v3.24.0.1
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.