Inventories

6 Months Ended

Jun. 29, 2024

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:

	June 29, 2024		December 30, 2023
	(in thousands)
Current inventory:
Raw materials	$	67,021	$	55,116
Work in process		25,421		18,750
Finished goods		59,854		41,907
Total current inventory		152,296		115,773
Long term inventory		9,412		14,369
Total inventory	$	161,708	$	130,142

As of June 29, 2024 and December 30, 2023, the Company has recorded inventory obsolescence reserves of $7.8 million and $7.6 million, respectively.