12 unchanged sentences
In our opinion, Monster Beverage Corporation and Subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based on the COSO criteria.
−Removed: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of Monster Beverage Corporation and Subsidiaries as of December 31, 2023, the related consolidated statements of income, comprehensive income, stockholders’ equity and cash flows for the year ended December 31, 2023, and the related notes (collectively referred to as the “financial statements”) of the Company and our report dated February 29, 2024 expressed an unqualified opinion thereon.
+Added: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of Monster Beverage Corporation and Subsidiaries as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income, stockholders’ equity and cash flows for each of the two years in the period ended December 31, 2024, and the related notes and financial statement schedule listed in the Index in Item 15(a) (collectively referred to as the “financial statements”) of the Company and our report dated February 28, 2025 expressed an unqualified opinion thereon.
Basis for Opinion
15 unchanged sentences
/s/ Ernst & Young LLP
+Added: Irvine, California
February 28, 2025
OTHER INFORMATION
+Added: During the three-months ended December 31, 2024, none of the Company’s directors or officers adopted , modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement (each as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934, as amended).
DISCLOSURE REGARDING FOREIGN JURISDICITONS THAT PREVENT INSPECTIONS
47 unchanged sentences
Second Amended and Restated Certificate of Incorporation of the Company (incorporated by reference to Exhibit 3.1 to our Form 8-K dated June 27, 2023).
−Removed: Third Amended and Restated By-laws of the Company (incorporated by reference to Exhibit 3.2 to our Form 8-K dated June 27, 2023).
+Added: Fourth Amended and Restated By-laws of the Company (incorporated by reference to Exhibit 3.2 to our Form 8-K dated November 7, 2024).
Description of Common Stock (incorporated by reference to Exhibit 4.1 to our Form 10-K dated February 28, 2020).
2 unchanged sentences
and Monster Energy Company and The Coca-Cola Company (incorporated by reference to Exhibit 10.2 to our Form 10-Q dated August 10, 2015).
+Added: Credit Agreement dated as of May 22, 2024 among Monster Beverage Corporation, Monster Energy Company, Monster Energy US LLC, JP Morgan Chase Bank, N.A., as administrative agent and the lenders party thereto (incorporated by reference to Exhibit 10.1 to our Form 8-K dated May 23, 2024).
Form of Indemnification Agreement (to be provided by Monster Beverage Corporation to its directors and officers) (incorporated by reference to Exhibit 10.1 to our Form 8-K dated June 11, 2019).
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Schlosberg (incorporated by reference to Exhibit 10.2 to our Form 8-K dated March 19, 2014).
+Added: Employment Agreement between Monster Energy Company and Emelie Tirre (incorporated by reference to Exhibit 10.1 to our Form 8-K dated June 14, 2024).
Form of Stock Option Agreement for grants under the Monster Beverage Corporation 2011 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.10 to our Form 10-K dated March 1, 2018).
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Form of Restricted Stock Unit Award Agreement for grants under the Monster Beverage Corporation 2020 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.4 to our Form 10-Q dated May 7, 2021).
−Removed: Letter from Deloitte & Touche LLP to the Securities and Exchange Commission dated January 13, 2023 (incorporated by reference to Exhibit 16.1 to our Form 8-K dated January 13, 2023).
+Added: Monster Beverage Corporation Insider Trading Policy, effective as of June 22, 2023.
Consent of Deloitte & Touche LLP, independent registered public accounting firm
9 unchanged sentences
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
−Removed: Monster Beverage Corporation Clawback Policy, effective as of December 1, 2023.
+Added: Monster Beverage Corporation Clawback Policy, effective as of December 1, 2023 (i ncorporated by reference to Exhibit 97 to our Form 10-K dated February 29, 2024) .
The following materials from Monster Beverage Corporation’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 are furnished herewith, formatted in iXBRL (Inline eXtensible Business Reporting Language):
33 unchanged sentences
February 28, 2025
+Added: /s/ WILLIAM W.
February 28, 2025
February 28, 2025
+Added: February 28, 2025
/s/ TIFFANY M.
18 unchanged sentences
Opinion on the Financial Statements
−Removed: We have audited the accompanying consolidated balance sheet of Monster Beverage Corporation and Subsidiaries (the Company) as of December 31, 2023, the related consolidated statements of income, comprehensive income, stockholders' equity and cash flows for the year ended December 31, 2023, and the related notes and financial statement schedule listed in the Index in Item 15(a) (collectively referred to as the “ consolidated financial statements ” ).
−Removed: In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2023, and the results of its operations and its cash flows for the year ended December 31, 2023, in conformity with U.S.
+Added: We have audited the accompanying consolidated balance sheets of Monster Beverage Corporation and subsidiaries (the Company) as of December 31, 2024 and 2023, the related consolidated statements of income, comprehensive income, stockholders ’ equity and cash flows for each of the two years in the period ended December 31, 2024, and the related notes and financial statement schedule listed in the Index in Item 15(a) (collectively referred to as the “ consolidated financial statements ” ).
+Added: In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with U.S.
generally accepted accounting principles.
−Removed: As described in Note 1, in 2023 the Company ’ s Board of Directors approved a two-for-one stock split distributed in the form of a stock dividend, and all references to number of shares and per share information in the consolidated financial statements have been adjusted to reflect the stock split on a retroactive basis.
