XML 15 R5.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 24, 2022
Cash flows provided by operating activities:    
Net income $ 94,374 $ 78,680
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 66,603 60,765
Impairment of intangible assets 16,426 27,100
Impairment of brewery assets 3,916 1,302
Change in right-of-use assets 5,781 5,986
Stock-based compensation expense 12,313 10,328
Deferred income taxes (10,349) 2,199
Other non-cash expense 40 312
Changes in operating assets and liabilities:    
Accounts receivable (31,253) (37,745)
Inventories 3,786 (45,185)
Prepaid expenses, income tax receivable, and other current assets 3,986 52,680
Third-party production prepayments 22,130 20,845
Other assets (9,368) (7,661)
Accounts payable 31,341 67,620
Accrued expenses, other current liabilities and other liabilities 29,217 (7,861)
Operating lease liabilities (6,542) (4,412)
Net cash provided by operating activities 232,401 224,953
Cash flows used in investing activities:    
Purchases of property, plant and equipment (48,777) (70,313)
Proceeds from disposal of property, plant and equipment 1,708 506
Net cash used in investing activities (47,069) (69,807)
Cash flows (used in) provided by financing activities:    
Repurchases and retirement of Class A common stock (62,477)  
Proceeds from exercise of stock options and sale of investment shares 10,660 5,327
Cash paid on finance leases (1,184) (1,270)
Line of credit borrowings   30,000
Line of credit repayments   (30,000)
Payment of tax withholding on stock-based payment awards and investment shares (2,113) (3,474)
Net cash (used in) provided by financing activities (55,114) 583
Change in cash and cash equivalents and restricted cash 130,218 155,729
Cash and cash equivalents and restricted cash at beginning of year 180,560 66,321
Cash and cash equivalents at end of period 310,778 222,050
Supplemental disclosure of cash flow information:    
Income tax (payments) refunds, net (13,776) 37,860
Cash paid for amounts included in measurement of lease liabilities    
Operating cash outflows from operating leases (7,865) (5,839)
Operating cash outflows from finance leases (100) (58)
Financing cash outflows from finance leases (1,183) (1,195)
Right-of-use-assets obtained in exchange for finance lease obligations 2,825  
Increase (decrease) in accounts payable and accrued expenses for purchases of property, plant, and equipment 1,843 $ (2,162)
Non-cash financing activity for accrual of excise tax on share repurchases $ 629