.
\u00a0
Significant judgment is required to estimate the fair value of the Dogfish Head trademark. Accordingly, the Company obtains the assistance of third-party valuation specialists as part of the impairment evaluation. In estimating the fair value of the trademark, management must make assumptions and projections regarding future cash flows based upon future revenues, the market-based royalty rate, the discount rate, and the after-tax royalty savings expected from ownership of the trademark. The assumptions and projections used in the estimate of fair value are consistent with recent trends and represent the projections used in the Company\u2019s current strategic operating plans which include reductions in revenues from the Dogfish Head beer products. These assumptions reflect management\u2019s estimates of future economic and competitive conditions and consider many factors including macroeconomic conditions, industry growth rates, and competitive activities and are, therefore, subject to change as a result of changing market conditions.
"}]},{"name":"rpt:f-438","factDimensions":{"xbrl:concept":"sam:CustomerTransactionsPolicyTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"Refundable Deposits on Kegs and Pallets
The Company distributes its packaged flavored malt beverages, hard seltzers, beers, hard ciders and spirits based ready to drink beverages primarily in cans and glass bottles and its draft beer and hard ciders in kegs and such cans, bottles, and kegs are shipped on pallets to Distributors. Most kegs and pallets are owned by the Company. Kegs are reflected in the Company\u2019s balance sheets at cost and are depreciated over the estimated useful life of the keg, while pallets are expensed upon purchase. Upon shipment of beer to Distributors, the Company collects a refundable deposit on the kegs and certain pallets, which is included in current liabilities in the Company\u2019s balance sheets. Upon return of the kegs and pallets to the Company, the deposit is refunded to the Distributor.
\u00a0
The Company has experienced some loss of kegs and pallets and anticipates that some loss will occur in future periods due to the significant volume of kegs and pallets handled by each Distributor and retailer, the homogeneous nature of kegs and pallets owned by most brewers, and the relatively small deposit collected for each keg when compared with its market value. The Company believes that this is an industry-wide issue and that the Company\u2019s loss experience is not atypical. The Company believes that the loss of kegs and pallets, after considering the forfeiture of related deposits, has not been material to the financial statements. The Company uses internal records, records maintained by Distributors, records maintained by other third-party vendors and historical information to estimate the physical count of kegs and pallets held by Distributors. These estimates affect the amount recorded as property, plant and equipment and current liabilities as of the date of the financial statements. The actual liability for refundable deposits could differ from these estimates. For the year ended December 28, 2024, the Company increased its liability for refundable deposits, and decreased its gross property, plant, and equipment and related accumulated depreciation by $1.8 million, $2.3 million and $2.2 million, respectively. For the year ended December 30, 2023, the Company decreased its liability for refundable deposits and increased its gross property, plant, and equipment and related accumulated depreciation by $0.7 million, $2.2 million and $0.3 million. As of December 28, 2024, and December 30, 2023, the Company\u2019s balance sheet includes $15.1 million and $13.3 million, respectively, in refundable deposits on kegs and pallets and $2.8 million and $0.7 million, respectively, in kegs, net of accumulated depreciation.
"}]},{"name":"rpt:f-439","factDimensions":{"xbrl:concept":"us-gaap:IncreaseDecreaseInContractWithCustomerLiability","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1800000","decimals":-5}]},{"name":"rpt:f-440","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-2300000","decimals":-5}]},{"name":"rpt:f-441","factDimensions":{"xbrl:concept":"us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentPeriodIncreaseDecrease","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-2200000","decimals":-5}]},{"name":"rpt:f-442","factDimensions":{"xbrl:concept":"us-gaap:IncreaseDecreaseInContractWithCustomerLiability","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"-700000","decimals":-5}]},{"name":"rpt:f-443","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentGrossPeriodIncreaseDecrease","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"2200000","decimals":-5}]},{"name":"rpt:f-444","factDimensions":{"xbrl:concept":"us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentPeriodIncreaseDecrease","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"300000","decimals":-5}]},{"name":"rpt:f-445","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerLiabilityCurrent","xbrl:period":"2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"15100000","decimals":-5}]},{"name":"rpt:f-446","factDimensions":{"xbrl:concept":"us-gaap:ContractWithCustomerLiabilityCurrent","xbrl:period":"2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"13300000","decimals":-5}]},{"name":"rpt:f-447","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentNet","xbrl:period":"2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"sam:KegsMember"},"factValues":[{"value":"2800000","decimals":-5}]},{"name":"rpt:f-448","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentNet","xbrl:period":"2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"sam:KegsMember"},"factValues":[{"value":"700000","decimals":-5}]},{"name":"rpt:f-449","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxPolicyTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"Income Taxes
\u00a0
The Company provides for deferred taxes using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company\u2019s consolidated financial statements or tax returns. This results in differences between the book and tax basis of the Company\u2019s assets, liabilities and carry-forwards, such as tax credits. In estimating future tax consequences, all expected future events, other than enactment of changes in the tax laws or rates, are generally considered. Valuation allowances are provided when recovery of deferred tax assets does not meet the more likely than not standards as defined in ASC Topic 740, Income Taxes.
The calculation of the Company\u2019s uncertain tax positions involves dealing with uncertainties in the application of tax regulations in several different state tax jurisdictions. The Company is periodically reviewed by tax authorities regarding the amount of taxes due. These reviews include inquiries regarding the timing and amount of deductions and the allocation of income among various tax jurisdictions. The Company records estimated reserves for exposures associated with positions that it takes on its income tax returns that do not meet the more likely than not standards as defined in ASC Topic 740, Income Taxes.
The Organization for Economic Co-operation and Development/G20 Inclusive Framework on Base Erosion and Profit Shifting has introduced rules to establish a global minimum tax rate of 15%, commonly referred to as the Pillar Two rules. Numerous foreign countries have enacted legislation to implement the Pillar Two rules, effective beginning in 2024, or are expected to enact similar legislation. The Company is currently evaluating the potential impacts that Pillar Two may have on future periods and will continue to monitor the implementation of the Pillar Two rules in the jurisdictions in which it operates. The Company meets the transitional safe harbor for the period ended December 28, 2024.
\u00a0
Revenue Recognition and Classification of Customer Programs and Incentives
\u00a0
During fiscal years 2024, 2023, and 2022 approximately 94%, 94%, and 95%, respectively, of the Company\u2019s revenue was from shipments of its products to domestic Distributors and 5%, 4%, 4% from shipments to international Distributors, primarily located in Canada. Approximately 1%, 2%, and 1% of the Company\u2019s revenue was from retail beer, cider, food and merchandise sales at the Company\u2019s retail locations during fiscal years 2024, 2023, and 2022, respectively.
\u00a0
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 December 28, 2024 and December 30, 2023, the Company had deferred revenue of $11.3 million and $8.9 million, respectively, related to product shipped prior to these dates for which the criteria to recognize revenue was not met as of these dates. These amounts are included in accrued expenses and other current liabilities in the accompanying consolidated balance sheets.
\u00a0
The Company is committed to maintaining the freshness of its products in the market. In certain circumstances and with the Company\u2019s approval, the Company accepts and destroys or offers credits for stale beer that is returned or destroyed by Distributors. The Company generally credits approximately fifty percent of the distributor\u2019s cost of beer that has passed its freshness expiration date when it is returned to the Company or destroyed. The Company reduces revenue and establishes an accrual based upon both historical returns, which is applied to an estimated lag time for receipt of product, and knowledge of specific return transactions. Estimating this reserve involves significant judgments and estimates, including comparability of historical return trends to future trends, lag time from date of sale to date of return, and product mix of returns. Stale beer expense is reflected in the accompanying financial statements as a reduction of revenue. Historically, the cost of actual stale beer returns has been in line with established reserves; however, the cost could differ materially from the reserves which would impact revenue. As of December 28, 2024, and December 30, 2023, the stale beer reserve was $6.1 million and $8.2 million, respectively. These amounts are included in accrued expenses and other current liabilities in the accompanying consolidated balance sheets. Provision for stale beer recorded as reductions to revenue totaled $5.3 million, $18.8 million, and $19.6 million in fiscal years 2024, 2023, and 2022 respectively.
\u00a0
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, based on the nature of the expenditure. Customer incentives and other payments made to Distributors are primarily based upon the performance of certain marketing and advertising activities. Depending on applicable state laws and regulations, these activities promoting the Company\u2019s products may include, but are not limited to, point-of-sale and merchandise placement, samples, product displays, promotional programs at retail locations and meals, travel and entertainment. Amounts paid to customers in connection with these programs that were recorded as reductions to net revenue or as advertising, promotional and selling expenses totaled $112.3 million, $106.4 million and $95.9 million in fiscal years 2024, 2023, and 2022, respectively. Estimates are based on historical and projected experience for each type of program or customer and have historically been in line with actual costs incurred.
\u00a0
Customer promotional discount programs are entered into with Distributors for certain periods of time. Amounts paid to Distributors in connection with these programs in fiscal years 2024, 2023, and 2022 were $61.0 million, $62.6 million and $54.8 million, respectively. The reimbursements for discounts to Distributors are recorded as reductions to net revenue. The agreed-upon discount rates are applied to certain Distributors\u2019 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 allowances.
\u00a0
Customer incentives and other payments are made primarily to Distributors based upon the performance of certain marketing and advertising activities. Depending on applicable state laws and regulations, these activities promoting the Company\u2019s products may include, but are not limited to point-of-sale and merchandise placement, samples, product displays, promotional programs at retail locations and meals, travel and entertainment. Amounts paid to customers in connection with these programs in fiscal years 2024, 2023, and 2022 were $51.3 million, $43.8 million and $41.1 million, respectively. In fiscal years 2024, 2023, and 2022, the Company recorded certain of these costs in the total amount of $32.2 million, $31.4 million and $29.9 million, respectively, as reductions to net revenue. Costs recognized in net revenues include, but are not limited to, promotional discounts, sales incentives and certain other promotional activities. Costs recognized in advertising, promotional and selling expenses include point of sale materials, samples and media advertising expenditures in local markets. These costs are recorded as incurred, generally when invoices are received; however certain estimates are required at the period end. Estimates are based on historical and projected experience for each type of program or customer and have historically been in line with actual costs incurred.
\u00a0
In connection with its preparation of financial statements and other financial reporting, management is required to make certain estimates and assumptions regarding the amount, timing and classification of expenditures resulting from these activities. Actual expenditures incurred could differ from management\u2019s estimates and assumptions.
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ServicesTransactionBySupplierAxis":"sam:DistributorsMember"},"factValues":[{"value":"61000000.0","decimals":-5}]},{"name":"rpt:f-471","factDimensions":{"xbrl:concept":"sam:PaymentsToCustomers","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD","us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis":"sam:DistributorsMember"},"factValues":[{"value":"62600000","decimals":-5}]},{"name":"rpt:f-472","factDimensions":{"xbrl:concept":"sam:PaymentsToCustomers","xbrl:period":"2021-12-26T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD","us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis":"sam:DistributorsMember"},"factValues":[{"value":"54800000","decimals":-5}]},{"name":"rpt:f-473","factDimensions":{"xbrl:concept":"us-gaap:MarketingAndAdvertisingExpense","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD","us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis":"sam:DistributorsMember"},"factValues":[{"value":"51300000","decimals":-5}]},{"name":"rpt:f-474","factDimensions":{"xbrl:concept":"us-gaap:MarketingAndAdvertisingExpense","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD","us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis":"sam:DistributorsMember"},"factValues":[{"value":"43800000","decimals":-5}]},{"name":"rpt:f-475","factDimensions":{"xbrl:concept":"us-gaap:MarketingAndAdvertisingExpense","xbrl:period":"2021-12-26T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD","us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis":"sam:DistributorsMember"},"factValues":[{"value":"41100000","decimals":-5}]},{"name":"rpt:f-476","factDimensions":{"xbrl:concept":"us-gaap:OtherCostOfOperatingRevenue","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD","us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis":"sam:DistributorsMember"},"factValues":[{"value":"32200000","decimals":-5}]},{"name":"rpt:f-477","factDimensions":{"xbrl:concept":"us-gaap:OtherCostOfOperatingRevenue","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD","us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis":"sam:DistributorsMember"},"factValues":[{"value":"31400000","decimals":-5}]},{"name":"rpt:f-478","factDimensions":{"xbrl:concept":"us-gaap:OtherCostOfOperatingRevenue","xbrl:period":"2021-12-26T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD","us-gaap:ShareBasedGoodsAndNonemployeeServicesTransactionBySupplierAxis":"sam:DistributorsMember"},"factValues":[{"value":"29900000","decimals":-5}]},{"name":"rpt:f-479","factDimensions":{"xbrl:concept":"sam:ExciseTaxesPolicyTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"Excise Taxes
\u00a0
The Company is responsible for compliance with TTB regulations, including making timely and accurate excise tax payments. The Company is subject to periodic compliance audits by the TTB. Individual states also impose excise taxes on alcohol beverages in varying amounts. The Company calculates its excise tax expense based upon units shipped and on its understanding of the applicable excise tax laws.
"}]},{"name":"rpt:f-480","factDimensions":{"xbrl:concept":"us-gaap:CostOfSalesPolicyTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"Cost of Goods Sold
\u00a0
The following expenses are included in cost of goods sold in the accompanying consolidated statements of comprehensive income: raw material costs, packaging material costs, costs and income related to deposit activity, purchasing and receiving costs, manufacturing labor and overhead, brewing and processing costs, inspection costs relating to quality control, inbound freight charges, depreciation expense related to manufacturing equipment and warehousing costs, which include rent, labor and overhead costs.
"}]},{"name":"rpt:f-481","factDimensions":{"xbrl:concept":"sam:ShippingsAndHandlingCostPolicyTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"Shipping Costs
\u00a0
Costs incurred for the shipping of products to customers are included in advertising, promotional and selling expenses in the accompanying consolidated statements of comprehensive income. The Company incurred shipping costs of $104.1 million, $114.7 million, and $165.5 million in fiscal years 2024, 2023, and 2022, respectively.
"}]},{"name":"rpt:f-482","factDimensions":{"xbrl:concept":"us-gaap:SellingExpense","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"104100000","decimals":-5}]},{"name":"rpt:f-483","factDimensions":{"xbrl:concept":"us-gaap:SellingExpense","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"114700000","decimals":-5}]},{"name":"rpt:f-484","factDimensions":{"xbrl:concept":"us-gaap:SellingExpense","xbrl:period":"2021-12-26T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"165500000","decimals":-5}]},{"name":"rpt:f-485","factDimensions":{"xbrl:concept":"us-gaap:AdvertisingCostsPolicyTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"Advertising, Promotional, and Selling Expenses
\u00a0
The following expenses are included in advertising, promotional and selling expenses in the accompanying consolidated statements of comprehensive income: media advertising and production costs, sales and brand related expenses, sales and brand salary and benefit expenses, stock compensation, meals, travel and entertainment expenses, promotional activity expenses, shipping costs related to shipments of finished goods from manufacturing locations to distributor locations and point-of-sale items. Total advertising and sales promotional expenditures of $240.9 million, $233.5 million, and $226.7 million were included in advertising, promotional and selling expenses in the accompanying consolidated statements of comprehensive income for fiscal years 2024, 2023, and 2022, respectively.
\u00a0
The Company conducts certain advertising and promotional activities in its Distributors\u2019 markets and the Distributors make contributions to the Company for such efforts. Reimbursements from Distributors for advertising and promotional activities are recorded as reductions to advertising, promotional and selling expenses.
"}]},{"name":"rpt:f-486","factDimensions":{"xbrl:concept":"us-gaap:MarketingAndAdvertisingExpense","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"240900000","decimals":-5}]},{"name":"rpt:f-487","factDimensions":{"xbrl:concept":"us-gaap:MarketingAndAdvertisingExpense","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"233500000","decimals":-5}]},{"name":"rpt:f-488","factDimensions":{"xbrl:concept":"us-gaap:MarketingAndAdvertisingExpense","xbrl:period":"2021-12-26T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"226700000","decimals":-5}]},{"name":"rpt:f-489","factDimensions":{"xbrl:concept":"us-gaap:SellingGeneralAndAdministrativeExpensesPolicyTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"General and Administrative Expenses
\u00a0
The following expenses are included in general and administrative expenses in the accompanying consolidated statements of comprehensive income: general and administrative salary and benefit expenses, stock compensation, insurance costs, consulting and professional service fees, rent and utility expenses, meals, travel and entertainment expenses for general and administrative employees, and other general and administrative overhead costs.
"}]},{"name":"rpt:f-490","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"Stock-Based Compensation
\u00a0
The Company accounts for share-based awards in accordance with ASC Topic 718, Compensation \u2013 Stock Compensation (\u201cASC 718\u201d), which generally requires recognition of share-based compensation costs in financial statements based on fair value. Compensation cost is recognized over the period during which an employee is required to provide services in exchange for the award (the requisite service period). The amount of compensation cost recognized in the consolidated statements of comprehensive income is based on the awards ultimately expected to vest, and therefore, reduced for estimated forfeitures. Stock-based compensation was $19.0 million, $17.0 million and $14.0 million in fiscal years 2024, 2023, and 2022, respectively.
\u00a0
As permitted by ASC 718, the Company elected to use a lattice model, such as the trinomial option-pricing model, to estimate the fair values of stock options. All option-pricing models require the input of subjective assumptions. These assumptions include the estimated volatility of the Company\u2019s common stock price over the expected term, the expected dividend rate, the estimated post-vesting forfeiture rate, the risk-free interest rate and expected exercise behavior. See Note O for further discussion of the application of the option-pricing models.
\u00a0
In addition, an estimated pre-vesting forfeiture rate is applied in the recognition of the compensation charge. Periodically, the Company grants performance-based stock options. The Company only recognizes compensation expense with respect to these options if it is probable that the performance targets will be met. Consequently, at the end of each reporting period, the Company estimates whether it is probable that performance targets will be met. Changes in the subjective assumptions and estimates can materially affect the amount of stock-based compensation expense recognized in the consolidated statements of comprehensive income.