−Removed: We audited the adjustments that were applied to restate the number of shares and per share information reflected in the 2022 and 2021 consolidated financial statements.
−Removed: Our procedures included (a) agreeing the authorization for the two-for-one stock split to the Company ’ s underlying records obtained from management, and (b) testing the mathematical accuracy of the restated number of shares, basic and diluted earnings per share, common stock repurchased and other applicable disclosures such as equity-based compensation.
−Removed: In our opinion, such adjustments are appropriate and have been properly applied.
−Removed: However, we were not engaged to audit, review, or apply any procedures to the 2022 and 2021 consolidated financial statements of the Company other than with respect to such adjustments and, accordingly, we do not express an opinion or any other form of assurance on the 2022 and 2021 consolidated financial statements taken as a whole.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company ’ s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 28, 2025 expressed an unqualified opinion thereon.
+Added: Change in Accounting Principle and Stock Split Adjustments
+Added: We have audited the adjustments to the 2022 consolidated financial statement footnotes to retrospectively apply the effects from the adoption of Accounting Standards Update 2023-07, Segment Reporting (Topic 280):
+Added: Improvements to Reportable Segment Disclosures , as described in Note 1.
+Added: Additionally, as described in Note 1, in 2023 the Company ’ s Board of Directors approved a two-for-one stock split distributed in the form of a stock dividend, and all references to number of shares and per share information in the consolidated financial statements have been adjusted to reflect the stock split on a retroactive basis.
+Added: We have also audited the adjustments that were retrospectively applied to restate the number of shares and per share information reflected in the 2022 consolidated financial statements.
+Added: In our opinion, the adjustments for the change in accounting principle and stock split described above are appropriate and have been properly applied.
+Added: However, we were not engaged to audit, review, or apply any procedures to the 2022 consolidated financial statements of the Company other than with respect to such adjustments and, accordingly, we do not express an opinion or any other form of assurance on the 2022 consolidated financial statements taken as a whole.
Basis for Opinion
These financial statements are the responsibility of the Company ’ s management.
−Removed: Our responsibility is to express an opinion on the Company ’ s financial statements based on our audit.
+Added: Our responsibility is to express an opinion on the Company ’ s financial statements based on our audits.
We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
−Removed: We conducted our audit in accordance with the standards of the PCAOB.
+Added: We conducted our audits in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
−Removed: Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
+Added: Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
−Removed: Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
−Removed: We believe that our audit provides a reasonable basis for our opinion.
+Added: Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
+Added: We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that:
−Removed: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgment.
+Added: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments.
The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosure to which it relates.
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Opinion on the Financial Statements
−Removed: We have audited, before the effects of the adjustments to retrospectively apply the stock split discussed in Note 1 to the consolidated financial statements, the consolidated balance sheet of Monster Beverage Corporation and subsidiaries (the “Company”) as of December 31, 2022, the related consolidated statements of income, comprehensive income, stockholders’ equity, and cash flows, for the years ended December 31, 2022 and 2021, and the related notes and the schedule listed in the Index at Item 15(a) (collectively referred to as the “financial statements”) (the 2022 and 2021 financial statements before the effects of the retrospective adjustments discussed in Note 1 to the financial statements are not presented herein).
−Removed: In our opinion, the 2022 and 2021 financial statements, before the effects of the adjustments to retrospectively apply the stock split discussed in Note 1 to the financial statements, present fairly, in all material respects, the financial position of the Company as of December 31, 2022, and the results of its operations and its cash flows for the years ended December 31, 2022 and 2021, in conformity with accounting principles generally accepted in the United States of America.
−Removed: We were not engaged to audit, review, or apply any procedures to the adjustments to retrospectively apply the stock split discussed in Note 1 to the financial statements, and accordingly, we do not express an opinion or any other form of assurance about whether such retrospective adjustments are appropriate and have been properly applied.
−Removed: Those retrospective adjustments were audited by other auditors.
+Added: We have audited, before the effects of the adjustments to retrospectively apply the stock split and segment disclosures required by Accounting Standards Update 2023-07, Segment Reporting (Topic 280):
+Added: Improvements to Reportable Segment Disclosures (ASU 2023-07) , as discussed in Note 1 to the consolidated financial statements, the consolidated statements of income, comprehensive income, stockholders’ equity, and cash flows of Monster Beverage Corporation and subsidiaries (the “Company”) for the year ended December 31, 2022, and the related notes and the schedule listed in the Index at Item 15(a) (collectively referred to as the “financial statements”) (the 2022 financial statements before the effects of the retrospective adjustments discussed in Note 1 to the financial statements are not presented herein).
+Added: In our opinion, the 2022 financial statements, before the effects of the adjustments to retrospectively apply the stock split and segment disclosures required by ASU 2023-07 discussed in Note 1 to the financial statements, present fairly, in all material respects, the results of the Company’s operations and its cash flows for the year ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.
+Added: We were not engaged to audit, review, or apply any procedures to the adjustments to retrospectively apply the stock split or retrospective adjustments to segment disclosures discussed in Note 1 to the financial statements, and accordingly, we do not express an opinion or any other form of assurance about whether such retrospective adjustments are appropriate and have been properly applied.
+Added: Those retrospective adjustments were audited by the successor auditor.
