Property, Plant and Equipment

12 Months Ended

Dec. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

F. Property, Plant, and Equipment

Property, plant, and equipment consisted of the following as of:

	December 30, 2023			December 31, 2022
	(in thousands)
Machinery and plant equipment	$	777,185		$	760,895
Building and building improvements		247,384			237,561
Leasehold improvements		74,603			75,260
Kegs		58,492			58,492
Office equipment and furniture		40,723			36,935
Land		25,752			25,777
Assets under construction		66,700			41,323
Property, plant, and equipment, gross		1,290,839			1,236,243
Less accumulated depreciation		(648,330	)		(568,334	)
Property, plant, and equipment, net	$	642,509		$	667,909

The Company recorded depreciation expense related to these assets of $87.9 million, $81.1 million, and $71.8 million, in fiscal years 2023, 2022, and 2021, respectively.

Impairment of Assets

The Company evaluates its assets for impairment when events indicate that an asset or asset group may have suffered impairment. During fiscal years 2023, 2022, and 2021, the Company recorded impairment charges on brewery assets classified as property, plant, and equipment of $5.0 million, $2.6 million, and $18.5 million, respectively. The increase in impairment charges during fiscal year 2021 relates to write-downs of equipment related to the slowdown of the hard seltzer category.