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Inventories | 6 Months Ended
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Jul. 01, 2023
Inventory Disclosure [Abstract] |
Inventories | D. Inventories Inventories consist of raw materials, work in process and finished goods which are stated at the lower of cost, determined on the first-in, first-out basis, or net realizable value. Raw materials principally consist of hops, malt, flavorings, fruit juices, other brewing materials and packaging. 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:
|  | July 1, 2023 |  |  | December 31, 2022 |
|  | (in thousands) |
Current inventory: |  |  |  |  |  |
Raw materials |  | $ | 75,283 |  |  | $ | 81,225 |
Work in process |  |  | 26,543 |  |  |  | 20,374 |
Finished goods |  |  | 53,876 |  |  |  | 46,851 |
Total current inventory |  |  | 155,702 |  |  |  | 148,450 |
Long term inventory |  |  | 15,316 |  |  |  | 13,192 |
Total inventory |  | $ | 171,018 |  |  | $ | 161,642 |
As of July 1, 2023 and December 31, 2022, the Company has recorded inventory obsolescence reserves of $10.0 million and $22.0 million, respectively.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent + Details
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