"}]},{"name":"rpt:f-491","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensation","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"19000000.0","decimals":-5}]},{"name":"rpt:f-492","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensation","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"17000000.0","decimals":-5}]},{"name":"rpt:f-493","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensation","xbrl:period":"2021-12-26T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"14000000.0","decimals":-5}]},{"name":"rpt:f-494","factDimensions":{"xbrl:concept":"us-gaap:EarningsPerSharePolicyTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"Net Income Per Share
\u00a0
Basic net income per share is calculated by dividing net income by the weighted-average common shares outstanding. Diluted net income per share is calculated by dividing net income by the weighted-average common shares and potentially dilutive securities outstanding during the period using the treasury stock method or the two-class method, whichever is more dilutive"}]},{"name":"rpt:f-495","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"C. Recent Accounting Pronouncements
\u00a0
New accounting pronouncements are issued periodically by the FASB and are adopted by the Company as of the specified effective dates. Unless otherwise disclosed below, the Company believes that recently issued and adopted pronouncements will not have a material impact on the Company\u2019s financial position, results of operations and cash flows or do not apply to the Company\u2019s operations.
\u00a0
In November 2023, the FASB issued ASU 2023-07\u2014Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU was issued to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU applies to all public entities that are required to report segment information in accordance with Topic 280, Segment Reporting. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company has adopted ASU 2023-07 for the fiscal year ending December 28, 2024. See Note U for further discussion of the Company's segment reporting.
\u00a0
In December 2023, the FASB issued ASU 2023-09\u2014Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU was issued to address investor requests for more transparency about income tax information through improvements to income tax disclosure primarily related to the rate reconciliation and income taxes paid information, and to improve the effectiveness of income tax disclosures. This ASU is effective for public entities for annual periods beginning after December 15, 2024. Early adoption is permitted. ASU 2023-09 will be effective for the Company in the first quarter of its fiscal year ending December 27, 2025. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements.
\u00a0
In November 2024, the FASB issued ASU 2024-03\u2014Income Statement - Reporting Comprehensive Income - Expenses Disaggregation Disclosures (SubTopic 220-40): Disaggregation of Income Statement Expenses. This ASU was issued to address investor requests for more detailed information about the types of expenses in commonly presented expense captions (such as cost of sales, SG&A, and research and development). This ASU is effective for public entities for annual periods beginning after December 15, 2026. Early adoption is permitted. ASU 2024-03 will be effective for the Company in the first quarter of its fiscal year ending December 15, 2027. The Company is currently evaluating the impact the adoption of this ASU will have on its consolidated financial statements.
"}]},{"name":"rpt:f-496","factDimensions":{"xbrl:concept":"us-gaap:ChangeInAccountingPrincipleAccountingStandardsUpdateAdopted","xbrl:period":"2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","us-gaap:AdjustmentsForNewAccountingPronouncementsAxis":"us-gaap:AccountingStandardsUpdate202307Member"},"factValues":[{"value":"true"}]},{"name":"rpt:f-497","factDimensions":{"xbrl:concept":"us-gaap:ChangeInAccountingPrincipleAccountingStandardsUpdateAdoptionDate","xbrl:period":"2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","us-gaap:AdjustmentsForNewAccountingPronouncementsAxis":"us-gaap:AccountingStandardsUpdate202307Member"},"factValues":[{"value":"2024-12-28"}]},{"name":"rpt:f-498","factDimensions":{"xbrl:concept":"us-gaap:InventoryDisclosureTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"D. Inventories
\u00a0
Inventories consisted of the following as of:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 28, | \n \u00a0 | \n \u00a0 | \n December 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||
Current inventory: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Raw materials | \n \u00a0 | \n $ | \n 48,321 | \n \u00a0 | \n \u00a0 | \n $ | \n 55,116 | \n \u00a0 | \n
Work in process | \n \u00a0 | \n \u00a0 | \n 18,878 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,750 | \n \u00a0 | \n
Finished goods | \n \u00a0 | \n \u00a0 | \n 49,960 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 41,907 | \n \u00a0 | \n
Total current inventory | \n \u00a0 | \n \u00a0 | \n 117,159 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 115,773 | \n \u00a0 | \n
Long term inventory | \n \u00a0 | \n \u00a0 | \n 6,076 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,369 | \n \u00a0 | \n
Total inventory | \n \u00a0 | \n $ | \n 123,235 | \n \u00a0 | \n \u00a0 | \n $ | \n 130,142 | \n \u00a0 | \n
\u00a0
As of December 28, 2024 and December 30, 2023, the Company has recorded inventory obsolescence reserves of $16.3 million and $7.6 million, respectively. The increase in inventory obsolescence reserves was primarily driven by the reserves for slow moving inventory.
"}]},{"name":"rpt:f-499","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfInventoryCurrentTableTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"Inventories consisted of the following as of:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 28, | \n \u00a0 | \n \u00a0 | \n December 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||
Current inventory: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Raw materials | \n \u00a0 | \n $ | \n 48,321 | \n \u00a0 | \n \u00a0 | \n $ | \n 55,116 | \n \u00a0 | \n
Work in process | \n \u00a0 | \n \u00a0 | \n 18,878 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,750 | \n \u00a0 | \n
Finished goods | \n \u00a0 | \n \u00a0 | \n 49,960 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 41,907 | \n \u00a0 | \n
Total current inventory | \n \u00a0 | \n \u00a0 | \n 117,159 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 115,773 | \n \u00a0 | \n
Long term inventory | \n \u00a0 | \n \u00a0 | \n 6,076 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,369 | \n \u00a0 | \n
Total inventory | \n \u00a0 | \n $ | \n 123,235 | \n \u00a0 | \n \u00a0 | \n $ | \n 130,142 | \n \u00a0 | \n
E. Prepaid Expenses and Other Current Assets
\u00a0
Prepaid expenses and other current assets consisted of the following as of:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 28, | \n \u00a0 | \n \u00a0 | \n December 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||
Prepaid insurance | \n \u00a0 | \n $ | \n 4,718 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,394 | \n \u00a0 | \n
Prepaid advertising, promotional and selling costs | \n \u00a0 | \n \u00a0 | \n 4,678 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,324 | \n \u00a0 | \n
Prepaid taxes | \n \u00a0 | \n \u00a0 | \n 3,984 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,536 | \n \u00a0 | \n
Prepaid software and consulting fees | \n \u00a0 | \n \u00a0 | \n 3,907 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,627 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 2,922 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,657 | \n \u00a0 | \n
Total prepaid expenses and other current assets | \n \u00a0 | \n $ | \n 20,209 | \n \u00a0 | \n \u00a0 | \n $ | \n 20,538 | \n \u00a0 | \n
Prepaid expenses and other current assets consisted of the following as of:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 28, | \n \u00a0 | \n \u00a0 | \n December 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||
Prepaid insurance | \n \u00a0 | \n $ | \n 4,718 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,394 | \n \u00a0 | \n
Prepaid advertising, promotional and selling costs | \n \u00a0 | \n \u00a0 | \n 4,678 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,324 | \n \u00a0 | \n
Prepaid taxes | \n \u00a0 | \n \u00a0 | \n 3,984 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,536 | \n \u00a0 | \n
Prepaid software and consulting fees | \n \u00a0 | \n \u00a0 | \n 3,907 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,627 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 2,922 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,657 | \n \u00a0 | \n
Total prepaid expenses and other current assets | \n \u00a0 | \n $ | \n 20,209 | \n \u00a0 | \n \u00a0 | \n $ | \n 20,538 | \n \u00a0 | \n
F. Property, Plant, and Equipment
\u00a0
Property, plant, and equipment consisted of the following as of:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 28, | \n \u00a0 | \n \u00a0 | \n December 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||
Machinery and plant equipment | \n \u00a0 | \n $ | \n 830,964 | \n \u00a0 | \n \u00a0 | \n $ | \n 777,185 | \n \u00a0 | \n
Building and building improvements | \n \u00a0 | \n \u00a0 | \n 256,829 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 247,384 | \n \u00a0 | \n
Leasehold improvements | \n \u00a0 | \n \u00a0 | \n 71,846 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 74,603 | \n \u00a0 | \n
Kegs | \n \u00a0 | \n \u00a0 | \n 58,384 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 58,492 | \n \u00a0 | \n
Office equipment and furniture | \n \u00a0 | \n \u00a0 | \n 44,409 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 40,723 | \n \u00a0 | \n
Land | \n \u00a0 | \n \u00a0 | \n 25,980 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 25,752 | \n \u00a0 | \n
Assets under construction | \n \u00a0 | \n \u00a0 | \n 46,637 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 66,700 | \n \u00a0 | \n
Property, plant, and equipment, gross | \n \u00a0 | \n \u00a0 | \n 1,335,049 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,290,839 | \n \u00a0 | \n
Less accumulated depreciation | \n \u00a0 | \n \u00a0 | \n (718,807 | \n ) | \n \u00a0 | \n \u00a0 | \n (648,330 | \n ) | \n
Property, plant, and equipment, net | \n \u00a0 | \n $ | \n 616,242 | \n \u00a0 | \n \u00a0 | \n $ | \n 642,509 | \n \u00a0 | \n
\u00a0
The Company recorded depreciation expense related to these assets of $93.2 million, $87.9 million, and $81.1 million, in fiscal years 2024, 2023, and 2022, respectively.
\u00a0
Impairment of Assets
\u00a0
The Company evaluates its assets for impairment when events indicate that an asset or asset group may have suffered impairment. During fiscal years 2024, 2023, and 2022, the Company recorded impairment charges on brewery equipment and other brewery related assets classified as property, plant, and equipment of $7.2 million, $5.0 million, and $2.6 million, respectively.
"}]},{"name":"rpt:f-529","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"Property, plant, and equipment consisted of the following as of:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 28, | \n \u00a0 | \n \u00a0 | \n December 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||
Machinery and plant equipment | \n \u00a0 | \n $ | \n 830,964 | \n \u00a0 | \n \u00a0 | \n $ | \n 777,185 | \n \u00a0 | \n
Building and building improvements | \n \u00a0 | \n \u00a0 | \n 256,829 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 247,384 | \n \u00a0 | \n
Leasehold improvements | \n \u00a0 | \n \u00a0 | \n 71,846 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 74,603 | \n \u00a0 | \n
Kegs | \n \u00a0 | \n \u00a0 | \n 58,384 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 58,492 | \n \u00a0 | \n
Office equipment and furniture | \n \u00a0 | \n \u00a0 | \n 44,409 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 40,723 | \n \u00a0 | \n
Land | \n \u00a0 | \n \u00a0 | \n 25,980 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 25,752 | \n \u00a0 | \n
Assets under construction | \n \u00a0 | \n \u00a0 | \n 46,637 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 66,700 | \n \u00a0 | \n
Property, plant, and equipment, gross | \n \u00a0 | \n \u00a0 | \n 1,335,049 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,290,839 | \n \u00a0 | \n
Less accumulated depreciation | \n \u00a0 | \n \u00a0 | \n (718,807 | \n ) | \n \u00a0 | \n \u00a0 | \n (648,330 | \n ) | \n
Property, plant, and equipment, net | \n \u00a0 | \n $ | \n 616,242 | \n \u00a0 | \n \u00a0 | \n $ | \n 642,509 | \n \u00a0 | \n
\u00a0
"}]},{"name":"rpt:f-530","factDimensions":{"xbrl:concept":"us-gaap:MachineryAndEquipmentGross","xbrl:period":"2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"830964000","decimals":-3}]},{"name":"rpt:f-531","factDimensions":{"xbrl:concept":"us-gaap:MachineryAndEquipmentGross","xbrl:period":"2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"777185000","decimals":-3}]},{"name":"rpt:f-532","factDimensions":{"xbrl:concept":"us-gaap:BuildingsAndImprovementsGross","xbrl:period":"2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"256829000","decimals":-3}]},{"name":"rpt:f-533","factDimensions":{"xbrl:concept":"us-gaap:BuildingsAndImprovementsGross","xbrl:period":"2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"247384000","decimals":-3}]},{"name":"rpt:f-534","factDimensions":{"xbrl:concept":"us-gaap:LeaseholdImprovementsGross","xbrl:period":"2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"71846000","decimals":-3}]},{"name":"rpt:f-535","factDimensions":{"xbrl:concept":"us-gaap:LeaseholdImprovementsGross","xbrl:period":"2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"74603000","decimals":-3}]},{"name":"rpt:f-536","factDimensions":{"xbrl:concept":"sam:Kegs","xbrl:period":"2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"58384000","decimals":-3}]},{"name":"rpt:f-537","factDimensions":{"xbrl:concept":"sam:Kegs","xbrl:period":"2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"58492000","decimals":-3}]},{"name":"rpt:f-538","factDimensions":{"xbrl:concept":"us-gaap:FurnitureAndFixturesGross","xbrl:period":"2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"44409000","decimals":-3}]},{"name":"rpt:f-539","factDimensions":{"xbrl:concept":"us-gaap:FurnitureAndFixturesGross","xbrl:period":"2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"40723000","decimals":-3}]},{"name":"rpt:f-540","factDimensions":{"xbrl:concept":"us-gaap:Land","xbrl:period":"2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"25980000","decimals":-3}]},{"name":"rpt:f-541","factDimensions":{"xbrl:concept":"us-gaap:Land","xbrl:period":"2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"25752000","decimals":-3}]},{"name":"rpt:f-542","factDimensions":{"xbrl:concept":"us-gaap:ConstructionInProgressGross","xbrl:period":"2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"46637000","decimals":-3}]},{"name":"rpt:f-543","factDimensions":{"xbrl:concept":"us-gaap:ConstructionInProgressGross","xbrl:period":"2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"66700000","decimals":-3}]},{"name":"rpt:f-544","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentGross","xbrl:period":"2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1335049000","decimals":-3}]},{"name":"rpt:f-545","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentGross","xbrl:period":"2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1290839000","decimals":-3}]},{"name":"rpt:f-546","factDimensions":{"xbrl:concept":"us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment","xbrl:period":"2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"718807000","decimals":-3}]},{"name":"rpt:f-547","factDimensions":{"xbrl:concept":"us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment","xbrl:period":"2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"648330000","decimals":-3}]},{"name":"rpt:f-548","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentNet","xbrl:period":"2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"616242000","decimals":-3}]},{"name":"rpt:f-549","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentNet","xbrl:period":"2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"642509000","decimals":-3}]},{"name":"rpt:f-550","factDimensions":{"xbrl:concept":"us-gaap:Depreciation","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"93200000","decimals":-5}]},{"name":"rpt:f-551","factDim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Leases
\u00a0
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 lease commencement to determine the present value of the lease payments. Leases with an initial term of 12 months or less (\u201cshort-term leases\u201d) are not recorded on the balance sheet and are recognized on a straight-line basis over the lease term. Total right-of-use (\"ROU\") assets and lease liabilities were as follows at:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Classification | \n \u00a0 | \n Leases | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n December 28, | \n \u00a0 | \n \u00a0 | \n December 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||
Right-of-use assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating lease assets | \n \u00a0 | \n Operating right-of-use assets | \n \u00a0 | \n $ | \n 27,837 | \n \u00a0 | \n \u00a0 | \n $ | \n 35,559 | \n \u00a0 | \n
\u00a0 | \n Property, plant, and equipment, net | \n \u00a0 | \n \u00a0 | \n 2,818 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,680 | \n \u00a0 | \n |
Lease Liabilities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Current | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating lease liabilities | \n \u00a0 | \n Current operating lease liabilities | \n \u00a0 | \n \u00a0 | \n 5,735 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,113 | \n \u00a0 | \n
\u00a0 | \n Accrued expenses and other current liabilities | \n \u00a0 | \n \u00a0 | \n 1,904 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,257 | \n \u00a0 | \n |
Non-current | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating lease liabilities | \n \u00a0 | \n Non-current operating lease liabilities | \n \u00a0 | \n \u00a0 | \n 30,205 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 36,161 | \n \u00a0 | \n
\u00a0 | \n Other liabilities | \n \u00a0 | \n \u00a0 | \n 936 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,451 | \n \u00a0 | \n
\u00a0
The gross value and accumulated depreciation of ROU assets related to finance leases were as follows at:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Finance Leases | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n December 28, | \n \u00a0 | \n \u00a0 | \n December 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||
Gross value | \n \u00a0 | \n $ | \n 5,316 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,134 | \n \u00a0 | \n
Accumulated amortization | \n \u00a0 | \n \u00a0 | \n (2,498 | \n ) | \n \u00a0 | \n \u00a0 | \n (3,454 | \n ) | \n
Carrying value | \n \u00a0 | \n $ | \n 2,818 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,680 | \n \u00a0 | \n
\u00a0
Components of lease cost for the fiscal year-ended are as follows at:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n Fiscal years ended | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n December 28, | \n \u00a0 | \n \u00a0 | \n December 30, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||||||
Operating lease cost: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Amortization of right-of-use assets | \n \u00a0 | \n $ | \n 9,420 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,339 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,978 | \n \u00a0 | \n
Variable lease costs not included in liability | \n \u00a0 | \n \u00a0 | \n 561 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 606 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 702 | \n \u00a0 | \n
Total operating lease cost | \n \u00a0 | \n $ | \n 9,981 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,945 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,680 | \n \u00a0 | \n
Finance lease cost: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Amortization of right-of-use assets | \n \u00a0 | \n $ | \n 1,624 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,568 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,590 | \n \u00a0 | \n
Interest on lease liabilities | \n \u00a0 | \n \u00a0 | \n 222 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 138 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 71 | \n \u00a0 | \n
Total finance lease cost | \n \u00a0 | \n $ | \n 1,846 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,706 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,661 | \n \u00a0 | \n
\u00a0
Additionally, during 2024, 2023 and 2022, the Company recorded losses on disposals of right-of use assets of $0.2 million in 2024 and impairment charges of $0.4 million and $0.2 million in 2023 and 2022, respectively, included within other expenses, net within the Company's consolidated statements of comprehensive income.