Basis for Opinion
These financial statements are the responsibility of the Company’s management.
−Removed: Our responsibility is to express an opinion on the Company’s financial statements based on our audits.
+Added: Our responsibility is to express an opinion on the Company’s financial statements based on our audit.
We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
−Removed: We conducted our audits in accordance with the standards of the PCAOB.
+Added: We conducted our audit in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
−Removed: Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
+Added: Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
−Removed: Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
−Removed: We believe that our audits provide a reasonable basis for our opinion.
+Added: Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
+Added: We believe that our audit provides a reasonable basis for our opinion.
/s/ DELOITTE & TOUCHE LLP
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OTHER LIABILITIES
+Added: LONG-TERM DEBT
COMMITMENTS AND CONTINGENCIES (Note 13)
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Total Liabilities and Stockholders’ Equity
−Removed: 1 Stock Split - On February 28, 2023, the Company announced a two-for-one stock split of its common stock to be effected in the form of a 100% stock dividend.
−Removed: The stock dividend was issued on March 27, 2023 (the “Stock Split”).
−Removed: The accompanying consolidated financial statements and notes thereto have been retroactively updated to reflect the Stock Split.
−Removed: See Note 1 for additional information .
See accompanying notes to consolidated financial statements.
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WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK AND COMMON STOCK EQUIVALENTS:
−Removed: 1 Stock Split - The accompanying consolidated financial statements and notes thereto have been retroactively updated to reflect the Stock Split.
−Removed: See Note 1 for additional information .
See accompanying notes to consolidated financial statements.
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Net income, as reported
−Removed: Other comprehensive income (loss):
+Added: Other comprehensive income (loss), net of tax:
Change in foreign currency translation adjustment
−Removed: Available-for-sale investments:
−Removed: Change in net unrealized gains (losses)
−Removed: Net gains on commodity derivatives
+Added: Change in net unrealized gain (loss) on available-for-sale investments
+Added: Change in net gain (loss) on commodity derivatives
Other comprehensive income (loss)
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FOR THE YEARS ENDED DECEMBER 31, 2024, 2023 AND 2022 (In Thousands)
−Removed: Common Stock 1
Comprehensive
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Unrealized gain (loss), net on available-for-sale securities
+Added: Retirement of treasury stock
+Added: ( 4,692,425 )
Repurchase of common stock
Foreign currency translation
+Added: Net gain (loss) on commodity derivatives
Balance, December 31, 2023
3 unchanged sentences
Unrealized gain (loss), net on available-for-sale securities
−Removed: Retirement of treasury stock
−Removed: ( 4,692,425 )
Repurchase of common stock
+Added: ( 3,805,750 )
+Added: ( 3,805,750 )
Foreign currency translation
−Removed: Net gains on commodity derivatives
+Added: Net gain (loss) on commodity derivatives
Balance, December 31, 2024
( 6,372,133 )
−Removed: 1 Stock Split - The accompanying consolidated financial statements and notes thereto have been retroactively updated to reflect the Stock Split.
−Removed: See Note 1 for additional information.
See accompanying notes to consolidated financial statements.
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CASH FLOWS FROM OPERATING ACTIVITIES:
−Removed: Adjustments to reconcile net income to
−Removed: net cash provided by operating activities:
+Added: Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
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Gain on Bang Transaction
−Removed: Loss on impairment of intangibles
−Removed: Loss on impairment of property and equipment
+Added: Impairment of goodwill and other intangibles
+Added: Impairment of property and equipment
Stock-based compensation
Deferred income taxes
−Removed: Effect on cash of changes in operating assets and liabilities
−Removed: net of acquisitions:
+Added: Effect on cash of changes in operating assets and liabilities net of acquisitions:
Accounts receivable
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( 1,847,067 )
−Removed: ( 2,413,143 )
Acquisition of Bang Energy
−Removed: Acquisition of CANarchy, net of cash
+Added: Acquisition of Monster Brewing, net of cash
Purchases of property and equipment
1 unchanged sentence
Additions to intangibles
−Removed: Increase in other assets
−Removed: Net cash used in investing activities
+Added: Decrease (increase) in other assets
+Added: Net cash provided by (used in) investing activities
CASH FLOWS FROM FINANCING ACTIVITIES:
−Removed: (Payments) borrowings on debt
+Added: (Payments) borrowings on short-term debt
+Added: Borrowings on credit facilities
+Added: Payments on credit facilities
+Added: Payments for debt issuance costs
Issuance of common stock
Purchases of common stock held in treasury
−Removed: Net cash (used in) provided by financing activities
+Added: ( 3,771,875 )
+Added: Net cash used in financing activities
+Added: ( 3,329,029 )
Effect of exchange rate changes on cash and cash equivalents
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SUPPLEMENTAL DISCLOSURE OF NON-CASH ITEMS:
−Removed: Included in accrued liabilities as of December 31, 2023, 2022 and 2021 were $ 15.4 million, $ 9.4 million and $ 14.0 million, respectively, related to net additions to other intangible assets.
−Removed: Accounts payable included equipment purchases of $ 16.9 million, $ 2.9 million and $ 0.6 million as of December 31, 2023, 2022 and 2021, respectively.
−Removed: Accounts receivable included sales of available-for-sale short-term investments of $ 3.0 million and $ 15.2 million as of December 31, 2023 and 2022, respectively.
