Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 30, 2019 | Apr. 20, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | BOSTON BEER CO INC | |
Entity Central Index Key | 0000949870 | |
Current Fiscal Year End Date | --12-29 | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | SAM | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Common Class A | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,748,401 | |
Common Class B | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 2,917,983 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 30, 2019 | Dec. 29, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 102,887 | $ 108,399 |
Accounts receivable | 54,525 | 34,073 |
Inventories | 85,861 | 70,249 |
Prepaid expenses and other current assets | 16,754 | 13,136 |
Income tax receivable | 833 | 5,714 |
Total current assets | 260,860 | 231,571 |
Property, plant and equipment, net | 398,882 | 389,789 |
Right-of-use assets | 26,177 | |
Other assets | 14,418 | 14,808 |
Goodwill | 3,683 | 3,683 |
Total assets | 704,020 | 639,851 |
Current Liabilities: | ||
Accounts payable | 61,620 | 47,102 |
Accrued expenses and other current liabilities | 66,655 | 73,412 |
Current lease liabilities | 3,727 | |
Total current liabilities | 132,002 | 120,514 |
Deferred income taxes, net | 50,198 | 49,169 |
Non-current lease liabilities | 27,161 | |
Other liabilities | 4,841 | 9,851 |
Total liabilities | 214,202 | 179,534 |
Commitments and Contingencies (See Note H) | ||
Stockholders' Equity: | ||
Additional paid-in capital | 411,481 | 405,711 |
Accumulated other comprehensive loss, net of tax | (1,160) | (1,197) |
Retained earnings | 79,382 | 55,688 |
Total stockholders' equity | 489,818 | 460,317 |
Total liabilities and stockholders' equity | 704,020 | 639,851 |
Common Class A | ||
Stockholders' Equity: | ||
Common Stock | 86 | 86 |
Common Class B | ||
Stockholders' Equity: | ||
Common Stock | $ 29 | $ 29 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 30, 2019 | Dec. 29, 2018 |
Common Class A | ||
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 22,700,000 | 22,700,000 |
Common Stock, shares issued | 8,634,806 | 8,580,593 |
Common Stock, shares outstanding | 8,634,806 | 8,580,593 |
Common Class B | ||
Common Stock, par value | $ 0.01 | $ 0.01 |
Common Stock, shares authorized | 4,200,000 | 4,200,000 |
Common Stock, shares issued | 2,917,983 | 2,917,983 |
Common Stock, shares outstanding | 2,917,983 | 2,917,983 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Revenue | $ 267,559 | $ 201,831 |
Less excise taxes | 15,908 | 11,374 |
Net revenue | 251,651 | 190,457 |
Cost of goods sold | 127,111 | 94,360 |
Gross profit | 124,540 | 96,097 |
Advertising, promotional and selling expenses | 71,723 | 67,521 |
General and administrative expenses | 23,374 | 19,338 |
Total operating expenses | 95,097 | 86,859 |
Operating income | 29,443 | 9,238 |
Interest income, net | 637 | 205 |
Other expense, net | (252) | (285) |
Total other income (expense), net | 385 | (80) |
Income before income tax provision (benefit) | 29,828 | 9,158 |
Income tax provision (benefit) | 6,134 | (152) |
Net income | $ 23,694 | $ 9,310 |
Net income per common share — basic | $ 2.04 | $ 0.79 |
Net income per common share — diluted | $ 2.02 | $ 0.78 |
Weighted-average number of common shares — basic | 11,635 | 11,805 |
Weighted-average number of common shares - diluted | 11,636 | 11,831 |
Net income | $ 23,694 | $ 9,310 |
Other comprehensive income: | ||
Foreign currency translation adjustment | 37 | 11 |
Comprehensive income | $ 23,731 | $ 9,321 |
Common Class A | ||
Net income per common share — basic | $ 2.04 | $ 0.79 |
Weighted-average number of common shares — basic | 8,606 | 8,714 |
Common Class B | ||
Net income per common share — basic | $ 2.04 | $ 0.79 |
Weighted-average number of common shares — basic | 2,918 | 3,018 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common StockCommon Class A | Common StockCommon Class B | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) Income, net of tax | Retained Earnings |
Balance at Dec. 30, 2017 | $ 423,523 | $ 86 | $ 30 | $ 372,590 | $ (1,288) | $ 52,105 |
Balance (in shares) at Dec. 30, 2017 | 8,603,000 | 3,018,000 | ||||
Net income | 9,310 | 9,310 | ||||
Stock options exercised and restricted shares activities (in shares) | 188,000 | |||||
Stock options exercised and restricted shares activities | 20,234 | $ 2 | 20,232 | |||
Stock-based compensation expense | 1,491 | 1,491 | ||||
Repurchase of Class A Common Stock (in shares) | (91,000) | |||||
Repurchase of Class A Common Stock | (16,639) | $ (1) | (16,638) | |||
Currency translation adjustment | 11 | (11) | ||||
One time effect of adoption of ASU 2014-09, Revenue from Contracts with Customers, net of tax of $329 | (982) | (982) | ||||
One time effect of adoption of ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income | (210) | 210 | ||||
Balance at Mar. 31, 2018 | 436,926 | $ 87 | $ 30 | 394,313 | (1,509) | 44,005 |
Balance (in shares) at Mar. 31, 2018 | 8,700,000 | 3,018,000 | ||||
Balance at Dec. 29, 2018 | 460,317 | $ 86 | $ 29 | 405,711 | (1,197) | 55,688 |
Balance (in shares) at Dec. 29, 2018 | 8,580,000 | 2,918,000 | ||||
Net income | $ 23,694 | 23,694 | ||||
Stock options exercised and restricted shares activities (in shares) | 33,983 | 54,000 | ||||
Stock options exercised and restricted shares activities | $ 3,704 | 3,704 | ||||
Stock-based compensation expense | 2,066 | 2,066 | ||||
Currency translation adjustment | 37 | 37 | ||||
Balance at Mar. 30, 2019 | $ 489,818 | $ 86 | $ 29 | $ 411,481 | $ (1,160) | $ 79,382 |
Balance (in shares) at Mar. 30, 2019 | 8,634,000 | 2,918,000 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
One time effect of adoption of ASU 2014-09, Revenue from Contracts with Customers, tax | $ 329 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Cash flows provided by (used in) operating activities: | ||
Net income | $ 23,694 | $ 9,310 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 12,863 | 12,820 |
Loss on disposal of property, plant and equipment | 271 | 143 |
Lease expense | 859 | |
Bad debt expense | 47 | |
Stock-based compensation expense | 2,066 | 1,491 |
Deferred income taxes | 1,029 | 178 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (20,452) | (16,615) |
Inventories | (15,353) | (8,166) |