\u00a0
Maturities of lease liabilities as of December 28, 2024 are as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Operating | \n \u00a0 | \n \u00a0 | \n Finance | \n \u00a0 | \n \u00a0 | \n Weighted- Average | \n \u00a0 | \n |||||||
\u00a0 | \n \u00a0 | \n Leases | \n \u00a0 | \n \u00a0 | \n Leases | \n \u00a0 | \n \u00a0 | \n Operating | \n \u00a0 | \n \u00a0 | \n Finance | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||
2025 | \n \u00a0 | \n $ | \n 6,885 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,852 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
2026 | \n \u00a0 | \n \u00a0 | \n 6,670 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,132 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
2027 | \n \u00a0 | \n \u00a0 | \n 6,122 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
2028 | \n \u00a0 | \n \u00a0 | \n 6,039 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
2029 | \n \u00a0 | \n \u00a0 | \n 4,522 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Thereafter | \n \u00a0 | \n \u00a0 | \n 10,224 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Total lease payments | \n \u00a0 | \n \u00a0 | \n 40,462 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,992 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Less imputed interest (based on 3.5% weighted-average | \n \u00a0 | \n \u00a0 | \n (4,522 | \n ) | \n \u00a0 | \n \u00a0 | \n (152 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Present value of lease liabilities | \n \u00a0 | \n $ | \n 35,940 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,840 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6.6 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.7 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Classification | \n \u00a0 | \n Leases | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n December 28, | \n \u00a0 | \n \u00a0 | \n December 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||
Right-of-use assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating lease assets | \n \u00a0 | \n Operating right-of-use assets | \n \u00a0 | \n $ | \n 27,837 | \n \u00a0 | \n \u00a0 | \n $ | \n 35,559 | \n \u00a0 | \n
\u00a0 | \n Property, plant, and equipment, net | \n \u00a0 | \n \u00a0 | \n 2,818 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,680 | \n \u00a0 | \n |
Lease Liabilities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Current | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating lease liabilities | \n \u00a0 | \n Current operating lease liabilities | \n \u00a0 | \n \u00a0 | \n 5,735 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,113 | \n \u00a0 | \n
\u00a0 | \n Accrued expenses and other current liabilities | \n \u00a0 | \n \u00a0 | \n 1,904 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,257 | \n \u00a0 | \n |
Non-current | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating lease liabilities | \n \u00a0 | \n Non-current operating lease liabilities | \n \u00a0 | \n \u00a0 | \n 30,205 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 36,161 | \n \u00a0 | \n
\u00a0 | \n Other liabilities | \n \u00a0 | \n \u00a0 | \n 936 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,451 | \n \u00a0 | \n
The gross value and accumulated depreciation of ROU assets related to finance leases were as follows at:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Finance Leases | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n December 28, | \n \u00a0 | \n \u00a0 | \n December 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||
Gross value | \n \u00a0 | \n $ | \n 5,316 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,134 | \n \u00a0 | \n
Accumulated amortization | \n \u00a0 | \n \u00a0 | \n (2,498 | \n ) | \n \u00a0 | \n \u00a0 | \n (3,454 | \n ) | \n
Carrying value | \n \u00a0 | \n $ | \n 2,818 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,680 | \n \u00a0 | \n
Components of lease cost for the fiscal year-ended are as follows at:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n Fiscal years ended | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n December 28, | \n \u00a0 | \n \u00a0 | \n December 30, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||||||
Operating lease cost: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Amortization of right-of-use assets | \n \u00a0 | \n $ | \n 9,420 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,339 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,978 | \n \u00a0 | \n
Variable lease costs not included in liability | \n \u00a0 | \n \u00a0 | \n 561 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 606 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 702 | \n \u00a0 | \n
Total operating lease cost | \n \u00a0 | \n $ | \n 9,981 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,945 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,680 | \n \u00a0 | \n
Finance lease cost: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Amortization of right-of-use assets | \n \u00a0 | \n $ | \n 1,624 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,568 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,590 | \n \u00a0 | \n
Interest on lease liabilities | \n \u00a0 | \n \u00a0 | \n 222 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 138 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 71 | \n \u00a0 | \n
Total finance lease cost | \n \u00a0 | \n $ | \n 1,846 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,706 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,661 | \n \u00a0 | \n
Maturities of lease liabilities as of December 28, 2024 are as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Operating | \n \u00a0 | \n \u00a0 | \n Finance | \n \u00a0 | \n \u00a0 | \n Weighted- Average | \n \u00a0 | \n |||||||
\u00a0 | \n \u00a0 | \n Leases | \n \u00a0 | \n \u00a0 | \n Leases | \n \u00a0 | \n \u00a0 | \n Operating | \n \u00a0 | \n \u00a0 | \n Finance | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||||||
2025 | \n \u00a0 | \n $ | \n 6,885 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,852 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
2026 | \n \u00a0 | \n \u00a0 | \n 6,670 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,132 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
2027 | \n \u00a0 | \n \u00a0 | \n 6,122 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
2028 | \n \u00a0 | \n \u00a0 | \n 6,039 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
2029 | \n \u00a0 | \n \u00a0 | \n 4,522 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Thereafter | \n \u00a0 | \n \u00a0 | \n 10,224 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Total lease payments | \n \u00a0 | \n \u00a0 | \n 40,462 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,992 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Less imputed interest (based on 3.5% weighted-average | \n \u00a0 | \n \u00a0 | \n (4,522 | \n ) | \n \u00a0 | \n \u00a0 | \n (152 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Present value of lease liabilities | \n \u00a0 | \n $ | \n 35,940 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,840 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6.6 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.7 | \n \u00a0 | \n
H. Goodwill and Intangible Assets
\u00a0
The Company has recorded intangible assets with indefinite lives and goodwill for which impairment testing is required at least annually or more frequently if events or circumstances indicate that these assets might be impaired. The Company performs its annual impairment tests and re-evaluates the useful lives of other intangible assets with indefinite lives at the annual impairment test measurement date in the third quarter of each fiscal year or when circumstances arise that indicate a possible impairment or change in useful life might exist.
\u00a0
Goodwill. No impairment of goodwill was recorded in any period.
\u00a0
Intangible assets. The Company's annual impairment testing occurs as of September 1 each year. During fiscal 2024, the Company evaluated the continuing negative trends of the Dogfish Head brand, including declining sales resulting from increased competition and updated its long-term financial forecasts for the Dogfish Head brand. These updated forecasts for the brand included reductions in revenues from the continuing negative trends in the brands\u2019 beer products and the overall slowing craft beer industry sector and flat revenue projections from the brands\u2019 canned cocktail products. As a result of performing this assessment, the Dogfish Head trademark asset with a carrying value of $55.6 million was written down to its estimated fair value of $14.4 million, resulting in an impairment of $41.2 million which was recorded during the third quarter of 2024. As a result of the continued declining trends in the brand, the Company re-assessed the remaining useful life of the trademark asset and changed the remaining useful life from an indefinite life to a 10 year life at the end of the third quarter of 2024. Additionally, during the third quarter of 2024, an impairment of $1.4 million was recorded on other intangible assets. During fiscal 2023, an impairment of $15.8 million was recorded to reduce the carrying value of the Dogfish Head trademark asset from $71.4 million to $55.6 million.
\u00a0
The Company\u2019s intangible assets were as follows as of:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n December 28, 2024 | \n \u00a0 | \n \u00a0 | \n December 30, 2023 | \n \u00a0 | \n ||||||||||||||||||
\u00a0 | \n \u00a0 | \n Estimated | \n \u00a0 | \n Gross | \n \u00a0 | \n \u00a0 | \n Accumulated | \n \u00a0 | \n \u00a0 | \n Net Book | \n \u00a0 | \n \u00a0 | \n Gross | \n \u00a0 | \n \u00a0 | \n Accumulated | \n \u00a0 | \n \u00a0 | \n Net Book | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n Life (Years) | \n \u00a0 | \n Value | \n \u00a0 | \n \u00a0 | \n Amortization | \n \u00a0 | \n \u00a0 | \n Value | \n \u00a0 | \n \u00a0 | \n Value | \n \u00a0 | \n \u00a0 | \n Amortization | \n \u00a0 | \n \u00a0 | \n Value | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
Customer relationships | \n \u00a0 | \n 15 | \n \u00a0 | \n $ | \n 3,800 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,394 | \n ) | \n \u00a0 | \n $ | \n 2,406 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,800 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,140 | \n ) | \n \u00a0 | \n $ | \n 2,660 | \n \u00a0 | \n
Trademarks | \n \u00a0 | \n 10* | \n \u00a0 | \n \u00a0 | \n 14,400 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (360 | \n ) | \n \u00a0 | \n \u00a0 | \n 14,040 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 56,984 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 56,984 | \n \u00a0 | \n
Total intangible assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,200 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,754 | \n ) | \n \u00a0 | \n $ | \n 16,446 | \n \u00a0 | \n \u00a0 | \n $ | \n 60,784 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,140 | \n ) | \n \u00a0 | \n $ | \n 59,644 | \n \u00a0 | \n
*During the 2024 annual intangible impairment testing the Company changed the remaining useful life of the Dogfish Head trademark intangible asset to 10 years.
\u00a0
Amortization expense was approximately $613,000 and $253,000 in fiscal 2024 and 2023, respectively. The Company expects to record amortization expense as follows over the subsequent years:
\u00a0
\n| \n | \n | \n | \n | \n |
Fiscal Year | \n \u00a0 | \n Amount (in thousands) | \n \u00a0 | \n |
2025 | \n \u00a0 | \n $ | \n 1,693 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 1,693 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 1,693 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 1,693 | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n 1,693 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 7,981 | \n \u00a0 | \n
Total amortization to be recorded | \n \u00a0 | \n $ | \n 16,446 | \n \u00a0 | \n
The Company\u2019s intangible assets were as follows as of:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n December 28, 2024 | \n \u00a0 | \n \u00a0 | \n December 30, 2023 | \n \u00a0 | \n ||||||||||||||||||
\u00a0 | \n \u00a0 | \n Estimated | \n \u00a0 | \n Gross | \n \u00a0 | \n \u00a0 | \n Accumulated | \n \u00a0 | \n \u00a0 | \n Net Book | \n \u00a0 | \n \u00a0 | \n Gross | \n \u00a0 | \n \u00a0 | \n Accumulated | \n \u00a0 | \n \u00a0 | \n Net Book | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n Life (Years) | \n \u00a0 | \n Value | \n \u00a0 | \n \u00a0 | \n Amortization | \n \u00a0 | \n \u00a0 | \n Value | \n \u00a0 | \n \u00a0 | \n Value | \n \u00a0 | \n \u00a0 | \n Amortization | \n \u00a0 | \n \u00a0 | \n Value | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
Customer relationships | \n \u00a0 | \n 15 | \n \u00a0 | \n $ | \n 3,800 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,394 | \n ) | \n \u00a0 | \n $ | \n 2,406 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,800 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,140 | \n ) | \n \u00a0 | \n $ | \n 2,660 | \n \u00a0 | \n
Trademarks | \n \u00a0 | \n 10* | \n \u00a0 | \n \u00a0 | \n 14,400 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (360 | \n ) | \n \u00a0 | \n \u00a0 | \n 14,040 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 56,984 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 56,984 | \n \u00a0 | \n
Total intangible assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,200 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,754 | \n ) | \n \u00a0 | \n $ | \n 16,446 | \n \u00a0 | \n \u00a0 | \n $ | \n 60,784 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,140 | \n ) | \n \u00a0 | \n $ | \n 59,644 | \n \u00a0 | \n
*During the 2024 annual intangible impairment testing the Company changed the remaining useful life of the Dogfish Head trademark intangible asset to 10 years.
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46000","decimals":-3}]},{"name":"rpt:f-646","factDimensions":{"xbrl:concept":"us-gaap:IntangibleAssetsGrossExcludingGoodwill","xbrl:period":"2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"60784000","decimals":-3}]},{"name":"rpt:f-647","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetsAccumulatedAmortization","xbrl:period":"2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"1140000","decimals":-3}]},{"name":"rpt:f-648","factDimensions":{"xbrl:concept":"us-gaap:IntangibleAssetsNetExcludingGoodwill","xbrl:period":"2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"59644000","decimals":-3}]},{"name":"rpt:f-649","factDimensions":{"xbrl:concept":"us-gaap:FiniteLivedIntangibleAssetUsefulLife","xbrl:period":"2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","us-gaap:BusinessAcquisitionAxis":"sam:DogfishHeadMember","us-gaap:FiniteLivedIntangibleAssetsByMajorClassAxis":"us-gaap:TrademarksMember"},"factValues":[{"value":"P10Y"}]},{"name":"rpt:f-650","factDimensions":{"xbrl:concept":"us-gaap:AmortizationOfIntangibleAssets","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"613000000","decimals":-3}]},{"name":"rpt:f-651","factDimensions":{"xbrl:concept":"us-gaap:AmortizationOfIntangibleAssets","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"253000000","decimals":-3}]},{"name":"rpt:f-652","factDimensions":{"xbrl:concept":"us-gaap:ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"The Company expects to record amortization expense as follows over the subsequent years:\u00a0
\n| \n | \n | \n | \n | \n |
Fiscal Year | \n \u00a0 | \n Amount (in thousands) | \n \u00a0 | \n |
2025 | \n \u00a0 | \n $ | \n 1,693 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 1,693 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 1,693 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 1,693 | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n 1,693 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 7,981 | \n \u00a0 | \n
Total amortization to be recorded | \n \u00a0 | \n $ | \n 16,446 | \n \u00a0 | \n
I. Third-Party Production Payments
\u00a0
During each of the years ended December 28, 2024 and December 30, 2023, the Company brewed, fermented, and packaged approximately 74%, of its domestic 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 generally supplies raw materials and packaging to those brewing companies and incurs conversion fees for labor at the time the liquid is produced and packaged.
\u00a0
The Company currently has brewing and packaging services agreements with subsidiaries of City Brewing Company, LLC (\u201cCity Brewing\u201d). During 2024 and 2023, City Brewing supplied approximately 26% and 22%, respectively, of the Company\u2019s annual domestic shipment volume. In accordance with the brewing and packaging services agreement, the Company has made payments to City Brewing which were principally used for capital improvements at City Brewing facilities. These payments are being expensed over the terms of the agreements and the remaining net book value of these third-party production prepayments was $14.5 million at December 28, 2024. Currently, certain of these packaging and service agreements expire on December 31, 2025 and others on December 31, 2028. The Company has the contractual right to extend its agreements with City Brewing beyond the current termination dates on an annual basis through December 31, 2035.
\u00a0
These City Brewing agreements include a minimum capacity availability commitment by City Brewing and the Company is obligated to meet annual minimum volume commitments and is subject to contractual shortfall fees, if these annual minimum volume commitments are not met.
In January of 2024, the Company and City Brewing entered into a Loan and Security agreement at which time payment of $20 million was made by the Company to City Brewing. Repayment of the note receivable plus an agreed investment return for a combined total of $22.4 million shall be repaid to the Company subject to annual repayment limits. As of December 28, 2024, the balance of the note receivable was $16.7 million and the final maturity date is December 31, 2028.
In December of 2024, the Company announced an amendment and restatement in its entirety of an existing production agreement with a third-party supplier, Rauch North America Inc (\u2018Rauch\u2019). This amendment adjusted the existing production agreement to better match the Company\u2019s future capacity requirements and resulted in increased production flexibility and more favorable termination rights to the Company in exchange for a $26 million cash payment to Rauch which was paid on December 23, 2024. As a result of the payment, the Company recorded a pre-tax contract settlement expense of $26 million in the fourth quarter of 2024.
The amended and restated Rauch agreement includes quarterly minimum payments that total $4.1 million annually at zero volume and a termination fee of $5 million with 12 months written notice. The initial term of the agreement expires on December 31, 2031 with provisions to extend.
At current production volume projections, the Company believes that it will fall short of its future annual volume commitments under the City Brewing and Rauch agreements and will incur shortfall fees. The Company expenses the shortfall fees during the contractual period when such fees are incurred as a component of cost of goods sold. During 2024 and 2023, the Company recorded $13.0 million and $9.5 million, respectively, in shortfall fees. At current volume projections, the Company anticipates that it will recognize approximately $30 million of shortfall fees in the future with $14 million forecasted to be expensed in 2025 and the remainder expected to be expensed primarily in 2026.
\u00a0
As of December 28, 2024, if volume for the remaining term of the production arrangements was zero, the total contractual shortfall fees, with advance notice as specified in the related contractual agreements, would total approximately $37 million with $27 million due in 2025 and $10 million due in future years thereafter.
The Company has regular discussions with its third-party production suppliers related to its future capacity needs and the terms of its contracts. Changes to volume estimates, future amendments or cancellations of existing contracts could accelerate or change total shortfall fees expected to be incurred.