−Removed: No sales of available-for-sale investments were included in accounts receivable as of December 31, 2021.
+Added: Included in accrued liabilities as of December 31, 2024, 2023 and 2022 were additions to other intangible assets of $ 5.0 million, $ 15.4 million and $ 9.4 million, respectively.
+Added: Included in accounts payable as of December 31, 2024, 2023 and 2022 were property and equipment purchases of $ 6.3 million, $ 16.9 million and $ 2.9 million, respectively.
+Added: Included in accounts receivable as of December 31, 2023 and 2022 were sales of available-for-sale short-term investments of $ 3.0 million and $ 15.2 million, respectively.
See accompanying notes to consolidated financial statements.
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Nature of Operations – The Company develops, markets, sells and distributes energy drink beverages and concentrates for energy drink beverages, primarily under the following brand names:
−Removed: Monster Energy®, Monster Energy Ultra®, Monster Rehab®, Monster Energy® Nitro, Java Monster®, Punch Monster®, Juice Monster®, Reign Total Body Fuel®, Reign Inferno® Thermogenic Fuel, Reign Storm®, Bang Energy®, NOS®, Full Throttle®, Burn®, Mother®, Nalu®, Ultra Energy®, Play® and Power Play® (stylized), Relentless®, BPM®, BU®, Gladiator®, Samurai®, Live+®, Predator® and Fury®.
+Added: Monster Energy®, Monster Energy Ultra®, Rehab Monster®, Monster Energy® Nitro, Java Monster®, Punch Monster®, Juice Monster®, Reign Total Body Fuel®, Reign Inferno® Thermogenic Fuel, Reign Storm®, Bang Energy®, NOS®, Full Throttle®, Burn®, Mother®, Nalu®, Ultra Energy®, Play® and Power Play® (stylized), Relentless®, BPM®, BU®, Samurai®, Live+®, Predator® and Fury®.
The Company also develops, markets, sells and distributes still and sparkling waters under the Monster Tour Water® brand name.
−Removed: The Company also develops, markets, sells and distributes craft beers, flavored malt beverages (“FMBs”) and hard seltzers under a number of brands, including Jai Alai® IPA, Florida Man TM IPA, Dale’s Pale Ale®, Wild Basin® Hard Seltzers, Dallas Blonde®, Deep Ellum TM IPA, Perrin Brewing Company TM Black Ale, Hop Rising® Double IPA, Wasatch® Apricot Hefeweizen, The Beast Unleashed®, Nasty Beast TM Hard Tea and a host of other brands.
+Added: The Company also develops, markets, sells and distributes craft beers, flavored malt beverages (“FMBs”) and hard seltzers under a number of brands, including Jai Alai® IPA, Florida Man® IPA, Dale’s Pale Ale®, Wild Basin® Hard Seltzers, Dallas Blonde®, Deep Ellum TM IPA, Perrin Brewing Company® Black Ale, Hop Rising® Double IPA, Wasatch® Apricot Hefeweizen, The Beast TM , Nasty Beast® Hard Tea and a host of other brands.
Basis of Presentation – The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its consolidated subsidiaries.
−Removed: Treasury Stock Retirement – On March 10, 2023, the Company retired 170.0 million shares (stock split adjusted) of treasury stock owned by the Company.
−Removed: The retired treasury stock had a carrying value of approximately $ 4.69 billion.
−Removed: The Company’s accounting policy upon the formal retirement of treasury stock is to deduct its par value from common stock and to reflect any excess of cost over par as a deduction from retained earnings.
Stock Split – On February 28, 2023, the Company announced a two -for-one stock split of the Company’s common stock which was effected in the form of a 100 % stock dividend.
8 unchanged sentences
Assets acquired and liabilities assumed are recorded at their fair values and the excess of the purchase price over the amounts assigned is recorded as goodwill.
−Removed: Adjustments to fair value
−Removed: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Tabular Dollars in Thousands, Except Per Share Amounts)
−Removed: assessments are recorded to goodwill over the measurement period (not longer than twelve months).
+Added: Adjustments to fair value assessments are recorded to goodwill over the measurement period (not longer than twelve months).
The acquisition method also requires that acquisition-related transaction and post-acquisition restructuring costs be charged to expense and requires the Company to recognize and measure certain assets and liabilities including those arising from contingencies and contingent consideration in a business combination.
2 unchanged sentences
The Company has not experienced any loss as a result of these deposits and does not expect to incur any losses in the future.
+Added: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Tabular Dollars in Thousands, Except Per Share Amounts)
Investments – The Company’s investments in debt securities are classified as either held-to-maturity, available-for-sale or trading, in accordance with FASB ASC 320.
20 unchanged sentences
Inventories – Inventories are valued at the lower of first-in, first-out, cost or market value (net realizable value).
−Removed: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Tabular Dollars in Thousands, Except Per Share Amounts)
Property and Equipment – Property and equipment are stated at cost.
−Removed: Depreciation of furniture and fixtures, office and computer equipment, computer software, equipment, real property and vehicles is based on their estimated useful lives ( three to thirty years ) and is calculated using the straight-line method.
+Added: Depreciation of furniture and fixtures, office and computer equipment, equipment, real property and vehicles is based on their estimated useful lives (generally five to thirty years ) and is calculated using the straight-line method.