Prepaid expenses, income tax receivable and other assets | 1,336 | (4,689) |
Accounts payable | 14,400 | 2,299 |
Accrued expenses and other current liabilities | (6,465) | (6,575) |
Net lease liabilities | (624) | |
Other liabilities | 19 | (658) |
Net cash provided by (used in) operating activities | 13,643 | (10,415) |
Cash flows used in investing activities: | ||
Purchases of property, plant and equipment | (22,080) | (11,477) |
Proceeds from disposal of property, plant and equipment | 1 | 2 |
Change in restricted cash | 28 | 111 |
Net cash used in investing activities | (22,051) | (11,364) |
Cash flows provided by financing activities: | ||
Repurchase of Class A Common Stock | (16,640) | |
Proceeds from exercise of stock options | 2,768 | 19,304 |
Cash paid on note payable | (72) | (63) |
Net proceeds from sale of investment shares | 200 | 186 |
Net cash provided by financing activities | 2,896 | 2,787 |
Change in cash and cash equivalents | (5,512) | (18,992) |
Cash and cash equivalents at beginning of year | 108,399 | 65,637 |
Cash and cash equivalents at end of period | 102,887 | 46,645 |
Supplemental disclosure of cash flow information: | ||
Income taxes paid | 207 | 459 |
Cash paid for amounts included in measurement of lease liabilities | 901 | |
Right-of-use assets obtained in exchange for lease obligations | 27,037 | |
Decrease in accounts receivable for ASU 2014-09 adoption | (1,310) | |
Increase in accounts payable for purchase of property, plant and equipment | $ 118 | $ 2,741 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 30, 2019 | |
Organization and Basis of Presentation | A. Organization and Basis of Presentation The Boston Beer Company, Inc. and certain subsidiaries (the “Company”) are engaged in the business of producing and selling alcohol beverages throughout the United States and in selected international markets, under the trade names, “The Boston Beer Company ® ® ® ® ® ® ™ The accompanying unaudited consolidated balance sheet as of March 30, 2019, and the consolidated statements of comprehensive income, stockholders’ equity, and cash flows for the interim periods ended March 30, 2019 and March 31, 2018 have been prepared by the Company in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and footnotes normally included in financial statements prepared in accordance with U.S generally accepted accounting principles have been condensed or omitted. These consolidated financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 29, 2018. In the opinion of the Company’s management, the Company’s unaudited consolidated balance sheet as of March 30, 2019 and the results of its consolidated operations, stockholders’ equity, and cash flows for the interim periods ended March 30, 2019 and March 31, 2018, reflect all adjustments (consisting only of normal and recurring adjustments) necessary to present fairly the results of the interim periods presented. The operating results for the interim periods presented are not necessarily indicative of the results expected for the full year. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 30, 2019 | |
Recent Accounting Pronouncements | B. Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Leases (Topic 842) ASC 840 , Leases |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | C. Revenue Recognition During the thirteen weeks ended March 30, 2019 approximately 96% of the Company’s revenue was from shipments of its products to domestic Distributors and 3% from shipments to international Distributors, primarily located in Canada. Approximately 1% of the Company’s revenue is from retail beer, cider and merchandise sales at the Company’s retail locations. The Company recognizes revenue when obligations under the terms of a contract with its customer are satisfied; generally, this occurs with the transfer of control of its products. Revenue is measured as the amount of consideration expected to be received in exchange for transferring products. If the conditions for revenue recognition are not met, the Company defers the revenue until all conditions are met. As of March 30, 2019 and March 31, 2018, the Company has deferred $11.2 million and $8.1 million, respectively in revenue related to product shipped prior to these dates. These amounts are included in accrued expenses and other current liabilities in the accompanying consolidated balance sheets. Customer promotional discount programs are entered into by the Company with Distributors for certain periods of time. The reimbursements for discounts to Distributors are recorded as reductions to net revenue and were $6.2 million and $5.6 million for the thirteen weeks ended March 30, 2019 and March 31, 2018, respectively. The agreed-upon discount rates are applied to certain Distributors’ sales to retailers, based on volume metrics, in order to determine the total discounted amount. The computation of the discount allowance requires that management make certain estimates and assumptions that affect the timing and amounts of revenue and liabilities recorded. Actual promotional discounts owed and paid have historically been in line with allowances recorded by the Company, however, the amounts could differ from the estimated allowance. Customer programs and incentives are a common practice in the alcohol beverage industry. Amounts paid in connection with customer programs and incentives are recorded as reductions to net revenue or as advertising, promotional and selling expenses , based on the nature of the expenditure. Customer incentives and other payments made to Distributors are primarily based upon performance of certain marketing and advertising activities. Depending on applicable state laws and regulations, these activities promoting the Company’s 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 revenue for the thirteen weeks ended March 30, 2019 and March 31, 2018 were $3.1 million and $2.0 million, 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. The Company benefited from a reduction in federal excise taxes of $1.7 million and $1.1 million for the thirteen weeks ended March 30, 2019 and March 31, 2018, respectively, as a result of the Tax Cuts and Jobs Act of 2017. Shipments for the quarter increased at a significantly higher rate than depletions and resulted in significantly higher distributor inventory as of March 30, 2019 when compared to March 31, 2018. The Company believes distributor inventory as of March 30, 2019 averaged approximately 6 weeks on hand and was at an appropriate level based on inventory requirements to support forecasted growth of Truly and Twisted Tea brands over the summer. The Company expects wholesaler inventory levels in terms of weeks on hand to return to more normal levels of approximately 3 to 4 weeks on hand later in the year. |