\u00a0
Accrued expenses and other current liabilities consisted of the following as of:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 28, | \n \u00a0 | \n \u00a0 | \n December 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||
Employee wages, benefits, and reimbursements | \n \u00a0 | \n $ | \n 47,992 | \n \u00a0 | \n \u00a0 | \n $ | \n 49,446 | \n \u00a0 | \n
Advertising, promotional, and selling expenses | \n \u00a0 | \n \u00a0 | \n 22,666 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,950 | \n \u00a0 | \n
Accrued deposits | \n \u00a0 | \n \u00a0 | \n 15,213 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,425 | \n \u00a0 | \n
Accrued inventory and production related costs | \n \u00a0 | \n \u00a0 | \n 14,657 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,775 | \n \u00a0 | \n
Deferred revenue | \n \u00a0 | \n \u00a0 | \n 11,302 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,895 | \n \u00a0 | \n
Accrued taxes | \n \u00a0 | \n \u00a0 | \n 7,444 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,757 | \n \u00a0 | \n
Accrued returns | \n \u00a0 | \n \u00a0 | \n 6,092 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,240 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 13,252 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,442 | \n \u00a0 | \n
Total accrued expenses and other current liabilities | \n \u00a0 | \n $ | \n 138,618 | \n \u00a0 | \n \u00a0 | \n $ | \n 126,930 | \n \u00a0 | \n
Accrued expenses and other current liabilities consisted of the following as of:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 28, | \n \u00a0 | \n \u00a0 | \n December 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||
Employee wages, benefits, and reimbursements | \n \u00a0 | \n $ | \n 47,992 | \n \u00a0 | \n \u00a0 | \n $ | \n 49,446 | \n \u00a0 | \n
Advertising, promotional, and selling expenses | \n \u00a0 | \n \u00a0 | \n 22,666 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,950 | \n \u00a0 | \n
Accrued deposits | \n \u00a0 | \n \u00a0 | \n 15,213 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,425 | \n \u00a0 | \n
Accrued inventory and production related costs | \n \u00a0 | \n \u00a0 | \n 14,657 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,775 | \n \u00a0 | \n
Deferred revenue | \n \u00a0 | \n \u00a0 | \n 11,302 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,895 | \n \u00a0 | \n
Accrued taxes | \n \u00a0 | \n \u00a0 | \n 7,444 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,757 | \n \u00a0 | \n
Accrued returns | \n \u00a0 | \n \u00a0 | \n 6,092 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,240 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 13,252 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,442 | \n \u00a0 | \n
Total accrued expenses and other current liabilities | \n \u00a0 | \n $ | \n 138,618 | \n \u00a0 | \n \u00a0 | \n $ | \n 126,930 | \n \u00a0 | \n
K. Revolving Line of Credit
\u00a0
During 2022, the Company amended its $150.0 million credit facility agreement, which now has a term not scheduled to expire until December 16, 2027. Under the terms of the amended agreement, the Company may elect an interest rate for borrowings under the credit facility based on the applicable secured overnight financing rate (\"SOFR\") plus 1.1%. At December 28, 2024, the applicable SOFR was 4.5%. The Company incurs an annual commitment fee of 0.2% on the unused portion of the facility and is obligated to meet certain financial covenants, which are measured using earnings before interest, tax, depreciation, and amortization (\u201cEBITDA\u201d) based ratios. The Company\u2019s EBITDA to interest expense ratio was 1,303.3 as of December 28, 2024, compared to a minimum allowable ratio of 2.0 and the Company\u2019s total funded debt to EBITDA ratio was 0.0 as of December 28, 2024, compared to a maximum allowable ratio of 2.5. There were no borrowings, repayments, or interest payments during 2024 or 2023. During the year ended December 31, 2022, the Company borrowed and repaid $30.0 million on the credit facility and paid a total of approximately $18,000 in related interest. There were no borrowings outstanding under the credit facility as of December 28, 2024.
\u00a0
There are also certain restrictive covenants set forth in the credit agreement. Pursuant to the negative covenants, the Company has agreed that it will not: enter into any indebtedness or guarantees other than those specified by the lender, enter into any sale and leaseback transactions, merge, consolidate, or dispose of significant assets without the lender\u2019s prior written consent, make or maintain any investments other than those permitted in the credit agreement, or enter into any transactions with affiliates outside of the ordinary course of business. In addition, the credit agreement requires the Company to obtain prior written consent from the lender on distributions on account of, or in repurchase, retirement or purchase of its capital stock or other equity interests with the exception of the following: (a) distributions of capital stock from subsidiaries to The Boston Beer Company, Inc. and Boston Beer Corporation (a subsidiary of The Boston Beer Company, Inc.), (b) repurchase from former employees of non-vested investment shares of Class A Common Stock, issued under the Employee Equity Incentive Plan, and (c) redemption of shares of Class A Common Stock as approved by the Board of Directors and payment of cash dividends to its holders of common stock. Borrowings under the credit facility may be used for working capital, capital expenditures and general corporate purposes of the Company and its subsidiaries. In the event of a default that has not been cured, the credit facility would terminate and any unpaid principal and accrued interest would become due and payable.
"}]},{"name":"rpt:f-705","factDimensions":{"xbrl:concept":"us-gaap:LineOfCreditFacilityCurrentBorrowingCapacity","xbrl:period":"2023-01-01T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"150000000","decimals":-5}]},{"name":"rpt:f-706","factDimensions":{"xbrl:concept":"us-gaap:LineOfCreditFacilityExpirationDate1","xbrl:period":"2021-12-26T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0000949870","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"2027-12-16"}]},{"name":"rpt:f-707","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentBasisSpreadOnVariableRate1","xbrl:period":"2021-12-26T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0000949870","us-gaap:VariableRateAxis":"us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"0.011","decimals":3}]},{"name":"rpt:f-708","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentInterestRateEffectivePercentage","xbrl:period":"2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","us-gaap:VariableRateAxis":"us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"0.045","decimals":3}]},{"name":"rpt:f-709","factDimensions":{"xbrl:concept":"us-gaap:LineOfCreditFacilityCommitmentFeePercentage","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0.002","decimals":3}]},{"name":"rpt:f-710","factDimensions":{"xbrl:concept":"sam:DebtInstrumentInterestCoverageRatio","xbrl:period":"2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"1303.3"}]},{"name":"rpt:f-711","factDimensions":{"xbrl:concept":"sam:InterestCoverageRatioMinimumForCovenantCompliance","xbrl:period":"2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"2.0"}]},{"name":"rpt:f-712","factDimensions":{"xbrl:concept":"sam:DebtToEarningsBeforeInterestTaxDepreciationAndAmortizationRatio","xbrl:period":"2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0.0"}]},{"name":"rpt:f-713","factDimensions":{"xbrl:concept":"sam:DebtToEarningsBeforeInterestTaxesDepreciationAmortizationRatioMaximumForCovenantCompliance","xbrl:period":"2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"2.5"}]},{"name":"rpt:f-714","factDimensions":{"xbrl:concept":"us-gaap:LineOfCredit","xbrl:period":"2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0"}]},{"name":"rpt:f-715","factDimensions":{"xbrl:concept":"us-gaap:LineOfCredit","xbrl:period":"2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0"}]},{"name":"rpt:f-716","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromLinesOfCredit","xbrl:period":"2021-12-26T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"30000000.0","decimals":-5}]},{"name":"rpt:f-717","factDimensions":{"xbrl:concept":"us-gaap:RepaymentsOfLinesOfCredit","xbrl:period":"2021-12-26T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"30000000.0","decimals":-5}]},{"name":"rpt:f-718","factDimensions":{"xbrl:concept":"sam:PaymentsOfInterestExpensesOnBorrowings","xbrl:period":"2021-12-26T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD","us-gaap:CreditFacilityAxis":"us-gaap:RevolvingCreditFacilityMember"},"factValues":[{"value":"18000000"}]},{"name":"rpt:f-719","factDimensions":{"xbrl:concept":"us-gaap:LineOfCredit","xbrl:period":"2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"0"}]},{"name":"rpt:f-720","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxDisclosureTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"L. Income Taxes
\u00a0
Significant components of the income tax provision (benefit) for fiscal 2024, 2023, and 2022 were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||||||
Current: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Federal | \n \u00a0 | \n $ | \n 37,971 | \n \u00a0 | \n \u00a0 | \n $ | \n 36,556 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,453 | \n \u00a0 | \n
State | \n \u00a0 | \n \u00a0 | \n 9,880 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,650 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,683 | \n \u00a0 | \n
Total current | \n \u00a0 | \n \u00a0 | \n 47,851 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 44,206 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,136 | \n \u00a0 | \n
Deferred: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Federal | \n \u00a0 | \n \u00a0 | \n (17,175 | \n ) | \n \u00a0 | \n \u00a0 | \n (10,816 | \n ) | \n \u00a0 | \n \u00a0 | \n 8,196 | \n \u00a0 | \n
State | \n \u00a0 | \n \u00a0 | \n (2,769 | \n ) | \n \u00a0 | \n \u00a0 | \n (52 | \n ) | \n \u00a0 | \n \u00a0 | \n 841 | \n \u00a0 | \n
Total deferred | \n \u00a0 | \n \u00a0 | \n (19,944 | \n ) | \n \u00a0 | \n \u00a0 | \n (10,868 | \n ) | \n \u00a0 | \n \u00a0 | \n 9,037 | \n \u00a0 | \n
Total income tax provision | \n \u00a0 | \n $ | \n 27,907 | \n \u00a0 | \n \u00a0 | \n $ | \n 33,338 | \n \u00a0 | \n \u00a0 | \n $ | \n 24,173 | \n \u00a0 | \n
\u00a0
The reconciliations to statutory rates for fiscal 2024, 2023, and 2022 were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n |||
Statutory rate | \n \u00a0 | \n \u00a0 | \n 21.0 | \n % | \n \u00a0 | \n \u00a0 | \n 21.0 | \n % | \n \u00a0 | \n \u00a0 | \n 21.0 | \n % | \n
State income taxes, net of federal benefit | \n \u00a0 | \n \u00a0 | \n 5.5 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.8 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.1 | \n \u00a0 | \n
Non-deductible compensation under Internal Revenue Code Section 162(m) | \n \u00a0 | \n \u00a0 | \n 1.1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.4 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.2 | \n \u00a0 | \n
Non-deductible meals & entertainment | \n \u00a0 | \n \u00a0 | \n 2.1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.2 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.6 | \n \u00a0 | \n
Change in valuation allowance | \n \u00a0 | \n \u00a0 | \n 3.0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.2 | \n \u00a0 | \n
Deduction relating to excess stock-based compensation | \n \u00a0 | \n \u00a0 | \n 0.6 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (0.9 | \n ) | \n
Other | \n \u00a0 | \n \u00a0 | \n (1.4 | \n ) | \n \u00a0 | \n \u00a0 | \n (1.1 | \n ) | \n \u00a0 | \n \u00a0 | \n 0.2 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 31.9 | \n % | \n \u00a0 | \n \u00a0 | \n 30.4 | \n % | \n \u00a0 | \n \u00a0 | \n 26.4 | \n % | \n
\u00a0
Significant components of the Company\u2019s deferred tax assets and liabilities were as follows at:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 28, | \n \u00a0 | \n \u00a0 | \n December 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||
Deferred tax assets: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Lease liabilities | \n \u00a0 | \n $ | \n 9,669 | \n \u00a0 | \n \u00a0 | \n $ | \n 12,034 | \n \u00a0 | \n
Stock-based compensation expense | \n \u00a0 | \n \u00a0 | \n 9,415 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,062 | \n \u00a0 | \n
Accrued expenses | \n \u00a0 | \n \u00a0 | \n 3,714 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,146 | \n \u00a0 | \n
Inventory reserves | \n \u00a0 | \n \u00a0 | \n 8,282 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,689 | \n \u00a0 | \n
Loss carryforwards and tax credit carryforwards | \n \u00a0 | \n \u00a0 | \n 3,216 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,553 | \n \u00a0 | \n
Capitalized research and development | \n \u00a0 | \n \u00a0 | \n 3,598 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,954 | \n \u00a0 | \n
Intangible assets amortization | \n \u00a0 | \n \u00a0 | \n 433 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 1,710 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,091 | \n \u00a0 | \n
Total deferred tax assets | \n \u00a0 | \n \u00a0 | \n 40,037 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 35,529 | \n \u00a0 | \n
Valuation allowance | \n \u00a0 | \n \u00a0 | \n (8,203 | \n ) | \n \u00a0 | \n \u00a0 | \n (5,808 | \n ) | \n
Total deferred tax assets, net of valuation allowance | \n \u00a0 | \n \u00a0 | \n 31,834 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,721 | \n \u00a0 | \n
Deferred tax liabilities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Property, plant, and equipment | \n \u00a0 | \n \u00a0 | \n (84,081 | \n ) | \n \u00a0 | \n \u00a0 | \n (90,372 | \n ) | \n
Right-of-use assets | \n \u00a0 | \n \u00a0 | \n (7,643 | \n ) | \n \u00a0 | \n \u00a0 | \n (9,590 | \n ) | \n
Intangible assets amortization | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (8,244 | \n ) | \n
Prepaid expenses | \n \u00a0 | \n \u00a0 | \n (5,913 | \n ) | \n \u00a0 | \n \u00a0 | \n (7,236 | \n ) | \n
Total deferred tax liabilities | \n \u00a0 | \n \u00a0 | \n (97,637 | \n ) | \n \u00a0 | \n \u00a0 | \n (115,442 | \n ) | \n
Net deferred tax liabilities | \n \u00a0 | \n $ | \n (65,803 | \n ) | \n \u00a0 | \n $ | \n (85,721 | \n ) | \n
\u00a0
The Company\u2019s policy is to classify interest and penalties related to income tax matters in income tax expense. Interest and penalties included in the provision for income taxes amounted to $(0.2) million in fiscal year 2024, $0.1 million in fiscal year 2023, and $0 in fiscal years 2022. Accrued interest and penalties amounted to $0.1 million at December 28, 2024 and $0.2
million at December 30, 2023.
\u00a0
A reconciliation of the beginning and ending amount of unrecognized tax benefits for fiscal 2024 and 2023 was as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||
Balance at beginning of period | \n \u00a0 | \n $ | \n 303 | \n \u00a0 | \n \u00a0 | \n $ | \n 243 | \n \u00a0 | \n
Increases related to current period tax positions | \n \u00a0 | \n \u00a0 | \n 33 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 69 | \n \u00a0 | \n
Increases related to prior period tax positions | \n \u00a0 | \n \u00a0 | \n 309 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4 | \n \u00a0 | \n
Decreases related to lapse of statute of limitations | \n \u00a0 | \n \u00a0 | \n (165 | \n ) | \n \u00a0 | \n \u00a0 | \n (13 | \n ) | \n
Balance at end of period | \n \u00a0 | \n $ | \n 480 | \n \u00a0 | \n \u00a0 | \n $ | \n 303 | \n \u00a0 | \n
\u00a0
Included in the balance of unrecognized tax benefits at December 28, 2024 and December 30, 2023 are potential net benefits of $0.5 million and $0.3 million, respectively, that would favorably impact the effective tax rate if recognized. Unrecognized tax benefits are included in accrued expenses in the accompanying consolidated balance sheets and adjusted in the period in which new information about a tax position becomes available or the final outcome differs from the amount recorded.
\u00a0
As of December 28, 2024, the Company\u2019s 2021, 2022, and 2023 federal income tax returns remain subject to examination by the IRS. The Company\u2019s state income tax returns remain subject to examination for or four years depending on the state\u2019s statute of limitations. In addition, the Company is generally obligated to report changes in taxable income arising from federal income tax audits. The Company is not currently under any income tax audits as of December 28, 2024.
\u00a0
As of December 28, 2024, the Company\u2019s deferred tax assets include a valuation allowance of $8.2 million, compared to $5.8 million at December 30, 2023. The valuation allowance as of December 28, 2024 and December 30, 2023 was primarily related to stock-based compensation expected by management to be non-deductible under Internal Revenue Code, Section 162(m), as well as jurisdictional losses not expected to be utilized before expiring. The net increase in total valuation allowance was $2.4 million from December 30, 2023 to December 28, 2024, compared to a net increase of $1.2 million from December 31, 2022 to December 30, 2023 and a net increase of $1.3 million from December 25, 2021 to December 31, 2022.