Amortization of leasehold improvements is based on the lesser of their estimated useful lives or the terms of the related leases and is calculated using the straight-line method.
8 unchanged sentences
The Company will recognize an impairment for the amount by which the carrying amount exceeds a reporting unit’s fair value.
+Added: For the year ended December 31, 2024, goodwill impairment charges of $ 86.3 million were recorded related to the Alcohol Brands reporting unit.
+Added: Subsequent to the impairment charges recorded, there is no remaining goodwill for the Alcohol Brands reporting unit.
+Added: As of December 31, 2024, the accumulated goodwill impairment balance was $ 86.3 million related entirely to the Alcohol Brands reporting unit.
For the years ended December 31, 2023 and 2022 there were no goodwill impairments recorded and there are no accumulated impairment balances.
−Removed: Other Intangibles – Other Intangibles are comprised primarily of trademarks that represent the Company’s exclusive ownership of the Monster Energy®, ®, Monster Energy Ultra®, Unleash the Beast!®, Rehab® Monster®, Java Monster®, Punch Monster®, Juice Monster®, Monster Energy® Nitro, Reign Total Body Fuel®, Reign Inferno®, Reign Storm®, Predator®, Fury®, NOS®, Full Throttle®, Burn®, Mother®, Nalu®, Ultra Energy®, Play® and Power Play ® (stylized), Relentless®, BPM®, BU®, Samurai®, Bang Energy®, Monster Tour Water®, Oskar Blues Brewery®, Cigar City®, Deep Ellum Brewing Co®, Perrin Brewing Company®, Squatters®, Wasatch®, Jai Alai®, Dale’s Pale Ale®, Dallas Blonde®, Wild Basin®, Dale’s®, Mama’s Little Yella Pils®, Hop Rising®, The Beast Unleashed® and Nasty Beast TM Hard Tea trademarks, all used in connection with the manufacture, sale and distribution of beverages.
+Added: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Tabular Dollars in Thousands, Except Per Share Amounts)
+Added: Other Intangibles – Other Intangibles are comprised primarily of trademarks that represent the Company’s exclusive ownership of the Monster Energy®, ®, Monster Energy Ultra®, Unleash the Beast!®, Rehab Monster®, Java Monster®, Punch Monster®, Juice Monster®, Monster Energy® Nitro, Reign Total Body Fuel®, Reign Inferno®, Reign Storm®, Predator®, Fury®, NOS®, Full Throttle®, Burn®, Mother®, Nalu®, Ultra Energy®, Play® and Power Play® (stylized), Relentless®, BPM®, BU®, Samurai®, Bang Energy®, Monster Tour Water®, Oskar Blues Brewery®, Cigar City®, Deep Ellum Brewing Co®, Perrin Brewing Company®, Squatters®, Wasatch®, Jai Alai®, Dale’s Pale Ale®, Dallas Blonde®, Wild Basin®, Dale’s®, Mama’s Little Yella Pils®, Hop Rising®, The Beast TM , The Beast Unleashed® and Nasty Beast® Hard Tea trademarks, all used in connection with the manufacture, sale and distribution of beverages.
The Company also owns a number of other trademarks, flavors and formulas in the United States, as well as in a number of countries around the world.
6 unchanged sentences
The external legal costs incurred and settlements received may not occur in the same period.
−Removed: For the years ended December 31, 2023 and 2022, impairment charges of $ 38.7 million and $ 2.2 million, respectively, were recorded to indefinite-lived intangibles.
−Removed: For the year ended December 31, 2021, no impairments were recorded.
+Added: For the years ended December 31, 2024, 2023 and 2022, impairment charges of $ 40.8 million, $ 38.7 million and $ 2.2 million, respectively, were recorded to indefinite-lived intangibles.
The Company presently has more than 21,400 registered trademarks and pending applications in various countries worldwide, and the Company applies for new trademarks on an ongoing basis.
The Company regards its trademarks, service marks, copyrights, domain names, trade dress and other intellectual property as very important to its business.
−Removed: The Company considers Monster®, Monster Energy®, ®, Monster Energy Ultra®, Unleash the Beast!®, Rehab® Monster®, Java Monster®, Punch Monster®, Juice Monster®, Monster Energy® Nitro, Reign Total Body Fuel®, Reign Inferno®, Reign Storm®, BU®, Nalu®, NOS®, Full Throttle®, Burn®, Mother®, Ultra Energy®, Play® and Power Play® (stylized), Relentless®, Predator®, Fury®, Live+®, BPM®, Samurai®, Bang Energy®, Monster Tour Water®, Oskar Blues Brewery®, Cigar City®, Deep Ellum Brewing Co®, Perrin Brewing Company®, Squatters®, Wasatch®, Jai Alai®, Dale’s
−Removed: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Tabular Dollars in Thousands, Except Per Share Amounts)
−Removed: Pale Ale®, Dallas Blonde®, Wild Basin®, Dale’s®, Hop Rising®, The Beast Unleashed® and Nasty Beast TM Hard Tea to be its core trademarks.