Inventories
Inventories | 3 Months Ended |
Mar. 30, 2019 | |
Inventories | D. Inventories Inventories consist of raw materials, work in process and finished goods. Raw materials, which principally consist of hops, apple juice, other brewing materials and packaging, are stated at the lower of cost, determined on the first-in, first-out basis, or net realizable value. The Company’s goal is to maintain on hand a supply of at least one year for essential hop varieties, in order to limit the risk of an unexpected reduction in supply. Inventories are generally classified as current assets. The Company classifies hops inventory in excess of two years of forecasted usage in other long-term assets. The cost elements of work in process and finished goods inventory consist of raw materials, direct labor and manufacturing overhead. Inventories consist of the following: March 30, 2019 December 29, 2018 (in thousands) Current inventory: Raw materials $ 51,207 $ 44,655 Work in process 9,198 8,252 Finished goods 25,456 17,342 Total current inventory 85,861 70,249 Long term inventory 11,360 11,619 Total inventory $ 97,221 $ 81,868 |
Leases
Leases | 3 Months Ended |
Mar. 30, 2019 | |
Leases [Abstract] | |
Leases | E. Leases The Company has various lease agreements in place for facilities and equipment. Terms of these leases include, in some instances, scheduled rent increases, renewals, purchase options and maintenance costs, and vary by lease. These lease obligations expire at various dates through 2028. As the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate based on information available at commencement to determine the present value of the lease payments. Based on the present value of the lease payments for the remaining lease term of the Company’s existing leases, the Company recognized ROU assets of $27.0 million and lease liabilities of $31.5 million upon adoption on December 30, 2018. ROU assets and lease liabilities commencing after December 30, 2018 are recognized at commencement date based on the present value of lease payments over the lease term. As of March 30, 2019, total ROU assets and lease liabilities were approximately $26.2 million and $30.9 million, respectively. Leases with an initial term of 12 months or less (“short-term leases”) are not recorded on the balance sheet and are recognized on a straight-line basis over the lease term. Aggregate lease expense for the thirteen weeks ended March 30, 2019 was $1.5 million, consisting of $1.1 million in lease expense for lease liabilities recorded on the Company’s balance sheet and $0.4 million in short-term lease expense. Maturities of lease liabilities as of March 30, 2019 are as follows: Operating Leases Weighted-Average (in thousands) 2019 $ 3,482 2020 4,946 2021 4,809 2022 4,513 2023 4,395 After 2023 13,179 Total lease payments 35,324 Less imputed interest (based on 3.4% weighted-average discount rate) (4,436 ) Present value of lease liability $ 30,888 7.5 The Company has additional lease liabilities of $ 2.8 million which have not yet commenced as of March 30 , 2019 , and as such, have not been recognized on the Company’s Consolidated balance sheet. These leases are expected to commence during the second quarter of 2019 with a term of five years. |
Net Income per Share
Net Income per Share | 3 Months Ended |
Mar. 30, 2019 | |
Net Income per Share | F. Net Income per Share The Company calculates net income per share using the two-class method, which requires the Company to allocate net income to its Class A Common Shares, Class B Common Shares and unvested share-based payment awards that participate in dividends with common stock, in the calculation of net income per share. The Class A Common Stock has no voting rights, except (1) as required by law, (2) for the election of Class A Directors, and (3) that the approval of the holders of the Class A Common Stock is required for (a) certain future authorizations or issuances of additional securities which have rights senior to Class A Common Stock, (b) certain alterations of rights or terms of the Class A or Class B Common Stock as set forth in the Articles of Organization of the Company, (c) other amendments of the Articles of Organization of the Company, (d) certain mergers or consolidations with, or acquisitions of, other entities, and (e) sales or dispositions of any significant portion of the Company’s assets. The Class B Common Stock has full voting rights, including the right to (1) elect a majority of the members of the Company’s Board of Directors and (2) approve all (a) amendments to the Company’s Articles of Organization, (b) mergers or consolidations with, or acquisitions of, other entities, (c) sales or dispositions of any significant portion of the Company’s assets, and (d) equity-based and other executive compensation and other significant corporate matters. The Company’s Class B Common Stock is not listed for trading. Each share of the Class B Common Stock is freely convertible into one share of Class A Common Stock, upon request of the respective Class B holder, and participates equally in dividends. The Company’s unvested share-based payment awards include unvested shares (1) issued under the Company’s investment share program, which permits employees who have been with the Company for at least one year to purchase shares of Class A Common Stock and to purchase those shares at a discount ranging from 20% to 40% below market value based on years of employment starting after two years of employment, and (2) awarded as restricted stock awards at the discretion of the Company’s Board of Directors. The investment shares and restricted stock awards generally vest over five years in equal number of shares. The unvested shares participate equally in dividends. See Note L for a discussion of the current year unvested stock awards and issuances. Included in the computation of net income per diluted common share are dilutive outstanding stock options