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Commitments and Contingencies | 6 Months Ended
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Jun. 25, 2022
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | I. Commitments and Contingencies Contractual Obligations As of June 25, 2022, projected cash outflows under non-cancelable contractual obligations are as follows:
|  | Commitments |
|  | (in thousands) |
Ingredients and packaging (excluding hops and malt) |  | $ | 95,200 |
Hops and malt |  |  | 62,590 |
Brand support |  |  | 60,809 |
Equipment and machinery |  |  | 43,505 |
Other |  |  | 40,449 |
Total commitments |  | $ | 302,553 |
The majority of these contract obligations are for the remaining twenty-seven weeks of fiscal 2022 with the remainder extending no later than the 2026 fiscal year. Litigation The Company is and in the future may be 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’s 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. Securities Litigation. On September 14, 2021, a purported class action lawsuit was filed by an individual shareholder in the United States District Court for the Southern District of New York against the Company and three of its officers. The complaint alleges claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 between April 22, 2021 and September 8, 2021. The plaintiff claims that defendants made materially false and/or misleading statements or failed to disclose material adverse facts about the Company’s business, operations, and prospects. On October 8, 2021, a nearly identical complaint was filed against the Company by an individual shareholder in the United States District Court for the Southern District of New York. The Court consolidated the two actions and on December 14, 2021 appointed a lead plaintiff, who filed an amended complaint on January 13, 2022. The Company filed a motion to dismiss the amended complaint on March 16, 2022 and is now awaiting the Court's decision. The Company intends to vigorously defend against these claims. A range of potential loss is not estimable at this time.

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