"}]},{"name":"rpt:f-721","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"Significant components of the income tax provision (benefit) for fiscal 2024, 2023, and 2022 were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||||||
Current: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Federal | \n \u00a0 | \n $ | \n 37,971 | \n \u00a0 | \n \u00a0 | \n $ | \n 36,556 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,453 | \n \u00a0 | \n
State | \n \u00a0 | \n \u00a0 | \n 9,880 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,650 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,683 | \n \u00a0 | \n
Total current | \n \u00a0 | \n \u00a0 | \n 47,851 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 44,206 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,136 | \n \u00a0 | \n
Deferred: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Federal | \n \u00a0 | \n \u00a0 | \n (17,175 | \n ) | \n \u00a0 | \n \u00a0 | \n (10,816 | \n ) | \n \u00a0 | \n \u00a0 | \n 8,196 | \n \u00a0 | \n
State | \n \u00a0 | \n \u00a0 | \n (2,769 | \n ) | \n \u00a0 | \n \u00a0 | \n (52 | \n ) | \n \u00a0 | \n \u00a0 | \n 841 | \n \u00a0 | \n
Total deferred | \n \u00a0 | \n \u00a0 | \n (19,944 | \n ) | \n \u00a0 | \n \u00a0 | \n (10,868 | \n ) | \n \u00a0 | \n \u00a0 | \n 9,037 | \n \u00a0 | \n
Total income tax provision | \n \u00a0 | \n $ | \n 27,907 | \n \u00a0 | \n \u00a0 | \n $ | \n 33,338 | \n \u00a0 | \n \u00a0 | \n $ | \n 24,173 | \n \u00a0 | \n
The reconciliations to statutory rates for fiscal 2024, 2023, and 2022 were as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n |||
Statutory rate | \n \u00a0 | \n \u00a0 | \n 21.0 | \n % | \n \u00a0 | \n \u00a0 | \n 21.0 | \n % | \n \u00a0 | \n \u00a0 | \n 21.0 | \n % | \n
State income taxes, net of federal benefit | \n \u00a0 | \n \u00a0 | \n 5.5 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.8 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.1 | \n \u00a0 | \n
Non-deductible compensation under Internal Revenue Code Section 162(m) | \n \u00a0 | \n \u00a0 | \n 1.1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.4 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.2 | \n \u00a0 | \n
Non-deductible meals & entertainment | \n \u00a0 | \n \u00a0 | \n 2.1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.2 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.6 | \n \u00a0 | \n
Change in valuation allowance | \n \u00a0 | \n \u00a0 | \n 3.0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.2 | \n \u00a0 | \n
Deduction relating to excess stock-based compensation | \n \u00a0 | \n \u00a0 | \n 0.6 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (0.9 | \n ) | \n
Other | \n \u00a0 | \n \u00a0 | \n (1.4 | \n ) | \n \u00a0 | \n \u00a0 | \n (1.1 | \n ) | \n \u00a0 | \n \u00a0 | \n 0.2 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 31.9 | \n % | \n \u00a0 | \n \u00a0 | \n 30.4 | \n % | \n \u00a0 | \n \u00a0 | \n 26.4 | \n % | \n
\u00a0
"}]},{"name":"rpt:f-744","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0.21"}]},{"name":"rpt:f-745","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0.21"}]},{"name":"rpt:f-746","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate","xbrl:period":"2021-12-26T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0.21"}]},{"name":"rpt:f-747","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0.055","decimals":3}]},{"name":"rpt:f-748","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0.048","decimals":3}]},{"name":"rpt:f-749","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes","xbrl:period":"2021-12-26T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0.041","decimals":3}]},{"name":"rpt:f-750","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0.011","decimals":3}]},{"name":"rpt:f-751","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0.034","decimals":3}]},{"name":"rpt:f-752","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost","xbrl:period":"2021-12-26T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0.002","decimals":3}]},{"name":"rpt:f-753","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseMealsAndEntertainment","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0.021","decimals":3}]},{"name":"rpt:f-754","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseMealsAndEntertainment","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0.012","decimals":3}]},{"name":"rpt:f-755","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationNondeductibleExpenseMealsAndEntertainment","xbrl:period":"2021-12-26T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0.006","decimals":3}]},{"name":"rpt:f-756","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0.03","decimals":3}]},{"name":"rpt:f-757","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0.01","decimals":3}]},{"name":"rpt:f-758","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance","xbrl:period":"2021-12-26T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0.012","decimals":3}]},{"name":"rpt:f-759","factDimensions":{"xbrl:concept":"sam:EffectiveIncomeTaxRateReconciliationDeductionRelatingToExcessStockBasedCompensation","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0.006","decimals":3}]},{"name":"rpt:f-760","factDimensions":{"xbrl:concept":"sam:EffectiveIncomeTaxRateReconciliationDeductionRelatingToExcessStockBasedCompensation","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0.001","decimals":3}]},{"name":"rpt:f-761","factDimensions":{"xbrl:concept":"sam:EffectiveIncomeTaxRateReconciliationDeductionRelatingToExcessStockBasedCompensation","xbrl:period":"2021-12-26T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"-0.009","decimals":3}]},{"name":"rpt:f-762","factDimensions":{"xbrl:concept":"us-gaap:EffectiveIncomeTaxRateReconciliationOtherAdjustments","xbrl:pe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components of the Company\u2019s deferred tax assets and liabilities were as follows at:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 28, | \n \u00a0 | \n \u00a0 | \n December 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||
Deferred tax assets: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Lease liabilities | \n \u00a0 | \n $ | \n 9,669 | \n \u00a0 | \n \u00a0 | \n $ | \n 12,034 | \n \u00a0 | \n
Stock-based compensation expense | \n \u00a0 | \n \u00a0 | \n 9,415 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,062 | \n \u00a0 | \n
Accrued expenses | \n \u00a0 | \n \u00a0 | \n 3,714 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,146 | \n \u00a0 | \n
Inventory reserves | \n \u00a0 | \n \u00a0 | \n 8,282 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,689 | \n \u00a0 | \n
Loss carryforwards and tax credit carryforwards | \n \u00a0 | \n \u00a0 | \n 3,216 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,553 | \n \u00a0 | \n
Capitalized research and development | \n \u00a0 | \n \u00a0 | \n 3,598 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,954 | \n \u00a0 | \n
Intangible assets amortization | \n \u00a0 | \n \u00a0 | \n 433 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 1,710 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,091 | \n \u00a0 | \n
Total deferred tax assets | \n \u00a0 | \n \u00a0 | \n 40,037 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 35,529 | \n \u00a0 | \n
Valuation allowance | \n \u00a0 | \n \u00a0 | \n (8,203 | \n ) | \n \u00a0 | \n \u00a0 | \n (5,808 | \n ) | \n
Total deferred tax assets, net of valuation allowance | \n \u00a0 | \n \u00a0 | \n 31,834 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,721 | \n \u00a0 | \n
Deferred tax liabilities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Property, plant, and equipment | \n \u00a0 | \n \u00a0 | \n (84,081 | \n ) | \n \u00a0 | \n \u00a0 | \n (90,372 | \n ) | \n
Right-of-use assets | \n \u00a0 | \n \u00a0 | \n (7,643 | \n ) | \n \u00a0 | \n \u00a0 | \n (9,590 | \n ) | \n
Intangible assets amortization | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (8,244 | \n ) | \n
Prepaid expenses | \n \u00a0 | \n \u00a0 | \n (5,913 | \n ) | \n \u00a0 | \n \u00a0 | \n (7,236 | \n ) | \n
Total deferred tax liabilities | \n \u00a0 | \n \u00a0 | \n (97,637 | \n ) | \n \u00a0 | \n \u00a0 | \n (115,442 | \n ) | \n
Net deferred tax liabilities | \n \u00a0 | \n $ | \n (65,803 | \n ) | \n \u00a0 | \n $ | \n (85,721 | \n ) | \n
A reconciliation of the beginning and ending amount of unrecognized tax benefits for fiscal 2024 and 2023 was as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||
Balance at beginning of period | \n \u00a0 | \n $ | \n 303 | \n \u00a0 | \n \u00a0 | \n $ | \n 243 | \n \u00a0 | \n
Increases related to current period tax positions | \n \u00a0 | \n \u00a0 | \n 33 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 69 | \n \u00a0 | \n
Increases related to prior period tax positions | \n \u00a0 | \n \u00a0 | \n 309 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4 | \n \u00a0 | \n
Decreases related to lapse of statute of limitations | \n \u00a0 | \n \u00a0 | \n (165 | \n ) | \n \u00a0 | \n \u00a0 | \n (13 | \n ) | \n
Balance at end of period | \n \u00a0 | \n $ | \n 480 | \n \u00a0 | \n \u00a0 | \n $ | \n 303 | \n \u00a0 | \n
M. Commitments and Contingencies
\u00a0
Contractual Obligations
\u00a0
As of December 28, 2024, projected cash outflows under non-cancellable contractual obligations for the remaining years under the contracts are as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Payments Due by Fiscal Year | \n \u00a0 | \n |||||||||||||||||
\u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2027 | \n \u00a0 | \n \u00a0 | \n Thereafter | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||||||||||||||
Brand support | \n \u00a0 | \n $ | \n 68,602 | \n \u00a0 | \n \u00a0 | \n $ | \n 63,618 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,559 | \n \u00a0 | \n \u00a0 | \n $ | \n 425 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
Ingredients and packaging (excluding hops and malt) | \n \u00a0 | \n \u00a0 | \n 56,044 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 56,044 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Hops and malt | \n \u00a0 | \n \u00a0 | \n 38,264 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,080 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,005 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,462 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,717 | \n \u00a0 | \n
Equipment and machinery | \n \u00a0 | \n \u00a0 | \n 34,240 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 31,665 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,934 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 641 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 27,927 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,415 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,273 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,170 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 69 | \n \u00a0 | \n
Total contractual obligations | \n \u00a0 | \n $ | \n 225,077 | \n \u00a0 | \n \u00a0 | \n $ | \n 202,822 | \n \u00a0 | \n \u00a0 | \n $ | \n 14,771 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,698 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,786 | \n \u00a0 | \n
\u00a0
The Company\u2019s accounting policy for inventory and non-cancellable purchase commitments is to recognize a loss by establishing a reserve to the extent inventory levels and commitments exceed forecasted needs. The computation of the excess inventory requires management to make certain assumptions regarding future sales growth, product mix, cancellation costs and supply, among others. Actual results may differ materially from management\u2019s estimates. The Company continues to manage inventory levels and purchase commitments in an effort to maximize utilization. However, changes in management\u2019s assumptions regarding future sales growth, product mix, and hops market conditions could result in future material losses.
\u00a0
Currently, the Company has entered into contracts for barley, wheat and malt used in the Company\u2019s products with four major suppliers. The contracts cover the Company\u2019s barley, wheat, and malt requirements for 2025 and extend through crop year 2026. These purchase commitments outstanding at December 28, 2024 totaled $28.0 million.
\u00a0
The Company utilizes several varieties of hops in the production of its products. To ensure adequate supplies of these varieties, the Company enters into advance multi-year purchase commitments based on forecasted future hop requirements,
among other factors. These purchase commitments extend through crop year 2029 and specify both the quantities and prices, denominated in U.S. Dollar, Euros, New Zealand Dollars and British Pounds, to which the Company is committed. Hops purchase commitments outstanding at December 28, 2024 totaled $10.3 million, based on the exchange rates on that date.
\u00a0
The Company does not use forward currency exchange contracts and intends to purchase future hops using the exchange rate at the time of purchase. These contracts were deemed necessary in order to bring hop inventory levels and purchase commitments into balance with the Company\u2019s current brewing volume and hop usage forecasts. In addition, these contracts enable the Company to secure its position for future supply with hop vendors in the face of some competitive buying activity.
\u00a0
The Company anticipates paying shortfall fees at certain of its third-party production locations in future periods. See Note I for further discussion of the Company's third-party production arrangements and the anticipated shortfall fees. The anticipated shortfall fees are not included in the contractual obligations above.
\u00a0
Litigation
\u00a0
The Company is party to legal proceedings and claims, including class action claims, where significant damages are asserted against it. Given the inherent uncertainty of litigation, it is possible that the Company could incur liabilities as a consequence of these claims, which may or may not have a material adverse effect on the Company\u2019s financial condition or the results of its operations. The Company accrues loss contingencies if, in the opinion of management and its legal counsel, the risk of loss is probable and able to be estimated. Material pending legal proceedings are discussed below.
\u00a0
Supplier Dispute. On December 31, 2022, Ardagh Metal Packaging USA Corp. (\u201cArdagh\u201d) filed an action against the Company alleging, among other things, that the Company had failed to purchase contractual minimum volumes of certain aluminum beverage can containers in 2021 and 2022. The Company filed an Amended Answer, Amended Affirmative Defenses and Amended Counterclaims on March 25, 2024. On November 9, 2023, Ardagh filed a Notice of Plaintiff\u2019s Motion for Judgment on the Pleadings on Count II of the Complaint, to which the Company filed an Opposition on November 22, 2023. On February 26, 2024, the Court granted the Motion. On March 27, 2024, the Company filed a Motion to Clarify and to Reconsider the Court\u2019s decision. Following briefing by the parties, on June 17, 2024, the Court granted the Company's Motion to Reconsider, denied Ardagh's Motion for Judgment on the Pleadings, and vacated its February 26, 2024 Order. The Court set a fact discovery deadline of November 25, 2024 with some discovery motions still pending. Expert discovery has begun and the Court has set an expert discovery deadline of April 18, 2025. The Court has not set a date for summary judgment filings or trial. The Company denies that it breached the terms of the parties\u2019 contract and intends to defend against the Ardagh claims vigorously.
"}]},{"name":"rpt:f-828","factDimensions":{"xbrl:concept":"srt:ContractualObligationFiscalYearMaturityScheduleTableTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"As of December 28, 2024, projected cash outflows under non-cancellable contractual obligations for the remaining years under the contracts are as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Payments Due by Fiscal Year | \n \u00a0 | \n |||||||||||||||||
\u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2027 | \n \u00a0 | \n \u00a0 | \n Thereafter | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||||||||||||||
Brand support | \n \u00a0 | \n $ | \n 68,602 | \n \u00a0 | \n \u00a0 | \n $ | \n 63,618 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,559 | \n \u00a0 | \n \u00a0 | \n $ | \n 425 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
Ingredients and packaging (excluding hops and malt) | \n \u00a0 | \n \u00a0 | \n 56,044 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 56,044 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Hops and malt | \n \u00a0 | \n \u00a0 | \n 38,264 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,080 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,005 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,462 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,717 | \n \u00a0 | \n
Equipment and machinery | \n \u00a0 | \n \u00a0 | \n 34,240 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 31,665 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,934 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 641 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 27,927 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,415 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,273 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,170 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 69 | \n \u00a0 | \n
Total contractual obligations | \n \u00a0 | \n $ | \n 225,077 | \n \u00a0 | \n \u00a0 | \n $ | \n 202,822 | \n \u00a0 | \n \u00a0 | \n $ | \n 14,771 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,698 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,786 | \n \u00a0 | \n
N. Fair Value Measurements
\u00a0
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).
\u00a0
\u00a0
The Company\u2019s investments in 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, accounts receivable, accounts payable, and accrued expenses are carried at their cost, which approximates fair value, because of their short-term nature.
\u00a0
At December 28, 2024 and December 30, 2023, the Company had funds invested in a \u201cTriple A\u201d rated money market fund. The Company considers the \u201cTriple A\u201d rated money market fund to be a large, highly-rated investment-grade institution. As
of December 28, 2024 and December 30, 2023, the Company\u2019s cash and cash equivalents balance was $211.8 million and $298.5 million, respectively, including money market funds amounting to $203.1 million and $291.5 million, respectively.
\u00a0
Non-Recurring Fair Value Measurement
\u00a0
The fair value as of the issuance date of the Company's note receivable as discussed further in Note I is classified within Level 2 of the fair value hierarchy as the fair value was partially derived from publicly quoted inputs of market interest rates for a loan of similar terms, provisions, and maturity.
The fair value of the Company's Dogfish Head trademark intangible assets as of the 2024 impairment assessment date is classified within Level 3 of the fair value hierarchy because there are no observable inputs of market activity. When performing a quantitative assessment for impairment of the trademark asset, the Company measures the amount of impairment by calculating the amount by which the carrying value of the trademark asset exceeds its estimated fair value. The estimated fair value is determined based on an income approach using the relief from royalty method, which assumes that, in lieu of ownership, a third party would be willing to pay a royalty in order to exploit the related benefits of the trademark asset. The cash flow projections the Company uses to estimate the fair value of its Dogfish Head trademark intangible asset involves several assumptions, including (i) projected revenue growth, (ii) an estimated royalty rate, (iii) after-tax royalty savings expected from ownership of the trademark and (iv) a discount rate used to derive the estimated fair value of the trademark asset.
"}]},{"name":"rpt:f-859","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsAtCarryingValue","xbrl:period":"2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"211800000","decimals":-5}]},{"name":"rpt:f-860","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsAtCarryingValue","xbrl:period":"2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"298500000","decimals":-5}]},{"name":"rpt:f-861","factDimensions":{"xbrl:concept":"us-gaap:MoneyMarketFundsAtCarryingValue","xbrl:period":"2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"203100000","decimals":-5}]},{"name":"rpt:f-862","factDimensions":{"xbrl:concept":"us-gaap:MoneyMarketFundsAtCarryingValue","xbrl:period":"2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"291500000","decimals":-5}]},{"name":"rpt:f-863","factDimensions":{"xbrl:concept":"us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"O. Common Stock and Share-Based Compensation
\u00a0
Class A Common Stock
\u00a0
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\u2019s assets.
\u00a0
Class B Common Stock
\u00a0
The Class B Common Stock has full voting rights, including the right to (1) elect a majority of the members of the Company\u2019s Board of Directors and (2) approve all (a) amendments to the Company\u2019s Articles of Organization, (b) mergers or consolidations with, or acquisitions of, other entities, (c) sales or dispositions of any significant portion of the Company\u2019s assets, and (d) equity-based and other executive compensation and other significant corporate matters. The Company\u2019s Class B Common Stock is not listed for trading. Each share of Class B Common Stock is freely convertible into one share of Class A Common Stock, upon request of any Class B holder, and participates equally in earnings.
\u00a0
All distributions with respect to the Company\u2019s capital stock are restricted by the Company\u2019s credit agreement, with the exception of distributions of capital stock from subsidiaries to The Boston Beer Company, Inc. and Boston Beer Corporation, repurchase from former employees of non-vested investment shares of Class A Common Stock issued under the Company\u2019s equity incentive plan, redemption of certain shares of Class A Common Stock as approved by the Board of Directors and payment of cash dividends to its holders of common stock.
\u00a0
Employee Stock Compensation Plan
\u00a0
The Company\u2019s Employee Equity Incentive Plan (the \u201cEquity Plan\u201d) currently provides for the grant of discretionary options, restricted stock awards and restricted stock units to employees, and provides for shares to be sold to employees of the Company at a discounted purchase price under its investment share program. The Equity Plan is administered by the Board of Directors of the Company, based on recommendations received from the Compensation Committee of the Board of Directors. The Compensation Committee consists of three independent directors. In determining the quantities and types of awards for grant, the Compensation Committee periodically reviews the objectives of the Company\u2019s compensation system and takes into account the position and responsibilities of the employee being considered, the nature and value to the Company of his or her service and accomplishments, his or her present and potential contributions to the success of the Company, the value of the type of awards to the employee and such other factors as the Compensation Committee deems relevant.
\u00a0
Stock options and related vesting requirements and terms are granted at the Board of Directors\u2019 discretion, but generally vest ratably over to five-year periods and, with respect to certain options granted to members of senior management, based on the Company\u2019s performance. Generally, the maximum contractual term of stock options is ten years, although the Board of Directors may grant options that exceed the ten-year term. During fiscal years 2024, 2023, and 2022, the Company granted options to purchase 21,205 shares, 58,054 shares, and 17,114 shares, respectively, of its Class A Common Stock to employees at market value on the grant dates. All of the 2024 stock option grants were service-based awards and none contain any performance conditions.
\u00a0
During fiscal years 2024, 2023, and 2022, the Company granted 74,262 shares, 53,884 shares, and 32,744 shares, respectively, of restricted stock units to certain senior managers and key employees. 39,308 of the 2024 restricted stock unit grants were service-based while 34,954 were performance-based.
\u00a0
The Equity Plan also has an 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 at a discount from current market value of 0% to 40%, based on the employee\u2019s tenure with the Company. Investment shares vest ratably over service periods of five years. Participants may pay for these shares either up front or through payroll deductions over an eleven-month period during the year of purchase. During fiscal years 2024, 2023, and 2022, employees elected to purchase an aggregate of 12,007 investment shares, 10,594 investment shares, and 10,845 investment shares, respectively.
\u00a0
The Company has reserved 6.7 million shares of Class A Common Stock for issuance pursuant to the Equity Plan, of which 0.8 million shares were available for grant as of December 28, 2024. Shares reserved for issuance under cancelled employee stock options and forfeited restricted stock are returned to the reserve under the Equity Plan for future grants or purchases. The Company also purchases unvested investment shares from employees who have left the Company at the lesser of (i) the price paid for the shares when the employee acquired the shares or (ii) the fair market value of the shares as of the date next preceding the date on which the shares are called for redemption by the Company. These shares are also returned to the reserve under the Equity Plan for future grants or purchases.