and restricted stock that are vested or expected to vest. At its discretion, the Board of Directors grants stock options and restricted stock units to senior management and certain key employees. The terms of the employee stock options are determined by the Board of Directors at the time of grant. To date, stock options granted to employees vest over various service periods and/or based on the attainment of certain performance criteria and generally expire after ten years. The restricted stock generally vest over four years in equal number of shares. The unvested shares participate equally in dividends and are forfeitable. The Company also grants stock options to its non-employee directors upon election or re-election to the Board of Directors. The number of option shares granted to non-employee directors is calculated based on a defined formula and these stock options vest immediately upon grant and expire after ten years. Net Income per Common Share—Basic The following table sets forth the computation of basic net income per share using the two-class method: Thirteen weeks ended March 30, March 31, 2019 2018 (in thousands, except per share data) Net income $ 23,694 $ 9,310 Allocation of net income for basic: Class A Common Stock $ 17,525 $ 6,872 Class B Common Stock 5,942 2,380 Unvested participating shares 227 58 $ 23,694 $ 9,310 Weighted average number of shares for basic: Class A Common Stock 8,606 8,714 Class B Common Stock* 2,918 3,018 Unvested participating shares 111 73 11,635 11,805 Net income per share for basic: Class A Common Stock $ 2.04 $ 0.79 Class B Common Stock $ 2.04 $ 0.79 * Change in Class B Common Stock resulted from the conversion of 100,000 shares to Class A Common Stock on November 1, 2018 with the ending number of shares reflecting the weighted average for the Net Income per Common Share—Diluted The Company calculates diluted net income per share for common stock using the more dilutive of (1) the treasury stock method, or (2) the two-class method, which assumes the participating securities are not exercised. The following table sets forth the computation of diluted net income per share, assuming the conversion of all Class B Common Stock into Class A Common Stock and using the two-class method for unvested participating shares: Thirteen weeks ended March 30, 2019 March 30, 2018 Earnings to Common Shareholders Common Shares EPS Earnings to Common Shareholders Common Shares EPS (in thousands, except per share data) As reported—basic $ 17,525 8,606 $ 2.04 $ 6,872 8,714 $ 0.79 Add: effect of dilutive potential common shares Share-based awards — 112 — 99 Class B Common Stock 5,942 2,918 2,380 3,018 Net effect of unvested participating shares 2 — 1 — Net income per common share—diluted $ 23,469 11,636 $ 2.02 $ 9,253 11,831 $ 0.78 Weighted-average stock options to purchase approximately 15,000 and 764,000 shares of Class A Common Stock were outstanding during the thirteen weeks ended March 30, 2019 and March 31, 2018, respectively, but not included in computing dilutive income per common share because their effects were anti-dilutive. Additionally, performance-based stock options to purchase approximately 10,000 and 53,000 shares of Class A Common Stock were outstanding as of March 30, 2019 and March 31, 2018, respectively, but not included in computing diluted income per common share because the performance criteria of these stock options was not met as of the end of the reporting period. The performance-based stock options to purchase approximately 10,000 shares of Class A Common Stock that were excluded from computing diluted net income per common share as of March 30, 2019, were granted in 2016 to a key employee. The vesting of these shares requires annual depletions, or sales by Distributors to retailers, of certain of the Company’s brands to attain various thresholds during the period from 2017 to 2023. |
Comprehensive Income or Loss
Comprehensive Income or Loss | 3 Months Ended |
Mar. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Comprehensive Income | G. Comprehensive Income or Loss Comprehensive income or loss represents net income or loss, plus defined benefit plans liability adjustment, net of tax effect and foreign currency translation adjustment. and foreign currency translation adjustments for the interim periods ended March 30, 2019 and March 31, 2018 were not material. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 30, 2019 | |
Commitments and Contingencies | H. Commitments and Contingencies Contract Obligations The Company had outstanding total non-cancelable contract obligations of $184.9 million at March 30, 2019. These obligations are made up of hops, barley and wheat totaling $54.6 million, advertising contracts of $50.5 million, equipment and machinery of $40.4 million, other ingredients of $23.1 million, and other commitments of $16.3 million. Currently, the Company has entered into contracts for barley and wheat with two major suppliers. The contracts include crop year 2018 and 2019 and cover the Company’s barley, wheat, and malt requirements for 2019. These purchase commitments outstanding at March 30, 2019 totaled $12.3 million. The Company has entered into contracts for the supply of a portion of its hops requirements. These purchase contracts extend through crop year 2025 and specify both the quantities and prices, denominated in U.S. Dollars, Euros, New Zealand Dollars, and British Pounds, to which the Company is committed. Hops purchase commitments outstanding at March 30, 2019 totaled $42.3 million, based on the exchange rates on that date. The Company does not use forward currency exchange contracts and intends to purchase future hops using the exchange rate at the time of purchase. Currently, the Company brews and packages more than 75% of its volume at Company-owned breweries. In the normal course of its business, the Company has historically entered into various production arrangements with other brewing companies. Pursuant to these arrangements, the Company supplies raw materials to those brewing companies, and incurs conversion fees for labor at the time the liquid is produced and packaged. On October 11, 2018, the Company amended an existing brewing services agreement to include a minimum capacity availability commitment by the third-party brewery. The amendment grants the Company the right to extend the agreement beyond the December 31, 2021 termination date on an annual basis through December 31, 2025. The amendment requires the Company to pay up to $4 million in both 2018 and 2019 for capital improvements at the third party’s brewing facilities. At March 30, 2019, $3.5 million of the 2018 payment was included in prepaid expenses and other current assets, and the $4 million 2019 payment was included in the Company’s contractual obligations. Litigation The Company is not a party to any pending or threatened litigation, the outcome of which would be expected to have a material adverse effect upon its financial condition or the results of its operations. In general, while the Company believes it conducts its business appropriately in accordance with laws, regulations and industry guidelines, claims, whether or not meritorious, could be asserted against the Company that might adversely impact the Company’s results. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 30, 2019 | |
Income Taxes | I. Income Taxes As of March 30, 2019 and December 29, 2018, the Company had approximately $0.9 million and $0.9 million, respectively, of unrecognized income tax benefits. The Company’s practice is to classify interest and penalties related to income tax matters in income tax expense. As of March 30, 2019 and December 29, 2018, the Company had $0.1 million and $0.1 million, respectively, accrued for interest and penalties. The Internal Revenue Service completed an examination of the 2015 consolidated corporate income tax return and issued a no change report in 2018. The Company’s state income tax returns remain subject to examination for three or four years depending on the state’s statute of limitations. The Company is being audited by one state as of March 30, 2019. In addition, the Company is generally obligated to report changes in taxable income arising from federal income tax audits. The following table provides a summary of the income tax provision for the thirteen weeks ended March 30, 2019 and March 31, 2018: Thirteen weeks ended March 30, March 31, 2019 2018 (in thousands) Summary of income tax provision (benefit) Tax provision based on net income $ 7,909 $ 2,571 Benefit of ASU 2016-09 (1,775 ) (2,723 ) Total income tax provision (benefit) $ 6,134 $ (152 ) The Company’s effective tax rate for the thirteen weeks ended March 30, 2019, excluding the impact of ASU 2016-09, decreased to 26.5% from 28.0% for the thirteen weeks ended March 31, 2018 |
Revolving Line of Credit
Revolving Line of Credit | 3 Months Ended |
Mar. 30, 2019 | |
Revolving Line of Credit | J. Revolving Line of Credit In March 2018, the Company amended its credit facility in place that provides for a $150.0 million revolving line of credit to extend the scheduled expiration date to March 31, 2023. As of March 30, 2019, the Company was not in violation of any of its financial covenants to the lender under the credit facility and there were no borrowings outstanding, so that the line of credit was fully available to the Company for borrowing. |
Fair Value Measures
Fair Value Measures | 3 Months Ended |
Mar. 30, 2019 | |
Fair Value Measures | K. Fair Value Measures The Company defines fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). • Level 1 — Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 — Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. If the asset or liability has a specified (contractual) term, a Level 2 input must be observable for substantially the full term of the asset or liability. • Level 3 — Level 3 inputs are unobservable inputs for the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date. The Company’s money market funds are measured at fair value on a recurring basis (at least annually) and are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The money market funds are invested substantially in United States Treasury and government securities. The Company does not adjust the quoted market price for such financial instruments. Cash, receivables and payables are carried at their cost, which approximates fair value, because of their short-term nature. At March 30, 2019 and December 29, 2018, the Company had money market funds with a “Triple A” rated money market fund. The Company considers the “Triple A” rated money market fund to be a large, highly-rated investment-grade institution. As of March 30, 2019 and December 29, 2018, the Company’s cash and cash equivalents balance was $102.9 million and $108.4 million, respectively, including money market funds amounting to $102.0 million and $107.5 million, respectively. |
Common Stock and Share-Based Co
Common Stock and Share-Based Compensation | 3 Months Ended |
Mar. 30, 2019 | |
Common Stock and Share-Based Compensation | L. Common Stock and Stock-Based Compensation Option Activity Information related to stock options under the Restated Employee Equity Incentive Plan and the Stock Option Plan for Non-Employee Directors is summarized as follows: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term in Years Aggregate Intrinsic Value (in thousands) Outstanding at December 29, 2018 366,829 $ 155.75 Granted 15,524 312.74 Forfeited — — Expired — — Exercised (33,983 ) 85.78 Outstanding at March 30, 2019 348,370 $ 169.58 5.63 $ 43,879 Exercisable at March 30, 2019 135,926 $ 127.73 3.43 $ 22,717 Vested and expected to vest at March 30, 2019 316,274 $ 166.69 5.49 $ 40,747 Of the total options outstanding at March 30, 2019, 65,306 shares were performance-based options for which the performance criteria had yet to be achieved. On March 1, 2019, the Company granted options to purchase an aggregate of 14,680 shares of the Company’s Class A Common Stock to senior management with a weighted average fair value of $136.00 per share, of which all shares relate to performance-based stock options. On March 14, 2019, the Company granted options to purchase an aggregate of 844 shares of the Company’s Class A Common Stock to the Company’s newly appointed non-employee Director. These options have a weighted average fair value of $136.10 per share, of which all shares vested immediately. Non-Vested Shares Activity The following table summarizes vesting activities of shares issued under the investment share program and restricted stock: Number of Shares Weighted Average Fair Value Non-vested at December 29, 2018 126,720 $ 