+Added: The Company considers Monster®, Monster Energy®, ®, Monster Energy Ultra®, Unleash the Beast!®, Rehab Monster®, Java Monster®, Punch Monster®, Juice Monster®, Monster Energy® Nitro, Reign Total Body Fuel®, Reign Inferno®, Reign Storm®, BU®, Nalu®, NOS®, Full Throttle®, Burn®, Mother®, Ultra Energy®, Play® and Power Play® (stylized), Relentless®, Predator®, Fury®, Live+®, BPM®, Samurai®, Bang Energy®, Monster Tour Water®, Oskar Blues Brewery®, Cigar City®, Deep Ellum Brewing Co®, Perrin Brewing Company®, Squatters®, Wasatch®, Jai Alai®, Dale’s Pale Ale®, Dallas Blonde®, Wild Basin®, Dale’s®, Hop Rising®, The Beast TM , The Beast Unleashed® and Nasty Beast® Hard Tea to be its core trademarks.
The Company also owns the intellectual property of its most important flavors for certain of its Monster Energy® Brand energy drinks in perpetuity.
16 unchanged sentences
Additional payments based on the change in an index or rate, or payments based on a change in the Company’s portion of real estate taxes and insurance, are recorded as a period expense when incurred.
+Added: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Tabular Dollars in Thousands, Except Per Share Amounts)
Lease expense for operating leases, consisting of lease payments, is recognized on a straight-line basis over the lease term and is included in operating expenses in the consolidated statements of income.
7 unchanged sentences
Preparation of estimated expected future cash flows is inherently subjective and is based on management’s best estimate of assumptions concerning expected future conditions.
−Removed: For the year ended December 31, 2023, an impairment charge of $ 4.3 million was recognized on property and equipment related to the Company's alcohol products.
−Removed: For the years ended December 31, 2022 and 2021 there were no impairment indicators identified.
+Added: For the years ended December 31, 2024 and 2023, impairment charges of $ 8.2 million and $ 4.3 million, respectively, were recognized on property and equipment related to the Company’s alcohol products.
+Added: For the year ended December 31, 2022, there were no impairment indicators identified.
Long-lived assets held for sale are recorded at the lower of their carrying amount or fair value less cost to sell.
−Removed: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Tabular Dollars in Thousands, Except Per Share Amounts)
Derivative Financial Instruments – The Company uses derivative financial instruments for the purpose of hedging risk exposures to fluctuations in foreign currency exchange rates and aluminum commodity prices.
7 unchanged sentences
Foreign Currency Translation and Transactions – The accounts of the Company’s foreign subsidiaries are translated in accordance with FASB ASC 830.
−Removed: Foreign currency transaction gains and losses are recognized in other expense, net, at the time they occur.
+Added: Foreign currency transaction gains and losses are recognized in other income (expense), net, at the time they occur.
Net foreign currency exchange gains or losses resulting from the translation of assets and liabilities of foreign subsidiaries whose functional currency is not the U.S.
7 unchanged sentences
For the years ended December 31, 2024, 2023 and 2022, aggregate foreign currency transaction gains (losses), including the gains or losses on forward currency exchange contracts, amounted to ($ 26.4 ) million, ($ 60.2 ) million and ($ 37.9 ) million, respectively, and have been recorded in interest and other income(expense), net, in the accompanying consolidated statements of income.
+Added: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Tabular Dollars in Thousands, Except Per Share Amounts)
Revenue Recognition – See Note 3.
3 unchanged sentences
Raw materials include cans, bottles, other containers, flavors, ingredients and packaging materials.
−Removed: Operating Expenses – Operating expenses include selling expenses such as distribution expenses to transport products to customers and warehousing expenses after manufacture, as well as expenses for advertising, sampling and in-
−Removed: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Tabular Dollars in Thousands, Except Per Share Amounts)
−Removed: store demonstration costs, costs for merchandise displays, point-of-sale materials and premium items, sponsorship expenses, other marketing expenses and design expenses.
−Removed: Operating expenses also include such costs as payroll costs, travel costs, professional service fees including legal fees, termination payments made to certain of the Company’s prior distributors, impairment charges on intangible assets, depreciation and other general and administrative costs.
+Added: Operating Expenses – Operating expenses include selling expenses such as distribution expenses to transport products to customers and warehousing expenses after manufacture, as well as expenses for advertising, sampling and in-store demonstration costs, costs for merchandise displays, point-of-sale materials and premium items, sponsorship expenses, other marketing expenses and design expenses.
+Added: Operating expenses also include such costs as payroll costs, travel costs, professional service fees including legal fees, termination payments made to certain of the Company’s prior distributors, impairment charges on goodwill and other intangible assets, depreciation and other general and administrative costs.
Freight-Out Costs – For the years ended December 31, 2024, 2023 and 2022, freight-out costs amounted to $ 224.2 million, $ 223.6 million and $ 249.2 million, respectively, and have been recorded in operating expenses in the accompanying consolidated statements of income.
13 unchanged sentences
For those income tax positions where there is less than 50% likelihood that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements.
+Added: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Tabular Dollars in Thousands, Except Per Share Amounts)
Stock-Based Compensation – The Company accounts for stock-based compensation under the provisions of FASB ASC 718.
3 unchanged sentences
In the event that the Company has the option and intent to settle a restricted stock unit or performance share unit in cash, the award is classified as a liability and revalued at each balance sheet date.
−Removed: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Tabular Dollars in Thousands, Except Per Share Amounts)
Net Income Per Common Share – In accordance with FASB ASC 260, net income per common share, on a basic and diluted basis, is presented for all periods.