\u00a0
Non-Employee Director Plan
\u00a0
The Company has a stock option and restricted stock unit plan for non-employee directors of the Company (the \u201cNon-Employee Director Plan\u201d), pursuant to which each non-employee director of the Company is granted a combination of options to purchase shares of the Company\u2019s Class A Common Stock and restricted stock units upon election or re-election to the Board of Directors. Stock options issued to non-employee directors vest upon grant and have a maximum contractual term of ten years. Restricted stock units granted to non-employee directors vest over a 1-year service period, During fiscal years 2024, 2023, and 2022 the Company granted options to purchase an aggregate of 4,430 shares, 2,941 shares, and 3,810 shares of the Company\u2019s Class A Common Stock to non-employee directors, respectively. During fiscal year 2024 and 2023 1,997 and 1,442 respectively, of restricted stock units were granted to non-employee directors. No restricted stock units were granted to non-employee directors during fiscal years 2022.
\u00a0
The Company has reserved 0.6 million shares of Class A Common Stock for issuance pursuant to the Non-Employee Director Plan, of which 0.1 million shares were available for grant as of December 28, 2024. Shares under any cancelled non-employee directors\u2019 restricted stock units or stock options or options that expire unexercised are returned to the reserve under the Non-Employee Director Plan for future grants.
\u00a0
Option Activity
\u00a0
Information related to stock options under the Equity Plan and the Non-Employee Director Plan is summarized as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Shares | \n \u00a0 | \n \u00a0 | \n Weighted- | \n \u00a0 | \n \u00a0 | \n Weighted- | \n \u00a0 | \n \u00a0 | \n Aggregate | \n \u00a0 | \n ||||
Outstanding at December 30, 2023 | \n \u00a0 | \n \u00a0 | \n 207,810 | \n \u00a0 | \n \u00a0 | \n $ | \n 361.53 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Granted | \n \u00a0 | \n \u00a0 | \n 25,635 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 299.57 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Exercised | \n \u00a0 | \n \u00a0 | \n (8,164 | \n ) | \n \u00a0 | \n \u00a0 | \n 203.68 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Cancelled/Forfeited | \n \u00a0 | \n \u00a0 | \n (15,487 | \n ) | \n \u00a0 | \n \u00a0 | \n 383.46 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Expired | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Outstanding at December 28, 2024 | \n \u00a0 | \n \u00a0 | \n 209,794 | \n \u00a0 | \n \u00a0 | \n $ | \n 358.48 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.93 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,913 | \n \u00a0 | \n
Exercisable at December 28, 2024 | \n \u00a0 | \n \u00a0 | \n 126,930 | \n \u00a0 | \n \u00a0 | \n $ | \n 328.56 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.91 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,611 | \n \u00a0 | \n
Vested and expected to vest at December 28, 2024 | \n \u00a0 | \n \u00a0 | \n 200,272 | \n \u00a0 | \n \u00a0 | \n $ | \n 360.37 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.77 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,865 | \n \u00a0 | \n
\u00a0
Of the total options outstanding at December 28, 2024, 6,348 shares were performance-based options for which the performance criteria had yet to be achieved.
\u00a0
Weighted average assumptions used to estimate fair values of stock options on the date of grants for fiscal 2024, 2023, and 2022 was as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n |||
Expected volatility | \n \u00a0 | \n \u00a0 | \n 40.0 | \n % | \n \u00a0 | \n \u00a0 | \n 39.7 | \n % | \n \u00a0 | \n \u00a0 | \n 38.0 | \n % | \n
Risk-free interest rate | \n \u00a0 | \n \u00a0 | \n 4.23 | \n % | \n \u00a0 | \n \u00a0 | \n 3.96 | \n % | \n \u00a0 | \n \u00a0 | \n 2.11 | \n % | \n
Expected dividends | \n \u00a0 | \n \u00a0 | \n 0 | \n % | \n \u00a0 | \n \u00a0 | \n 0 | \n % | \n \u00a0 | \n \u00a0 | \n 0 | \n % | \n
Exercise factor | \n \u00a0 | \n 2.1\u00a0times | \n \u00a0 | \n \u00a0 | \n 2.3\u00a0times | \n \u00a0 | \n \u00a0 | \n 3.0\u00a0times | \n \u00a0 | \n |||
Discount for post-vesting restrictions | \n \u00a0 | \n \u00a0 | \n 0.0 | \n % | \n \u00a0 | \n \u00a0 | \n 0.0 | \n % | \n \u00a0 | \n \u00a0 | \n 0.0 | \n % | \n
\u00a0
Expected volatility is based on the Company\u2019s historical realized volatility. The risk-free interest rate represents the implied yields available from the U.S. Treasury zero-coupon yield curve over the contractual term of the option when using the trinomial option-pricing model. Expected dividend yield is 0% because the Company has not paid dividends in the past and currently has no known intention to do so in the future. Exercise factor and discount for post-vesting restrictions are based on the Company\u2019s historical experience.
\u00a0
Options to purchase 40,468 shares vested during fiscal year 2024. The total fair value of options vested during fiscal years 2024 was $6.5 million. The aggregate intrinsic value of stock options exercised during fiscal years 2024, 2023, and 2022 was $0.7 million, $6.6 million, and $6.9 million, respectively.
\u00a0
Non-Vested Shares Activity
\u00a0
The following table summarizes vesting activities of shares issued under the investment share program and restricted stock awards:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of Shares | \n \u00a0 | \n \u00a0 | \n Weighted Average Fair Value | \n \u00a0 | \n ||
Non-vested at December 30, 2023 | \n \u00a0 | \n \u00a0 | \n 114,797 | \n \u00a0 | \n \u00a0 | \n $ | \n 373.56 | \n \u00a0 | \n
Granted | \n \u00a0 | \n \u00a0 | \n 88,266 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 290.71 | \n \u00a0 | \n
Vested | \n \u00a0 | \n \u00a0 | \n (32,823 | \n ) | \n \u00a0 | \n \u00a0 | \n 381.95 | \n \u00a0 | \n
Forfeited | \n \u00a0 | \n \u00a0 | \n (5,689 | \n ) | \n \u00a0 | \n \u00a0 | \n 331.93 | \n \u00a0 | \n
Non-vested at December 28, 2024 | \n \u00a0 | \n \u00a0 | \n 164,551 | \n \u00a0 | \n \u00a0 | \n $ | \n 328.88 | \n \u00a0 | \n
\u00a0
The fair value of restricted stock awards is based on the Company\u2019s traded stock price on the date of the grants. Fair value of investment shares is calculated using the trinomial option-pricing model.
\u00a0
32,823 shares vested in 2024 with a weighted average fair value of $381.95, 27,640 shares vested in 2023 with a weighted average fair value of $341.57, and 32,476 shares vested in 2022 with a weighted average fair value of $292.27.
\u00a0
Stock-Based Compensation
\u00a0
The following table provides information regarding stock-based compensation expense included in operating expenses in the accompanying consolidated statements of comprehensive income:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||||||
Amounts included in general and administrative | \n \u00a0 | \n $ | \n 11,835 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,370 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,804 | \n \u00a0 | \n
Amounts included in advertising, promotional, and | \n \u00a0 | \n \u00a0 | \n 7,119 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,601 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,184 | \n \u00a0 | \n
Total stock-based compensation expense | \n \u00a0 | \n $ | \n 18,954 | \n \u00a0 | \n \u00a0 | \n $ | \n 16,971 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,988 | \n \u00a0 | \n
Amounts related to performance-based stock awards | \n \u00a0 | \n $ | \n 2,720 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,518 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,198 | \n \u00a0 | \n
\u00a0
The Company uses the straight-line attribution method in recognizing stock-based compensation expense for awards that vest based on service conditions. For awards that vest subject to performance conditions, compensation expense is recognized ratably for each tranche of the award over the performance period if it is probable that performance conditions will be met.
\u00a0
The Company recognizes compensation expense, less estimated forfeitures. For Equity Plan awards during fiscal year 2024, the estimated forfeiture rate was 16.0% for stock options and 13.0% for restricted stock units and investment shares. For Equity Plan awards during fiscal year 2023, the estimated forfeiture rate was 20.0% for stock options and 12.0% for restricted stock units and investment shares. For Equity Plan awards during fiscal year 2022, the estimated forfeiture rate was 19.0% for all types of awards. The estimated forfeiture rates used are based upon historical experience with the various award types and the Company annually reviews these rates to ensure proper projection of future forfeitures.
\u00a0
Based on equity awards outstanding as of December 28, 2024, there is $54.1 million of unrecognized compensation costs, net of estimated forfeitures, related to unvested share-based compensation arrangements that are expected to vest. Such costs are expected to be recognized over a weighted-average period of 2.1 years.
\u00a0
Stock Repurchase Program
\u00a0
In 1998, the Company began a share repurchase program. Under this program, the Company's Board of Directors has authorized the repurchase of the Company's Class A Stock. On October 2, 2024, the Board of Directors authorized an increase in the aggregate expenditure limit for the Company\u2019s stock repurchase program by $400.0 million, increasing the limit from $1.2 billion to $1.6 billion. The Board of Directors did not specify a date upon which the total authorization would expire and, in the future, can further increase the authorized amount. Share repurchases under this program for the periods included herein were effected through open market transactions
\u00a0
During fiscal year 2024, the Company repurchased and subsequently retired 803,281 shares of its Class A Common Stock for an aggregate purchase price of $238.9 million. As of December 28, 2024, the Company had repurchased a cumulative total of approximately 14.9 million shares of its Class A Common Stock for an aggregate purchase price of approximately $1.17 billion and had approximately $427.5 million remaining on the $1.6 billion stock repurchase expenditure limit set by the Board of Directors.
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related to stock options under the Equity Plan and the Non-Employee Director Plan is summarized as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Shares | \n \u00a0 | \n \u00a0 | \n Weighted- | \n \u00a0 | \n \u00a0 | \n Weighted- | \n \u00a0 | \n \u00a0 | \n Aggregate | \n \u00a0 | \n ||||
Outstanding at December 30, 2023 | \n \u00a0 | \n \u00a0 | \n 207,810 | \n \u00a0 | \n \u00a0 | \n $ | \n 361.53 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Granted | \n \u00a0 | \n \u00a0 | \n 25,635 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 299.57 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Exercised | \n \u00a0 | \n \u00a0 | \n (8,164 | \n ) | \n \u00a0 | \n \u00a0 | \n 203.68 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Cancelled/Forfeited | \n \u00a0 | \n \u00a0 | \n (15,487 | \n ) | \n \u00a0 | \n \u00a0 | \n 383.46 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Expired | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Outstanding at December 28, 2024 | \n \u00a0 | \n \u00a0 | \n 209,794 | \n \u00a0 | \n \u00a0 | \n $ | \n 358.48 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.93 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,913 | \n \u00a0 | \n
Exercisable at December 28, 2024 | \n \u00a0 | \n \u00a0 | \n 126,930 | \n \u00a0 | \n \u00a0 | \n $ | \n 328.56 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.91 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,611 | \n \u00a0 | \n
Vested and expected to vest at December 28, 2024 | \n \u00a0 | \n \u00a0 | \n 200,272 | \n \u00a0 | \n \u00a0 | \n $ | \n 360.37 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.77 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,865 | \n \u00a0 | \n
\u00a0
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average assumptions used to estimate fair values of stock options on the date of grants for fiscal 2024, 2023, and 2022 was as follows:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n |||
Expected volatility | \n \u00a0 | \n \u00a0 | \n 40.0 | \n % | \n \u00a0 | \n \u00a0 | \n 39.7 | \n % | \n \u00a0 | \n \u00a0 | \n 38.0 | \n % | \n
Risk-free interest rate | \n \u00a0 | \n \u00a0 | \n 4.23 | \n % | \n \u00a0 | \n \u00a0 | \n 3.96 | \n % | \n \u00a0 | \n \u00a0 | \n 2.11 | \n % | \n
Expected dividends | \n \u00a0 | \n \u00a0 | \n 0 | \n % | \n \u00a0 | \n \u00a0 | \n 0 | \n % | \n \u00a0 | \n \u00a0 | \n 0 | \n % | \n
Exercise factor | \n \u00a0 | \n 2.1\u00a0times | \n \u00a0 | \n \u00a0 | \n 2.3\u00a0times | \n \u00a0 | \n \u00a0 | \n 3.0\u00a0times | \n \u00a0 | \n |||
Discount for post-vesting restrictions | \n \u00a0 | \n \u00a0 | \n 0.0 | \n % | \n \u00a0 | \n \u00a0 | \n 0.0 | \n % | \n \u00a0 | \n \u00a0 | \n 0.0 | \n % | \n
\u00a0
"}]},{"name":"rpt:f-919","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0.40","decimals":3}]},{"name":"rpt:f-920","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0.397","decimals":3}]},{"name":"rpt:f-921","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate","xbrl:period":"2021-12-26T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0.38","decimals":3}]},{"name":"rpt:f-922","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0.0423","decimals":4}]},{"name":"rpt:f-923","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0.0396","decimals":4}]},{"name":"rpt:f-924","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate","xbrl:period":"2021-12-26T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0.0211","decimals":4}]},{"name":"rpt:f-925","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0","decimals":2}]},{"name":"rpt:f-926","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0","decimals":2}]},{"name":"rpt:f-927","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate","xbrl:period":"2021-12-26T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0","decimals":2}]},{"name":"rpt:f-928","factDimensions":{"xbrl:concept":"sam:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseFactor","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"sam:Time"},"factValues":[{"value":"2.1","decimals":1}]},{"name":"rpt:f-929","factDimensions":{"xbrl:concept":"sam:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseFactor","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"sam:Time"},"factValues":[{"value":"2.3","decimals":1}]},{"name":"rpt:f-930","factDimensions":{"xbrl:concept":"sam:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExerciseFactor","xbrl:period":"2021-12-26T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"sam:Time"},"factValues":[{"value":"3","decimals":1}]},{"name":"rpt:f-931","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountForPostvestingRestrictions","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0","decimals":3}]},{"name":"rpt:f-932","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountForPostvestingRestrictions","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0","decimals":3}]},{"name":"rpt:f-933","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountForPostvestingRestrictions","xbrl:period":"2021-12-26T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0","decimals":3}]},{"name":"rpt:f-934","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"0","decimals":2}]},{"name":"rpt:f-935","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"40468"}]},{"name":"rpt:f-936","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"6500000","decimals":-5}]},{"name":"rpt:f-937","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"700000","decimals":-5}]},{"name":"rpt:f-938","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"6600000","decimals":-5}]},{"name":"rpt:f-939","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue","xbrl:period":"2021-12-26T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"6900000","decimals":-5}]},{"name":"rpt:f-940","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"The following table summarizes vesting activities of shares issued under the investment share program and restricted stock awards:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of Shares | \n \u00a0 | \n \u00a0 | \n Weighted Average Fair Value | \n \u00a0 | \n ||
Non-vested at December 30, 2023 | \n \u00a0 | \n \u00a0 | \n 114,797 | \n \u00a0 | \n \u00a0 | \n $ | \n 373.56 | \n \u00a0 | \n
Granted | \n \u00a0 | \n \u00a0 | \n 88,266 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 290.71 | \n \u00a0 | \n
Vested | \n \u00a0 | \n \u00a0 | \n (32,823 | \n ) | \n \u00a0 | \n \u00a0 | \n 381.95 | \n \u00a0 | \n
Forfeited | \n \u00a0 | \n \u00a0 | \n (5,689 | \n ) | \n \u00a0 | \n \u00a0 | \n 331.93 | \n \u00a0 | \n
Non-vested at December 28, 2024 | \n \u00a0 | \n \u00a0 | \n 164,551 | \n \u00a0 | \n \u00a0 | \n $ | \n 328.88 | \n \u00a0 | \n
The following table provides information regarding stock-based compensation expense included in operating expenses in the accompanying consolidated statements of comprehensive income:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||||||
Amounts included in general and administrative | \n \u00a0 | \n $ | \n 11,835 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,370 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,804 | \n \u00a0 | \n
Amounts included in advertising, promotional, and | \n \u00a0 | \n \u00a0 | \n 7,119 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,601 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,184 | \n \u00a0 | \n
Total stock-based compensation expense | \n \u00a0 | \n $ | \n 18,954 | \n \u00a0 | \n \u00a0 | \n $ | \n 16,971 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,988 | \n \u00a0 | \n
Amounts related to performance-based stock awards | \n \u00a0 | \n $ | \n 2,720 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,518 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,198 | \n \u00a0 | \n
\u00a0
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Employee Retirement Plans and Post-Retirement Medical Benefits
\u00a0
The Company\u2019s workforce comprises mostly of non-union employees who are employed by Boston Beer Corporation, American Craft Brewery LLC, or Angry Orchard Cider Company, LLC. As of December 28, 2024, the Company had three unions at its Cincinnati Brewery: Local 1, Local 20, and Teamsters Local Union. No. 1199 (\u201cLocal Union 1199\u201d). The Company has different retirement and post-retirement plans available to each group of employees. The Boston Beer Company 401(k) Plan (the \u201cBoston Beer 401(k) Plan\u201d) covers most non-union employees and all members of Local 1 and Local Union 1199. The Samuel Adams Cincinnati Brewery 401(k) Plan for Represented Employees (the \u201cSACB 401(k) Plan\u201d) covers members of Local 20. The Company additionally provides a supplement to eligible retirees from Local 1, Local 20, and Local Union 1199 to assist with the cost of Medicare gap coverage after their retirement on account of age or permanent disability (collectively, the \u201cRetiree Medical Plan\u201d). The Company previously offered a pension plan (the \u201cLocal 1199 Pension Plan\u201d) to members of Local Union 1199 until the plan was terminated effective January 1, 2020.