192.74 Granted 24,579 $ 258.92 Vested (20,230 ) $ 163.83 Forfeited (611 ) $ 134.61 Non-vested at March 30, 2019 130,458 $ 209.96 On January 1, 2019, the Company granted a key employee 207 shares of restricted stock units with a weighted average fair value of $240.84 and vests ratable over the service period of four years. On March 1, 2019, the Company granted 16,471 shares of restricted stock units to certain officers, senior managers and key employees, of which all shares vest ratably over service periods of four years. On March 1, 2019, employees elected to purchase 7,901 shares under the Company’s investment share program. The weighted average fair value of the restricted stock units and investment shares, which are sold to employees at discount under its investment share program, was $312.56 and $147.98 per share, respectively. Stock-Based Compensation Stock-based compensation expense related to share-based awards recognized in the thirteen weeks ended March 30, 2019 and March 31, 2018 was $2.1 million and $1.5 million, respectively, and was calculated based on awards expected to vest. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 30, 2019 | |
Subsequent Events | M. Subsequent Events The Company evaluated subsequent events occurring after the balance sheet date, March 30, 2019, and concluded that there were no events of which management was aware that occurred after the balance sheet date that would require any adjustment to or disclosure in the accompanying consolidated financial statements. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Components of Inventories | Inventories consist of the following: March 30, 2019 December 29, 2018 (in thousands) Current inventory: Raw materials $ 51,207 $ 44,655 Work in process 9,198 8,252 Finished goods 25,456 17,342 Total current inventory 85,861 70,249 Long term inventory 11,360 11,619 Total inventory $ 97,221 $ 81,868 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Leases [Abstract] | |
Schedule Of Maturities Of Leases Liabilities [Table Text Block] | Maturities of lease liabilities as of March 30, 2019 are as follows: Operating Leases Weighted-Average (in thousands) 2019 $ 3,482 2020 4,946 2021 4,809 2022 4,513 2023 4,395 After 2023 13,179 Total lease payments 35,324 Less imputed interest (based on 3.4% weighted-average discount rate) (4,436 ) Present value of lease liability $ 30,888 7.5 |
Net Income per Share (Tables)
Net Income per Share (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Computation of Earnings Per Share, Basic | The following table sets forth the computation of basic net income per share using the two-class method: Thirteen weeks ended March 30, March 31, 2019 2018 (in thousands, except per share data) Net income $ 23,694 $ 9,310 Allocation of net income for basic: Class A Common Stock $ 17,525 $ 6,872 Class B Common Stock 5,942 2,380 Unvested participating shares 227 58 $ 23,694 $ 9,310 Weighted average number of shares for basic: Class A Common Stock 8,606 8,714 Class B Common Stock* 2,918 3,018 Unvested participating shares 111 73 11,635 11,805 Net income per share for basic: Class A Common Stock $ 2.04 $ 0.79 Class B Common Stock $ 2.04 $ 0.79 * Change in Class B Common Stock resulted from the conversion of 100,000 shares to Class A Common Stock on November 1, 2018 with the ending number of shares reflecting the weighted average for the Net Income per Common Share—Diluted The Company calculates diluted net income per share for common stock using the more dilutive of (1) the treasury stock method, or (2) the two-class method, which assumes the participating securities are not exercised. |
Computation of Earnings Per Share, Diluted | The following table sets forth the computation of diluted net income per share, assuming the conversion of all Class B Common Stock into Class A Common Stock and using the two-class method for unvested participating shares: Thirteen weeks ended March 30, 2019 March 30, 2018 Earnings to Common Shareholders Common Shares EPS Earnings to Common Shareholders Common Shares EPS (in thousands, except per share data) As reported—basic $ 17,525 8,606 $ 2.04 $ 6,872 8,714 $ 0.79 Add: effect of dilutive potential common shares Share-based awards — 112 — 99 Class B Common Stock 5,942 2,918 2,380 3,018 Net effect of unvested participating shares 2 — 1 — Net income per common share—diluted $ 23,469 11,636 $ 2.02 $ 9,253 11,831 $ 0.78 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Significant Components of Provisions for Income Taxes | The following table provides a summary of the income tax provision for the thirteen weeks ended March 30, 2019 and March 31, 2018: Thirteen weeks ended March 30, March 31, 2019 2018 (in thousands) Summary of income tax provision (benefit) Tax provision based on net income $ 7,909 $ 2,571 Benefit of ASU 2016-09 (1,775 ) (2,723 ) Total income tax provision (benefit) $ 6,134 $ (152 ) |
Common Stock and Share-Based _2
Common Stock and Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 30, 2019 | |
Summary of Stock Options under Equity Plan and Non-Employee Director Plan | Information related to stock options under the Restated Employee Equity Incentive Plan and the Stock Option Plan for Non-Employee Directors is summarized as follows: Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term in Years Aggregate Intrinsic Value (in thousands) Outstanding at December 29, 2018 366,829 $ 155.75 Granted 15,524 312.74 Forfeited — — Expired — — Exercised (33,983 ) 85.78 Outstanding at March 30, 2019 348,370 $ 169.58 5.63 $ 43,879 Exercisable at March 30, 2019 135,926 $ 127.73 3.43 $ 22,717 Vested and expected to vest at March 30, 2019 316,274 $ 166.69 5.49 $ 40,747 |
Summary of Vesting Activities of Shares Issued Under Investment Share Program and Restricted Stock Awards | The following table summarizes vesting activities of shares issued under the investment share program and restricted stock: Number of Shares Weighted Average Fair Value Non-vested at December 29, 2018 126,720 $ 192.74 Granted 24,579 $ 258.92 Vested (20,230 ) $ 163.83 Forfeited (611 ) $ 134.61 Non-vested at March 30, 2019 130,458 $ 209.96 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Dec. 30, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative Effect on Retained Earnings, Net of Tax related to variable customer promotional discount programs | $ 1,000 | |
