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Third-Party Production Prepayments | 3 Months Ended
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Mar. 27, 2021
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] |
Third Party Production Prepayments | G.Third-party production prepayments During the thirteen weeks ended March 27, 2021, the Company brewed and packaged approximately 57% 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 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. The Company has made payments for capital improvements at these third-party brewing facilities that it expenses over the period of the contracts. As of March 27, 2021, and December 26, 2020 total third-party production prepayments were as follows:
|  | March 27, 2021 |  |  | December 26, 2020 |
|  | (in thousands) |
Prepaid expenses and other current assets |  | $ | - |  |  | $ | 14,816 |
Third-party production prepayments |  |  | 93,243 |  |  |  | 56,843 |
Total third-party production prepayments |  | $ | 93,243 |  |  | $ | 71,659 |
The Company will expense the total prepaid amount of $93.2 million as a component of cost of goods sold over the contractual period ending December 31, 2025. During the thirteen weeks ended March 27, 2021, the Company entered into a master transaction agreement with one of its existing brewing services providers to ensure access to capacity at a new location and continued access at certain existing locations. The agreement is effective upon the closing of the purchase of the new location by the third-party brewing services provider, expected to complete in April 2021. As part of the master transaction agreement, the Company paid $10.0 million for capital improvements for the new location, which amount is included within the third-party production prepayments balance as of March 27, 2021. The Company is required to pay an additional $17.9 million to ensure access to capacity once the third-party brewing services provider closes on the purchase of the new location and certain other conditions are met. The agreement additionally includes monthly shortfall fees beginning January 1, 2023. Based on current production volume projections, the Company believes that it will meet all annual volume commitments under these production arrangements and will not incur any shortfall fees. If future volume projections are reduced below the minimum annual volume commitments and the Company estimates that shortfall fees will be incurred, the Company will expense the estimated shortfall fees in the period when incurring the shortfall fees becomes probable. As of March 27, 2021, if volume for the remaining term of the production arrangements were zero, the contractual shortfall fees would total $67.6 million through December 31, 2026. During the quarter ended March 27, 2021 t he Company reclassified the $14.8 million of third-party prepayments at December 26, 2020 from current assets to non-current assets.

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