5 unchanged sentences
The Company continues to endeavor to secure the availability of alternative sources for such components and minimize the risk of any disruption in production.
−Removed: The Coca-Cola Company (“TCCC”), through certain wholly-owned subsidiaries (the “TCCC Subsidiaries”), accounted for approximately 2 % of the Company’s net sales for the years ended December 31, 2023, 2022 and 2021.
+Added: The Coca-Cola Company (“TCCC”), through certain wholly-owned subsidiaries (the “TCCC Subsidiaries”), accounted for approximately 3 %, 2 % and 2 % of the Company’s net sales for the years ended December 31, 2024, 2023 and 2022, respectively.
+Added: Coca-Cola Europacific Partners accounted for approximately 14 %, 13 % and 13 % of the Company’s net sales for the years ended December 31, 2024, 2023 and 2022, respectively.
Coca-Cola Consolidated, Inc.
accounted for approximately 10 %, 10 % and 11 % of the Company’s net sales for the years ended December 31, 2024, 2023 and 2022, respectively.
−Removed: Reyes Coca-Cola Bottling, LLC accounted for approximately 9 %, 9 % and 10 % of the Company’s net sales for the years ended December 31, 2023, 2022 and 2021, respectively.
−Removed: Coca-Cola Europacific Partners accounted for approximately 13 %, 13 % and 12 % of the Company's net sales for the years ended December 31, 2023, 2022 and 2021, respectively.
−Removed: Credit Risk – The Company sells its products nationally and internationally, primarily to bottlers and full service beverage distributors (“bottlers/distributors”), retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience chains, drug stores, foodservice customers, value stores, e-commerce retailers and the military.
+Added: Reyes Holdings, LLC accounted for approximately 9 % of the Company’s net sales for the years ended December 31, 2024, 2023 and 2022.
+Added: Credit Risk – The Company sells its products nationally and internationally, primarily to bottlers and full service beverage distributors (“bottlers/distributors”), retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, drug stores, foodservice customers, value stores, e-commerce retailers and the military.
The Company performs ongoing credit evaluations of its customers and generally does not require collateral.
3 unchanged sentences
Actual results could differ from those estimates.
−Removed: Recent Accounting Pronouncements – In November 2023, the FASB issued Accounting Standards Update (“ASU”) No.
−Removed: 2023-07, Segment Reporting (Topic 280):
−Removed: Improvements to Reportable Segment Disclosures .
−Removed: The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.
−Removed: The amendments in ASU No.
−Removed: 2023-07 are effective for fiscal years beginning after December 15, 2023.
MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
1 unchanged sentence
(Tabular Dollars in Thousands, Except Per Share Amounts)
−Removed: Early adoption is permitted.
−Removed: The Company is currently evaluating the impact ASU No.
−Removed: 2023-07 will have on its consolidated financial statements.
−Removed: In December 2023, the FASB issued ASU No.
−Removed: 2023-09, Income Taxes (Topic 740):
+Added: Recent Accounting Pronouncements – In November 2023, the FASB issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280):
+Added: Improvements to Reportable Segment Disclosures .
+Added: The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses.
+Added: The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023.
+Added: The Company adopted ASU 2023-07 on January 1, 2024, which did not have a material impact on the Company’s financial position, results of operations and liquidity.
+Added: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):
Improvements to Income Tax Disclosures .
The amendments in this update primarily require more detailed disclosures related to the rate reconciliation and income taxes paid.
−Removed: The amendments in ASU No.
−Removed: 2023-09 are effective for fiscal years beginning after December 15, 2024.
+Added: The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024.
Early adoption is permitted.
−Removed: The Company is currently evaluating the impact ASU No.
−Removed: 2023-09 will have on its consolidated financial statements .
+Added: The Company is currently evaluating the impact ASU 2023-09 will have on its consolidated financial statements.
+Added: In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses.
+Added: The amendments in this update require the Company to disaggregate key expense categories such as purchases of inventory, employee compensation, depreciation and intangible asset amortization within its financial statements.
+Added: The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026.
+Added: Early adoption is permitted.
+Added: The Company is currently evaluating the impact ASU 2024-03 will have on its consolidated financial statements.
On July 31, 2023, a subsidiary of the Company, Blast Asset Acquisition LLC, completed its acquisition of substantially all of the assets of Vital Pharmaceuticals, Inc.
2 unchanged sentences
The Company accounted for the Bang Transaction in accordance with FASB ASC 805.
−Removed: Under the acquisition method of accounting, the Company allocated the purchase price of the acquisition to identifiable assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date.
−Removed: During the year ended December 31, 2023, in connection with the Bang Transaction, the Company recorded a gain of $ 45.4 million in interest and other income (expense), net within the consolidated statements of income and reported within the Corporate and Unallocated segment (the “Bang Transaction Gain”).
−Removed: During the year ended December 31, 2023, the Company incurred $ 16.1 million of acquisition costs related to the Bang Transaction.
−Removed: Acquisition costs are included in operating expenses within the consolidated statements of income.