Operating Lease, Right-of-Use Asset | 26,200 | $ 27,000 |
Operating Lease, Liability | $ 30,888 | 31,500 |
Accounting Standards Update 2016-02 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Operating Lease, Right-of-Use Asset | 27,000 | |
Operating Lease, Liability | $ 31,500 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Sales to domestic distributors as a percentage of total sales | 96.00% | |
Sales to foreign distributors as a percentage of total sales | 3.00% | |
Sales to retail locations as a percentage of total sales | 1.00% | |
Deferred Revenue, Current | $ 11.2 | $ 8.1 |
Reduction in federal excise taxes | 1.7 | 1.1 |
Distributors [Member] | ||
Amounts paid to distributors | 6.2 | 5.6 |
Marketing and Advertising Expense | $ 3.1 | $ 2 |
Components of Inventories (Deta
Components of Inventories (Detail) - USD ($) $ in Thousands | Mar. 30, 2019 | Dec. 29, 2018 |
Current inventory: | ||
Raw materials | $ 51,207 | $ 44,655 |
Work in process | 9,198 | 8,252 |
Finished goods | 25,456 | 17,342 |
Total current inventory | 85,861 | 70,249 |
Long term inventory | 11,360 | 11,619 |
Total inventory | $ 97,221 | $ 81,868 |
Leases (Maturities of lease lia
Leases (Maturities of lease liabilities) (Detail) - USD ($) $ in Thousands | Mar. 30, 2019 | Dec. 30, 2018 |
Operating Leases | ||
2019 | $ 3,482 | |
2020 | 4,946 | |
2021 | 4,809 | |
2022 | 4,513 | |
2023 | 4,395 | |
After 2023 | 13,179 | |
Total lease payments | 35,324 | |
Less imputed interest | (4,436) | |
Present Value of Lease liability | $ 30,888 | $ 31,500 |
Lease Weighted Average Remaining Lease Term | 7 years 6 months | |
Operating lease weighted average discount rate | 3.40% |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Dec. 30, 2018 | |
Lease expense | $ 1,100 | |
Operating Lease, Liability | 30,888 | $ 31,500 |
Lease, cost | 859 | |
Short-term lease expense | 400 | |
Operating lease right of use asset | $ 26,200 | $ 27,000 |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 5 years | |
Lessee Operating Lease Lease Not Yet Commenced Additional Lease Liability | $ 2,800 |
Computation of Earnings Per Sha
Computation of Earnings Per Share, Basic (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Net income | $ 23,694 | $ 9,310 |
Allocation of net income for basic: | ||
Allocation of net income for basic common stock | 23,694 | 9,310 |
Allocation of net income for basic unvested participating shares | $ 227 | $ 58 |
Weighted average number of shares for basic: | ||
Weighted-average number of common shares — basic | 11,635 | 11,805 |
Net income per share for basic: | ||
Net income per common share — basic | $ 2.04 | $ 0.79 |
Common Class A | ||
Allocation of net income for basic: | ||
Allocation of net income for basic common stock | $ 17,525 | $ 6,872 |
Weighted average number of shares for basic: | ||
Weighted-average number of common shares — basic | 8,606 | 8,714 |
Net income per share for basic: | ||
Net income per common share — basic | $ 2.04 | $ 0.79 |
Common Class B | ||
Allocation of net income for basic: | ||
Allocation of net income for basic common stock | $ 5,942 | $ 6,872 |
Weighted average number of shares for basic: | ||
Weighted-average number of common shares — basic | 2,918 | 3,018 |
Net income per share for basic: | ||
Net income per common share — basic | $ 2.04 | $ 0.79 |
Unvested participating shares | ||
Weighted average number of shares for basic: | ||
Weighted-average number of common shares — basic | 111 | 73 |
Computation of Earnings Per S_2
Computation of Earnings Per Share, Basic (Parenthetical) (Detail) | Nov. 01, 2018shares |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
Conversion of Class B Common Stock into Class A Common Stock | 100,000 |
Computation of Diluted Net Inco
Computation of Diluted Net Income Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ||
Allocation of net income for basic common stock | $ 23,694 | $ 9,310 |
Add: effect of dilutive potential common shares Share-based awards | 112 | 99 |
Earnings to Common Shareholders, Net effect of unvested participating shares | $ 2 | $ 1 |
Earnings to Common Shareholders, Net income per common share — diluted | $ 23,469 | $ 9,253 |
Weighted-average number of common shares — basic | 11,635 | 11,805 |
Weighted-average number of common shares — diluted | 11,636 | 11,831 |
Net income per common share — basic | $ 2.04 | $ 0.79 |
Net income per common share — diluted | $ 2.02 | $ 0.78 |
Common Class A | ||
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ||
Allocation of net income for basic common stock | $ 17,525 | $ 6,872 |
Weighted-average number of common shares — basic | 8,606 | 8,714 |
Net income per common share — basic | $ 2.04 | $ 0.79 |
Common Class B | ||
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items] | ||
Allocation of net income for basic common stock | $ 5,942 | $ 6,872 |
Class B Common Stock | 2,918 | 3,018 |
Earnings to Common Shareholders, Class B Common Stock | $ 5,942 | $ 2,380 |
Weighted-average number of common shares — basic | 2,918 | 3,018 |
Net income per common share — basic | $ 2.04 | $ 0.79 |
Net Income per Share - Addition
Net Income per Share - Additional Information (Detail) | Mar. 01, 2019 | Jan. 01, 2019 | Mar. 30, 2019employeeshares | Mar. 31, 2018shares | Dec. 31, 2016employeeshares |
Investment Share Program | |||||
Earnings Per Share Note [Line Items] | |||||
Vesting period | 5 years | ||||
Investment Share Program | Maximum | |||||
Earnings Per Share Note [Line Items] | |||||
Discount from current market value | 40.00% | ||||
Investment Share Program | Minimum | |||||
Earnings Per Share Note [Line Items] | |||||
Requirement tenure of employee for investment share program | 1 year | ||||
Discount from current market value | 20.00% | ||||
Restricted Stock Awards | |||||
Earnings Per Share Note [Line Items] | |||||
Vesting period | 4 years | 4 years | |||
Common Class A | |||||
Earnings Per Share Note [Line Items] | |||||
Antidilutive securities excluded from computation of earnings per share | 15,000 | 764,000 | |||
Common Class A | Performance-Based Awards | |||||
Earnings Per Share Note [Line Items] | |||||
Number of shares not included because the performance criteria was not expected to be met | 10,000 | 53,000 | |||
Common Class A | Performance-Based Awards | Key employee | |||||
Earnings Per Share Note [Line Items] | |||||