\u00a0
Boston Beer 401(k) Plan
\u00a0
The Boston Beer 401(k) Plan, which was established by the Company in 1993, is a Company-sponsored defined contribution plan. Most non-union employees and all members of the Local 1 and Local 1199 unions are eligible to participate in the Plan immediately upon employment. Participants may make voluntary contributions up to 60% of their annual compensation, subject to IRS limitations. The Company matches each participant\u2019s contribution. A maximum of 5% of compensation is taken into account in determining the amount of the match. In January 2020, the Company amended the Boston Beer 401(k) Plan to update the Company match as follows: 100% of the first 3% of the eligible compensation participants contribute. Thereafter, the Company matches 50% of the next 2% of the eligible compensation participants contribute. Beginning April 1, 2023, for Local 1 union members specifically, the Company match is 100% of the first 5% of the eligible contribution. The Company\u2019s contributions to the Boston Beer 401(k) Plan amounted to $9.7 million, $8.8 million, and $7.6 million in fiscal years 2024, 2023, and 2022, respectively.
\u00a0
SACB 401(k) Plan
\u00a0
The \u201cSACB 401(k) Plan\u201d, which was established by the Company in 1997, is a Company-sponsored defined contribution plan. It is available to all members of Local 20 upon commencement of employment or, if later, attaining age 21. Participants may make voluntary contributions up to 60% of their annual compensation to the SACB 401(k) Plan, subject to IRS limitations. Company contributions for fiscal years 2024, 2023, and 2022 were insignificant.
\u00a0
Retiree Medical Plan
\u00a0
To qualify for this benefit, an eligible employee must have worked for at least 20 years for the Company or its predecessor at the Company\u2019s Cincinnati Brewery as a part of one of its three unions, must have been enrolled in the Company\u2019s group medical insurance plan for at least 5 years before retirement, and, in the case of retirees from Local 20, for at least 7 of the last 10 years of their employment, and must be eligible for Medicare benefits under the Social Security Act. The accumulated post-retirement benefit obligation was determined using a discount rate of 5.69% at December 28, 2024 and 5.03% at December 30, 2023 and a health care cost increase based on the Cincinnati Consumer Price Index of 3.0% and 2.5% for the years 2024 and 2023, respectively. The effect of a 1% increase and the effect of a 1% decrease in the assumed health care cost trend rates on the aggregate of the service and interest cost components of net periodic post-retirement health care benefit costs and on the accumulated post-retirement benefit obligation for health care benefits would not be significant.
\u00a0
In addition, the comprehensive medical plan offered to currently employed members of Local 20 remains available to them should they retire after reaching age 57, and before reaching age 65, with at least 20 years of service with the Company or its predecessor at the Company\u2019s Cincinnati Brewery. These eligible retirees may choose to continue to be covered under the Company\u2019s comprehensive group medical plan until they reach the age when they are eligible for Medicare health benefits under the Social Security Act or coverage under a comparable State health benefit plan. Eligible retirees pay 100% of the cost of the coverage.
\u00a0
The funded status of the Retiree Medical Plan is as follows at:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n December 28, | \n \u00a0 | \n \u00a0 | \n December 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
Benefit obligation at end of period | \n \u00a0 | \n \u00a0 | \n $ | \n 798 | \n \u00a0 | \n \u00a0 | \n $ | \n 828 | \n \u00a0 | \n
Unfunded Status | \n \u00a0 | \n \u00a0 | \n $ | \n 798 | \n \u00a0 | \n \u00a0 | \n $ | \n 828 | \n \u00a0 | \n
The funded status of the Retiree Medical Plan is as follows at:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n December 28, | \n \u00a0 | \n \u00a0 | \n December 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
Benefit obligation at end of period | \n \u00a0 | \n \u00a0 | \n $ | \n 798 | \n \u00a0 | \n \u00a0 | \n $ | \n 828 | \n \u00a0 | \n
Unfunded Status | \n \u00a0 | \n \u00a0 | \n $ | \n 798 | \n \u00a0 | \n \u00a0 | \n $ | \n 828 | \n \u00a0 | \n
Q. Net Income per Share
\u00a0
Net Income per Common Share - Basic
\u00a0
The following table sets forth the computation of basic net income per share using the two-class method:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 28, | \n \u00a0 | \n \u00a0 | \n December 30, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n (in thousands, except per share data) | \n \u00a0 | \n |||||||||
Net Income | \n \u00a0 | \n $ | \n 59,695 | \n \u00a0 | \n \u00a0 | \n $ | \n 76,250 | \n \u00a0 | \n \u00a0 | \n $ | \n 67,263 | \n \u00a0 | \n
Allocation of net income for basic: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Class A Common Stock | \n \u00a0 | \n $ | \n 49,070 | \n \u00a0 | \n \u00a0 | \n $ | \n 63,216 | \n \u00a0 | \n \u00a0 | \n $ | \n 55,812 | \n \u00a0 | \n
Class B Common Stock | \n \u00a0 | \n \u00a0 | \n 10,485 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,880 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,293 | \n \u00a0 | \n
Unvested participating shares | \n \u00a0 | \n \u00a0 | \n 140 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 154 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 158 | \n \u00a0 | \n
| \n \u00a0 | \n $ | \n 59,695 | \n \u00a0 | \n \u00a0 | \n $ | \n 76,250 | \n \u00a0 | \n \u00a0 | \n $ | \n 67,263 | \n \u00a0 | \n
Weighted average number of shares for basic: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Class A Common Stock | \n \u00a0 | \n \u00a0 | \n 9,678 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,150 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,221 | \n \u00a0 | \n
Class B Common Stock | \n \u00a0 | \n \u00a0 | \n 2,068 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,068 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,068 | \n \u00a0 | \n
Unvested participating shares | \n \u00a0 | \n \u00a0 | \n 28 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 25 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n 11,774 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,243 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,317 | \n \u00a0 | \n
Net income per share for basic: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Class A Common Stock | \n \u00a0 | \n $ | \n 5.07 | \n \u00a0 | \n \u00a0 | \n $ | \n 6.23 | \n \u00a0 | \n \u00a0 | \n $ | \n 5.46 | \n \u00a0 | \n
Class B Common Stock | \n \u00a0 | \n $ | \n 5.07 | \n \u00a0 | \n \u00a0 | \n $ | \n 6.23 | \n \u00a0 | \n \u00a0 | \n $ | \n 5.46 | \n \u00a0 | \n
\u00a0
Net Income per Common Share - Diluted
\u00a0
The Company calculates diluted net income per share for common stock using the more dilutive of (1) the treasury stock method, or (2) the two-class method, which assumes the participating securities are not exercised or converted.
\u00a0
The following tables set forth the computation of diluted net income per share, assuming the conversion of all Class B Common Stock into Class A Common Stock:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Fiscal year ended December 28, 2024 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n Earnings to | \n \u00a0 | \n \u00a0 | \n Common | \n \u00a0 | \n \u00a0 | \n EPS | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n (in thousands, except per share data) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
As reported - basic | \n \u00a0 | \n $ | \n 49,070 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,678 | \n \u00a0 | \n \u00a0 | \n $ | \n 5.07 | \n \u00a0 | \n
Add: effect of dilutive potential common shares | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Share-based awards | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Class B Common Stock | \n \u00a0 | \n \u00a0 | \n 10,485 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,068 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Net effect of unvested participating shares | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Net income per common share - diluted | \n \u00a0 | \n $ | \n 59,555 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,766 | \n \u00a0 | \n \u00a0 | \n $ | \n 5.06 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Fiscal year ended December 30, 2023 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n Earnings to | \n \u00a0 | \n \u00a0 | \n Common | \n \u00a0 | \n \u00a0 | \n EPS | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n (in thousands, except per share data) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
As reported - basic | \n \u00a0 | \n $ | \n 63,216 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,150 | \n \u00a0 | \n \u00a0 | \n $ | \n 6.23 | \n \u00a0 | \n
Add: effect of dilutive potential common shares | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Share-based awards | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 40 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Class B Common Stock | \n \u00a0 | \n \u00a0 | \n 12,880 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,068 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Net effect of unvested participating shares | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Net income per common share - diluted | \n \u00a0 | \n $ | \n 76,096 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,258 | \n \u00a0 | \n \u00a0 | \n $ | \n 6.21 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Fiscal year ended December 31, 2022 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n Earnings to | \n \u00a0 | \n \u00a0 | \n Common | \n \u00a0 | \n \u00a0 | \n EPS | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n (in thousands, except per share data) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
As reported - basic | \n \u00a0 | \n $ | \n 55,812 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,221 | \n \u00a0 | \n \u00a0 | \n $ | \n 5.46 | \n \u00a0 | \n
Add: effect of dilutive potential common shares | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Share-based awards | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 56 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Class B Common Stock | \n \u00a0 | \n \u00a0 | \n 11,293 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,068 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Net effect of unvested participating shares | \n \u00a0 | \n \u00a0 | \n 1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Net income per common share - diluted | \n \u00a0 | \n $ | \n 67,106 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,345 | \n \u00a0 | \n \u00a0 | \n $ | \n 5.44 | \n \u00a0 | \n
\u00a0
Basic net income per common share for each share of Class A Common Stock and Class B Common Stock is $5.07, $6.23, and $5.46 for the fiscal years 2024, 2023, and 2022, respectively, as each share of Class A and Class B participates equally in earnings. Shares of Class B are convertible at any time into shares of Class A on a one-for-one basis at the option of the stockholder.
\u00a0
Weighted average stock options to purchase approximately 142,000, 52,000, and 17,000 shares of Class A Common Stock were outstanding during fiscal years 2024, 2023, and 2022, respectively, but not included in computing diluted income per share because their effects were anti-dilutive. Additionally, approximately 52,000, 54,000, and 1,000 performance awards were outstanding during fiscal years 2024, 2023, and 2022, respectively, but not included in computing dilutive income per share because the performance criteria of these stock awards were not met at the respective fiscal year ends.
"}]},{"name":"rpt:f-1020","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfEarningsPerShareBasicByCommonClassTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"The following table sets forth the computation of basic net income per share using the two-class method:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 28, | \n \u00a0 | \n \u00a0 | \n December 30, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n (in thousands, except per share data) | \n \u00a0 | \n |||||||||
Net Income | \n \u00a0 | \n $ | \n 59,695 | \n \u00a0 | \n \u00a0 | \n $ | \n 76,250 | \n \u00a0 | \n \u00a0 | \n $ | \n 67,263 | \n \u00a0 | \n
Allocation of net income for basic: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Class A Common Stock | \n \u00a0 | \n $ | \n 49,070 | \n \u00a0 | \n \u00a0 | \n $ | \n 63,216 | \n \u00a0 | \n \u00a0 | \n $ | \n 55,812 | \n \u00a0 | \n
Class B Common Stock | \n \u00a0 | \n \u00a0 | \n 10,485 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,880 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,293 | \n \u00a0 | \n
Unvested participating shares | \n \u00a0 | \n \u00a0 | \n 140 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 154 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 158 | \n \u00a0 | \n
| \n \u00a0 | \n $ | \n 59,695 | \n \u00a0 | \n \u00a0 | \n $ | \n 76,250 | \n \u00a0 | \n \u00a0 | \n $ | \n 67,263 | \n \u00a0 | \n
Weighted average number of shares for basic: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Class A Common Stock | \n \u00a0 | \n \u00a0 | \n 9,678 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,150 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,221 | \n \u00a0 | \n
Class B Common Stock | \n \u00a0 | \n \u00a0 | \n 2,068 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,068 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,068 | \n \u00a0 | \n
Unvested participating shares | \n \u00a0 | \n \u00a0 | \n 28 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 25 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n 11,774 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,243 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,317 | \n \u00a0 | \n
Net income per share for basic: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Class A Common Stock | \n \u00a0 | \n $ | \n 5.07 | \n \u00a0 | \n \u00a0 | \n $ | \n 6.23 | \n \u00a0 | \n \u00a0 | \n $ | \n 5.46 | \n \u00a0 | \n
Class B Common Stock | \n \u00a0 | \n $ | \n 5.07 | \n \u00a0 | \n \u00a0 | \n $ | \n 6.23 | \n \u00a0 | \n \u00a0 | \n $ | \n 5.46 | \n \u00a0 | \n
The following tables set forth the computation of diluted net income per share, assuming the conversion of all Class B Common Stock into Class A Common Stock:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Fiscal year ended December 28, 2024 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n Earnings to | \n \u00a0 | \n \u00a0 | \n Common | \n \u00a0 | \n \u00a0 | \n EPS | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n (in thousands, except per share data) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
As reported - basic | \n \u00a0 | \n $ | \n 49,070 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,678 | \n \u00a0 | \n \u00a0 | \n $ | \n 5.07 | \n \u00a0 | \n
Add: effect of dilutive potential common shares | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Share-based awards | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Class B Common Stock | \n \u00a0 | \n \u00a0 | \n 10,485 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,068 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Net effect of unvested participating shares | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Net income per common share - diluted | \n \u00a0 | \n $ | \n 59,555 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,766 | \n \u00a0 | \n \u00a0 | \n $ | \n 5.06 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Fiscal year ended December 30, 2023 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n Earnings to | \n \u00a0 | \n \u00a0 | \n Common | \n \u00a0 | \n \u00a0 | \n EPS | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n (in thousands, except per share data) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
As reported - basic | \n \u00a0 | \n $ | \n 63,216 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,150 | \n \u00a0 | \n \u00a0 | \n $ | \n 6.23 | \n \u00a0 | \n
Add: effect of dilutive potential common shares | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Share-based awards | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 40 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Class B Common Stock | \n \u00a0 | \n \u00a0 | \n 12,880 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,068 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Net effect of unvested participating shares | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Net income per common share - diluted | \n \u00a0 | \n $ | \n 76,096 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,258 | \n \u00a0 | \n \u00a0 | \n $ | \n 6.21 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Fiscal year ended December 31, 2022 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n Earnings to | \n \u00a0 | \n \u00a0 | \n Common | \n \u00a0 | \n \u00a0 | \n EPS | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n (in thousands, except per share data) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
As reported - basic | \n \u00a0 | \n $ | \n 55,812 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,221 | \n \u00a0 | \n \u00a0 | \n $ | \n 5.46 | \n \u00a0 | \n
Add: effect of dilutive potential common shares | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Share-based awards | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 56 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Class B Common Stock | \n \u00a0 | \n \u00a0 | \n 11,293 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,068 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Net effect of unvested participating shares | \n \u00a0 | \n \u00a0 | \n 1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Net income per common share - diluted | \n \u00a0 | \n $ | \n 67,106 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,345 | \n \u00a0 | \n \u00a0 | \n $ | \n 5.44 | \n \u00a0 | \n
\u00a0
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Accumulated Other Comprehensive Loss
\u00a0
Accumulated other comprehensive loss represents cumulative currency translation adjustments and amounts of unrecognized actuarial gains or losses related to the Company sponsored post-retirement medical plan, net of tax effect. Changes in accumulated other comprehensive loss represent currency translation adjustments due to exchange rate fluctuations in the period and actuarial losses or gains, net of tax effect, recognized as components of net periodic benefit costs. The components of the accumulated other comprehensive loss was as follows as of:
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 28, | \n \u00a0 | \n \u00a0 | \n December 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||
Cumulative currency translation adjustments | \n \u00a0 | \n $ | \n (856 | \n ) | \n \u00a0 | \n $ | \n (141 | \n ) | \n
Deferred benefit costs, net of tax | \n \u00a0 | \n \u00a0 | \n 160 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 84 | \n \u00a0 | \n
Total accumulated other comprehensive loss | \n \u00a0 | \n $ | \n (696 | \n ) | \n \u00a0 | \n $ | \n (57 | \n ) | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 28, | \n \u00a0 | \n \u00a0 | \n December 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n (in thousands) | \n \u00a0 | \n |||||
Cumulative currency translation adjustments | \n \u00a0 | \n $ | \n (856 | \n ) | \n \u00a0 | \n $ | \n (141 | \n ) | \n
Deferred benefit costs, net of tax | \n \u00a0 | \n \u00a0 | \n 160 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 84 | \n \u00a0 | \n
Total accumulated other comprehensive loss | \n \u00a0 | \n $ | \n (696 | \n ) | \n \u00a0 | \n $ | \n (57 | \n ) | \n
S. Valuation and Qualifying Accounts
\u00a0
The Company maintains reserves against accounts receivable for doubtful accounts and inventory for obsolete and slow-moving inventory. The Company also maintains reserves against accounts receivable for distributor promotional allowances. In addition, the Company maintains a reserve for estimated returns of stale beer, which is included in accrued expenses.
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
Allowance for Credit Losses | \n \u00a0 | \n Balance at | \n \u00a0 | \n \u00a0 | \n Net Provision | \n \u00a0 | \n \u00a0 | \n Amounts | \n \u00a0 | \n \u00a0 | \n Balance at | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||||||||||
2024 | \n \u00a0 | \n $ | \n 427 | \n \u00a0 | \n \u00a0 | \n $ | \n 26 | \n \u00a0 | \n \u00a0 | \n $ | \n (406 | \n ) | \n \u00a0 | \n $ | \n 47 | \n \u00a0 | \n
2023 | \n \u00a0 | \n $ | \n 418 | \n \u00a0 | \n \u00a0 | \n $ | \n 15 | \n \u00a0 | \n \u00a0 | \n $ | \n (6 | \n ) | \n \u00a0 | \n $ | \n 427 | \n \u00a0 | \n
2022 | \n \u00a0 | \n $ | \n 353 | \n \u00a0 | \n \u00a0 | \n $ | \n 326 | \n \u00a0 | \n \u00a0 | \n $ | \n (261 | \n ) | \n \u00a0 | \n $ | \n 418 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
Discount Accrual | \n \u00a0 | \n Balance at | \n \u00a0 | \n \u00a0 | \n Net Provision | \n \u00a0 | \n \u00a0 | \n Amounts | \n \u00a0 | \n \u00a0 | \n Balance at | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||||||||||
2024 | \n \u00a0 | \n $ | \n 7,953 | \n \u00a0 | \n \u00a0 | \n $ | \n 61,037 | \n \u00a0 | \n \u00a0 | \n $ | \n (60,843 | \n ) | \n \u00a0 | \n $ | \n 8,147 | \n \u00a0 | \n
2023 | \n \u00a0 | \n $ | \n 8,179 | \n \u00a0 | \n \u00a0 | \n $ | \n 62,620 | \n \u00a0 | \n \u00a0 | \n $ | \n (62,846 | \n ) | \n \u00a0 | \n $ | \n 7,953 | \n \u00a0 | \n
2022 | \n \u00a0 | \n $ | \n 11,221 | \n \u00a0 | \n \u00a0 | \n $ | \n 54,825 | \n \u00a0 | \n \u00a0 | \n $ | \n (57,867 | \n ) | \n \u00a0 | \n $ | \n 8,179 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
Inventory Obsolescence Reserve | \n \u00a0 | \n Balance at | \n \u00a0 | \n \u00a0 | \n Net Provision | \n \u00a0 | \n \u00a0 | \n Amounts | \n \u00a0 | \n \u00a0 | \n Balance at | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||||||||||
2024 | \n \u00a0 | \n $ | \n 7,640 | \n \u00a0 | \n \u00a0 | \n $ | \n 21,916 | \n \u00a0 | \n \u00a0 | \n $ | \n (13,241 | \n ) | \n \u00a0 | \n $ | \n 16,315 | \n \u00a0 | \n
2023 | \n \u00a0 | \n $ | \n 21,976 | \n \u00a0 | \n \u00a0 | \n $ | \n 19,328 | \n \u00a0 | \n \u00a0 | \n $ | \n (33,664 | \n ) | \n \u00a0 | \n $ | \n 7,640 | \n \u00a0 | \n
2022 | \n \u00a0 | \n $ | \n 43,055 | \n \u00a0 | \n \u00a0 | \n $ | \n 35,867 | \n \u00a0 | \n \u00a0 | \n $ | \n (56,946 | \n ) | \n \u00a0 | \n $ | \n 21,976 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
Stale Beer Reserve | \n \u00a0 | \n Balance at | \n \u00a0 | \n \u00a0 | \n Net Provision | \n \u00a0 | \n \u00a0 | \n Amounts | \n \u00a0 | \n \u00a0 | \n Balance at | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||||||||||
2024 | \n \u00a0 | \n $ | \n 8,240 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,311 | \n \u00a0 | \n \u00a0 | \n $ | \n (7,459 | \n ) | \n \u00a0 | \n $ | \n 6,092 | \n \u00a0 | \n
2023 | \n \u00a0 | \n $ | \n 5,580 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,772 | \n \u00a0 | \n \u00a0 | \n $ | \n (16,112 | \n ) | \n \u00a0 | \n $ | \n 8,240 | \n \u00a0 | \n
2022 | \n \u00a0 | \n $ | \n 6,045 | \n \u00a0 | \n \u00a0 | \n $ | \n 19,589 | \n \u00a0 | \n \u00a0 | \n $ | \n (20,054 | \n ) | \n \u00a0 | \n $ | \n 5,580 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
Allowance for Credit Losses | \n \u00a0 | \n Balance at | \n \u00a0 | \n \u00a0 | \n Net Provision | \n \u00a0 | \n \u00a0 | \n Amounts | \n \u00a0 | \n \u00a0 | \n Balance at | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||||||||||
2024 | \n \u00a0 | \n $ | \n 427 | \n \u00a0 | \n \u00a0 | \n $ | \n 26 | \n \u00a0 | \n \u00a0 | \n $ | \n (406 | \n ) | \n \u00a0 | \n $ | \n 47 | \n \u00a0 | \n
2023 | \n \u00a0 | \n $ | \n 418 | \n \u00a0 | \n \u00a0 | \n $ | \n 15 | \n \u00a0 | \n \u00a0 | \n $ | \n (6 | \n ) | \n \u00a0 | \n $ | \n 427 | \n \u00a0 | \n
2022 | \n \u00a0 | \n $ | \n 353 | \n \u00a0 | \n \u00a0 | \n $ | \n 326 | \n \u00a0 | \n \u00a0 | \n $ | \n (261 | \n ) | \n \u00a0 | \n $ | \n 418 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
Discount Accrual | \n \u00a0 | \n Balance at | \n \u00a0 | \n \u00a0 | \n Net Provision | \n \u00a0 | \n \u00a0 | \n Amounts | \n \u00a0 | \n \u00a0 | \n Balance at | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||||||||||
2024 | \n \u00a0 | \n $ | \n 7,953 | \n \u00a0 | \n \u00a0 | \n $ | \n 61,037 | \n \u00a0 | \n \u00a0 | \n $ | \n (60,843 | \n ) | \n \u00a0 | \n $ | \n 8,147 | \n \u00a0 | \n
2023 | \n \u00a0 | \n $ | \n 8,179 | \n \u00a0 | \n \u00a0 | \n $ | \n 62,620 | \n \u00a0 | \n \u00a0 | \n $ | \n (62,846 | \n ) | \n \u00a0 | \n $ | \n 7,953 | \n \u00a0 | \n
2022 | \n \u00a0 | \n $ | \n 11,221 | \n \u00a0 | \n \u00a0 | \n $ | \n 54,825 | \n \u00a0 | \n \u00a0 | \n $ | \n (57,867 | \n ) | \n \u00a0 | \n $ | \n 8,179 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
Inventory Obsolescence Reserve | \n \u00a0 | \n Balance at | \n \u00a0 | \n \u00a0 | \n Net Provision | \n \u00a0 | \n \u00a0 | \n Amounts | \n \u00a0 | \n \u00a0 | \n Balance at | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||||||||||
2024 | \n \u00a0 | \n $ | \n 7,640 | \n \u00a0 | \n \u00a0 | \n $ | \n 21,916 | \n \u00a0 | \n \u00a0 | \n $ | \n (13,241 | \n ) | \n \u00a0 | \n $ | \n 16,315 | \n \u00a0 | \n
2023 | \n \u00a0 | \n $ | \n 21,976 | \n \u00a0 | \n \u00a0 | \n $ | \n 19,328 | \n \u00a0 | \n \u00a0 | \n $ | \n (33,664 | \n ) | \n \u00a0 | \n $ | \n 7,640 | \n \u00a0 | \n
2022 | \n \u00a0 | \n $ | \n 43,055 | \n \u00a0 | \n \u00a0 | \n $ | \n 35,867 | \n \u00a0 | \n \u00a0 | \n $ | \n (56,946 | \n ) | \n \u00a0 | \n $ | \n 21,976 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
Stale Beer Reserve | \n \u00a0 | \n Balance at | \n \u00a0 | \n \u00a0 | \n Net Provision | \n \u00a0 | \n \u00a0 | \n Amounts | \n \u00a0 | \n \u00a0 | \n Balance at | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n (In thousands) | \n \u00a0 | \n |||||||||||||
2024 | \n \u00a0 | \n $ | \n 8,240 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,311 | \n \u00a0 | \n \u00a0 | \n $ | \n (7,459 | \n ) | \n \u00a0 | \n $ | \n 6,092 | \n \u00a0 | \n
2023 | \n \u00a0 | \n $ | \n 5,580 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,772 | \n \u00a0 | \n \u00a0 | \n $ | \n (16,112 | \n ) | \n \u00a0 | \n $ | \n 8,240 | \n \u00a0 | \n
2022 | \n \u00a0 | \n $ | \n 6,045 | \n \u00a0 | \n \u00a0 | \n $ | \n 19,589 | \n \u00a0 | \n \u00a0 | \n $ | \n (20,054 | \n ) | \n \u00a0 | \n $ | \n 5,580 | \n \u00a0 | \n
T. Licensing Agreements
\u00a0
Pepsi Licensing Agreement
\u00a0
On August 9, 2021, the Company signed a series of agreements with PepsiCo, Inc. (\u201cPepsi\u201d) to develop, market, and sell alcohol beverages. Under the agreements, the Company is responsible for developing, manufacturing, and marketing a flavored malt beverage product under the HARD MTN DEW\u00ae brand. As part of the agreements, Pepsi provides certain proprietary ingredients and also licenses the Company the use of its HARD MTN DEW\u00ae trademark in connection with manufacturing, promoting, marketing, and distributing the developed product, primarily through the Pepsi distribution network.
\u00a0
During fiscal 2023 and the first half of 2024, distribution was primarily managed through the Pepsi distribution network per terms of the original agreements. Pursuant to these terms, the Company made payments to Pepsi for proprietary ingredients, freight costs to ship the product to Pepsi, and certain marketing services. The costs of the proprietary ingredients above fair market value are recorded within net revenue at the time revenue is recognized for the flavored malt beverages sold to Pepsi and were $0.2 and $2.0 million during fiscal 2024 and 2023, respectively. Freight costs and marketing costs are recorded in advertising, promotional, and selling expenses. The excess costs over fair market value of proprietary ingredients on hand at the end of the period are classified within prepaid expenses and other current assets. The excess over fair market value for inventory on hand was zero and $0.1 million as of December 28, 2024 and December 30, 2023, respectively. During fiscal 2024 and 2023, total net revenue recognized under these agreements amounted to approximately less than 1% and 2%, respectively, of the Company's total net revenues.
\u00a0
On February 24, 2024, the Company and Pepsi amended the terms of these agreements, most notably to change distribution from the Pepsi Distribution network to the Company\u2019s distribution network. The transition of distributor networks began in May of 2024 and is extending into 2025. Under the agreements, the Company is responsible for developing, manufacturing, and marketing a flavored malt beverage product under Pepsi\u2019s MTN DEW\u00ae brand. Pepsi provides certain proprietary ingredients and also licenses the Company the use of its HARD MTN DEW\u00ae trademark in connection with manufacturing, promoting, marketing, and distributing the developed product.
"}]},{"name":"rpt:f-1157","factDimensions":{"xbrl:concept":"sam:PaymentsForProprietaryIngredientsShipmentOfBeveragesAndMarketingServices","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD","srt:CounterpartyNameAxis":"sam:PepsicoIncMember","us-gaap:TypeOfArrangementAxis":"sam:PepsiLicensingAgreementMember"},"factValues":[{"value":"200000","decimals":-5}]},{"name":"rpt:f-1158","factDimensions":{"xbrl:concept":"sam:PaymentsForProprietaryIngredientsShipmentOfBeveragesAndMarketingServices","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD","srt:CounterpartyNameAxis":"sam:PepsicoIncMember","us-gaap:TypeOfArrangementAxis":"sam:PepsiLicensingAgreementMember"},"factValues":[{"value":"2000000","decimals":-5}]},{"name":"rpt:f-1159","factDimensions":{"xbrl:concept":"sam:InventoryOnHandInExcessOverFairValueMarket","xbrl:period":"2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD","srt:CounterpartyNameAxis":"sam:PepsicoIncMember","us-gaap:TypeOfArrangementAxis":"sam:PepsiLicensingAgreementMember"},"factValues":[{"value":"0","decimals":-6}]},{"name":"rpt:f-1160","factDimensions":{"xbrl:concept":"sam:InventoryOnHandInExcessOverFairValueMarket","xbrl:period":"2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","xbrl:unit":"iso4217:USD","srt:CounterpartyNameAxis":"sam:PepsicoIncMember","us-gaap:TypeOfArrangementAxis":"sam:PepsiLicensingAgreementMember"},"factValues":[{"value":"100000","decimals":-5}]},{"name":"rpt:f-1161","factDimensions":{"xbrl:concept":"sam:PercentageOfShipmentsOfBeveragesUnderLicenseAgreement","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","srt:CounterpartyNameAxis":"sam:PepsicoIncMember","us-gaap:TypeOfArrangementAxis":"sam:PepsiLicensingAgreementMember"},"factValues":[{"value":"0.01","decimals":2}]},{"name":"rpt:f-1162","factDimensions":{"xbrl:concept":"sam:PercentageOfShipmentsOfBeveragesUnderLicenseAgreement","xbrl:period":"2023-01-01T00:00:00/2023-12-31T00:00:00","xbrl:entity":"cik:0000949870","srt:CounterpartyNameAxis":"sam:PepsicoIncMember","us-gaap:TypeOfArrangementAxis":"sam:PepsiLicensingAgreementMember"},"factValues":[{"value":"0.02","decimals":2}]},{"name":"rpt:f-1163","factDimensions":{"xbrl:concept":"sam:TransitionOfDistributorNetworks","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870","srt:CounterpartyNameAxis":"sam:PepsicoIncMember","us-gaap:TypeOfArrangementAxis":"sam:PepsiLicensingAgreementMember"},"factValues":[{"value":"The transition of distributor networks began in May of 2024 and is extending into 2025."}]},{"name":"rpt:f-1164","factDimensions":{"xbrl:concept":"us-gaap:SegmentReportingDisclosureTextBlock","xbrl:period":"2023-12-31T00:00:00/2024-12-29T00:00:00","xbrl:entity":"cik:0000949870"},"factValues":[{"value":"U. Segment Reporting
\u00a0
Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision making group, in deciding how to allocate resources in assessing performance. The Company has one operating segment and one reportable segment that produces and sells alcohol beverages under various brands. All 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, with similar profit margins, and through the same channels of distribution. .
\u00a0
The accounting policies of the segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance for the segment based on net income, which is reported on the income statement as consolidated net income. The measure of segment assets is reported on the balance sheet as total consolidated assets.
\u00a0
The table below summarizes the Company\u2019s measures of segment net income that the CODM considered in determining how to allocate resources and assess segment performance for the years ended December 28, 2024, December 30, 2023, and December 31, 2022:
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n December 28, | \n \u00a0 | \n \u00a0 | \n December 30, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Net revenue | \n \u00a0 | \n $ | \n 2,012,926 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,008,625 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,090,334 | \n \u00a0 | \n
Less: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Cost of goods sold | \n \u00a0 | \n \u00a0 | \n 1,119,194 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,156,256 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,228,348 | \n \u00a0 | \n
Salaries and benefits expenses | \n \u00a0 | \n \u00a0 | \n 254,589 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 238,363 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 219,491 | \n \u00a0 | \n
Advertising, promotional, and selling expenses (excluding salaries and benefits) | \n \u00a0 | \n \u00a0 | \n 402,221 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 410,710 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 447,085 | \n \u00a0 | \n
General and administrative expenses (excluding salaries and benefits) | \n \u00a0 | \n \u00a0 | \n 85,129 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 81,473 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 69,358 | \n \u00a0 | \n
Impairment of intangible assets | \n \u00a0 | \n \u00a0 | \n 42,584 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,426 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 27,100 | \n \u00a0 | \n
Impairment of brewery assets | \n \u00a0 | \n \u00a0 | \n 7,184 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,396 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,782 | \n \u00a0 | \n
Contract settlement costs | \n \u00a0 | \n \u00a0 | \n 26,052 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,379 | \n \u00a0 | \n
Interest income, net | \n \u00a0 | \n \u00a0 | \n (13,249 | \n ) | \n \u00a0 | \n \u00a0 | \n (10,995 | \n ) | \n \u00a0 | \n \u00a0 | \n (2,561 | \n ) | \n
Other expense, net | \n \u00a0 | \n \u00a0 | \n 1,620 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,408 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,916 | \n \u00a0 | \n
Income tax provision | \n \u00a0 | \n \u00a0 | \n 27,907 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,338 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,173 | \n \u00a0 | \n
Segment net income | \n \u00a0 | \n $ | \n 59,695 | \n \u00a0 | \n \u00a0 | \n $ | \n 76,250 | \n \u00a0 | \n \u00a0 | \n $ | \n 67,263 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
The table below summarizes the Company\u2019s measures of segment net income that the CODM considered in determining how to allocate resources and assess segment performance for the years ended December 28, 2024, December 30, 2023, and December 31, 2022:
\n
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year Ended | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n December 28, | \n \u00a0 | \n \u00a0 | \n December 30, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Net revenue | \n \u00a0 | \n $ | \n 2,012,926 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,008,625 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,090,334 | \n \u00a0 | \n
Less: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Cost of goods sold | \n \u00a0 | \n \u00a0 | \n 1,119,194 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,156,256 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,228,348 | \n \u00a0 | \n
Salaries and benefits expenses | \n \u00a0 | \n \u00a0 | \n 254,589 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 238,363 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 219,491 | \n \u00a0 | \n
Advertising, promotional, and selling expenses (excluding salaries and benefits) | \n \u00a0 | \n \u00a0 | \n 402,221 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 410,710 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 447,085 | \n \u00a0 | \n
General and administrative expenses (excluding salaries and benefits) | \n \u00a0 | \n \u00a0 | \n 85,129 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 81,473 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 69,358 | \n \u00a0 | \n
Impairment of intangible assets | \n \u00a0 | \n \u00a0 | \n 42,584 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,426 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 27,100 | \n \u00a0 | \n
Impairment of brewery assets | \n \u00a0 | \n \u00a0 | \n 7,184 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,396 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,782 | \n \u00a0 | \n
Contract settlement costs | \n \u00a0 | \n \u00a0 | \n 26,052 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u2014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,379 | \n \u00a0 | \n
Interest income, net | \n \u00a0 | \n \u00a0 | \n (13,249 | \n ) | \n \u00a0 | \n \u00a0 | \n (10,995 | \n ) | \n \u00a0 | \n \u00a0 | \n (2,561 | \n ) | \n
Other expense, net | \n \u00a0 | \n \u00a0 | \n 1,620 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,408 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,916 | \n \u00a0 | \n
Income tax provision | \n \u00a0 | \n \u00a0 | \n 27,907 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,338 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,173 | \n \u00a0 | \n
Segment net income | \n \u00a0 | \n $ | \n 59,695 | \n \u00a0 | \n \u00a0 | \n $ | \n 76,250 | \n \u00a0 | \n \u00a0 | \n $ | \n 67,263 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n
V. Related Party Transactions
\u00a0
The Company has entered into a lease with the Dogfish Head founders and other owners of buildings used in certain of the Company\u2019s 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 was approximately $366,000, in fiscal 2024, 2023, and 2022, respectively. Other related party expenses and transactions totaled less than $0.1 million for fiscal 2024, 2023, and 2022.
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\u00a0
The Company evaluated subsequent events occurring after the balance sheet date, December 28, 2024, through the issuance of these financial statements and concluded that there were no events of which management was aware that occurred that would require any adjustment to or disclosure in the accompanying consolidated financial statements.
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