Number Of Employees | employee | 1 | 1 | |||
Options granted in period | 10,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 1 Months Ended | 3 Months Ended |
Oct. 11, 2018USD ($) | Mar. 30, 2019USD ($)vendor | |
Commitments and Contingencies Disclosure [Line Items] | ||
Amendment date description | The amendment grants the Company the right to extend the agreement beyond the December 31, 2021 termination date on an annual basis through December 31, 2025. | |
Contractual obligations | $ 184.9 | |
Prepaid Expense, Current | 3.5 | |
Machinery and Equipment [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contractual obligations | 40.4 | |
Third Party Brewery | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Capital improvement for 2018 | $ 4 | |
Capital improvement for 2019 | $ 4 | |
Contractual obligations | $ 4 | |
Minimum | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Company's current brewing and packaging percentage | 75.00% | |
Barley and Wheat | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Number of suppliers | vendor | 2 | |
Purchase commitments outstanding | $ 12.3 | |
Hops | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Purchase commitments | 42.3 | |
Hops | Barley and Wheat | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contractual obligations | 54.6 | |
Advertising contract [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contractual obligations | 50.5 | |
Other Ingredients [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contractual obligations | 23.1 | |
Other Commitments | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contractual obligations | $ 16.3 |
Summary of Income Tax Benefit (
Summary of Income Tax Benefit (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Mar. 31, 2018 | |
Summary of income tax provision (benefit) | ||
Tax provision based on net income | $ 7,909 | $ 2,571 |
Benefit of ASU 2016-09 | (1,775) | (2,723) |
Total income tax provision (benefit) | $ 6,134 | $ (152) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 30, 2019 | Mar. 31, 2018 | Dec. 29, 2018 | |
Income Taxes [Line Items] | |||
Accrued interest and penalties | $ 0.1 | $ 0.1 | |
unrecognized income tax benefits | $ 0.9 | $ 0.9 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 26.50% | 28.00% | |
State and Local Jurisdiction | Minimum | |||
Income Taxes [Line Items] | |||
Income tax return examination period | 3 years | ||
State and Local Jurisdiction | Maximum | |||
Income Taxes [Line Items] | |||
Income tax return examination period | 4 years |
Revolving Line of Credit - Addi
Revolving Line of Credit - Additional Information (Detail) $ in Millions | 1 Months Ended |
Mar. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |
Line of credit, expiration date | Mar. 31, 2023 |
Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Line of credit, current borrowing capacity | $ 150 |
Fair Value Measures - Additiona
Fair Value Measures - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 30, 2019 | Dec. 29, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 102,887 | $ 108,399 |
Money market fund | $ 102,000 | $ 107,500 |
Summary of Stock Options under
Summary of Stock Options under Employee Equity Incentive Plan and Stock Option Plan for Non-Employee Directors (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 30, 2019 | Dec. 30, 2018 | |
Shares | ||
Outstanding at beginning of period | 366,829 | |
Granted | 15,524 | |
Forfeited | 0 | |
Expired | 0 | |
Exercised | (33,983) | |
Outstanding at end of period | 348,370 | |
Exercisable at end of period | 135,926 | |
Vested and expected to vest at end of period | 316,274 | |
Weighted-Average Exercise Price | ||
Outstanding at beginning of period | $ 155.75 | |
Granted | 312.74 | |
Forfeited | 0 | |
Expired | 0 | |
Exercised | 85.78 | |
Outstanding at end of period | $ 169.58 | |
Exercisable at end of period | $ 127.73 | |
Vested and expected to vest at end of period | $ 166.69 | |
Weighted-Average Remaining Contractual Term | ||
Outstanding at end of period | 5 years 7 months 17 days | |
Exercisable at end of period | 3 years 5 months 4 days | |
Vested and expected to vest at end of period | 5 years 5 months 26 days | |
Aggregate Intrinsic Value | ||
Outstanding at end of period | $ 43,879 | |
Exercisable at end of period | 22,717 | |
Vested and expected to vest at end of period | $ 40,747 |
Summary of Vesting Activities f
Summary of Vesting Activities for Investment Share Program and Restricted Stock Awards (Detail) | 3 Months Ended |
Mar. 30, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested at beginning of period | shares | 126,720 |
Granted | shares | 24,579 |
Vested | shares | (20,230) |
Forfeited | shares | (611) |
Non-vested at end of period | shares | 130,458 |
Non-vested at beginning of period | $ / shares | $ 192.74 |
Granted | $ / shares | 258.92 |
Vested | $ / shares | 163.83 |
Forfeited | $ / shares | 134.61 |
Non-vested at end of period | $ / shares | $ 209.96 |
Common Stock and Share-Based _3
Common Stock and Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 14, 2019 | Mar. 01, 2019 | Jan. 01, 2019 | Mar. 30, 2019 | Mar. 31, 2018 | Dec. 29, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Other than options granted in period | 24,579 | |||||
Stock option outstanding | 348,370 | 366,829 | ||||
Stock-based compensation expense | $ 2,066 | $ 1,491 | ||||
Weighted average fair value of stock awards | $ 258.92 | |||||
Performance-Based Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock option outstanding | 65,306 | |||||
Investment Share Program | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares employees elected to purchase | 7,901 | |||||
Weighted average fair value of stock awards | $ 147.98 | |||||
Non Employee Director Stock Option | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options granted in period | 844 | |||||
Options granted in period - weighted average fair value | $ 136.10 | |||||
Employee Stock Compensation Plan | Senior Management | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Options granted in period | 14,680 | |||||
Options granted in period - weighted average fair value | $ 136 | |||||
Restricted Stock Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 4 years | 4 years | ||||
Other than options granted in period | 16,471 | 207 | ||||
Weighted average fair value of stock awards | $ 312.56 | $ 240.84 |