−Removed: The following table summarizes the final fair value allocations of the Bang Transaction:
−Removed: (Liabilities)
−Removed: Consideration
−Removed: Intangibles - trademarks (non-amortizing)
−Removed: Intangibles - customer relationships (amortizing)
−Removed: Property and equipment, net
−Removed: Right-of-use assets
−Removed: Operating lease liabilities
−Removed: Working capital (excluding inventory)
−Removed: Bang Transaction Gain
−Removed: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Tabular Dollars in Thousands, Except Per Share Amounts)
−Removed: The Company determined the fair values as follows:
−Removed: ● Trademarks – relief-from-royalty method of the income approach
−Removed: ● Customer relationships – multi-period excess earnings method of the income approach
−Removed: ● Property and equipment – cost approach and market approach
−Removed: ● Inventory – comparative sales method and replacement cost method
−Removed: ● Bang Transaction Gain – residual of net assets acquired less cash consideration transferred
−Removed: The book value of the working capital (excluding inventory) approximates fair value due to the short-term nature of the accounts.
−Removed: For tax purposes, the Bang Transaction was recorded as an asset purchase.
In accordance with Regulation S-X, pro forma unaudited condensed financial information for the Bang Transaction has not been provided as the impact of the transaction on the Company’s financial position, results of operations and liquidity was not material.
−Removed: CANarchy Craft Brewery Collective LLC
−Removed: On February 17, 2022, the Company completed its acquisition of CANarchy Craft Brewery Collective LLC (“CANarchy”), a craft beer and hard seltzer company, for $ 329.5 million in cash (net of cash acquired), after certain working capital adjustments (the “CANarchy Transaction”).
−Removed: The Company accounted for the CANarchy Transaction in accordance with FASB ASC 805.
−Removed: Effective January 31, 2024, CANarchy began operating under the name Monster Brewing Company.
−Removed: In accordance with Regulation S-X, pro forma unaudited condensed financial information for the CANarchy Transaction has not been provided as the impact of the transaction on the Company’s financial position, results of operations and liquidity was not material.
REVENUE RECOGNITION
1 unchanged sentence
The Company has four operating and reportable segments:
−Removed: (i) Monster Energy® Drinks segment (“Monster Energy® Drinks”), which is primarily comprised of the Company’s Monster Energy® drinks, Reign Total Body Fuel® high performance energy drinks, Reign Storm® total wellness energy drinks, Bang Energy® drinks and Monster Tour Water®, (ii) Strategic Brands segment (“Strategic Brands”), which is primarily comprised of the various energy drink brands acquired from The Coca-Cola Company (“TCCC”) in 2015 as well as the Company’s affordable energy brands, Predator® and Fury®, (iii) Alcohol Brands segment (“Alcohol Brands”), which is comprised of various craft beers, hard seltzers and FMBs and (iv) Other segment (“Other”), which is comprised of certain products sold by American Fruits and Flavors, LLC, a wholly-owned subsidiary of the Company, to independent third-party customers (the “AFF Third-Party Products”).
−Removed: The Company’s Monster Energy® Drinks segment primarily generates net operating revenues by selling ready-to-drink packaged energy drinks primarily to bottlers/distributors.
−Removed: In some cases, the Company sells ready-to-drink packaged energy drinks directly to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience chains, drug stores, foodservice customers, value stores, e-commerce retailers and the military.
+Added: (i) Monster Energy® Drinks segment (“Monster Energy® Drinks”), which is primarily comprised of the Company’s Monster Energy® drinks, Reign Total Body Fuel® high performance energy drinks, Reign Storm® total wellness energy drinks and Bang Energy® drinks, (ii) Strategic Brands segment (“Strategic Brands”), which is primarily comprised of the various energy drink brands acquired from The Coca-Cola Company (“TCCC”) in 2015 as well as the Company’s affordable energy brands, Predator® and Fury®, (iii) Alcohol Brands segment (“Alcohol Brands”), which is comprised of various craft beers, FMBs and hard seltzers and (iv) Other segment (“Other”), which is comprised of certain products sold by American Fruits and Flavors, LLC, a wholly-owned subsidiary of the Company, to independent third-party customers (the “AFF Third-Party Products”).
+Added: The Company’s Monster Energy® Drinks segment primarily generates net operating revenues by selling ready-to-drink packaged drinks primarily to bottlers/distributors.
+Added: In some cases, the Company sells ready-to-drink packaged drinks directly to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, drug stores, foodservice customers, value stores, e-commerce retailers and the military.
The Company’s Strategic Brands segment primarily generates net operating revenues by selling “concentrates” and/or “beverage bases” to authorized bottling and canning operations.
−Removed: Such bottlers generally combine the concentrates
+Added: Such bottlers generally combine the concentrates and/or beverage bases with sweeteners, water and other ingredients to produce ready-to-drink packaged energy drinks.
+Added: The ready-to-drink packaged energy drinks are then sold by such bottlers to other bottlers/distributors and to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, foodservice customers, drug stores, value stores, e-commerce retailers and the military.
+Added: To a lesser extent, the Strategic Brands segment generates net operating revenues by selling certain ready-to-drink packaged energy drinks to bottlers/distributors.
MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
1 unchanged sentence
(Tabular Dollars in Thousands, Except Per Share Amounts)
−Removed: and/or beverage bases with sweeteners, water and other ingredients to produce ready-to-drink packaged energy drinks.
−Removed: The ready-to-drink packaged energy drinks are then sold by such bottlers to other bottlers/distributors and to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience chains, foodservice customers, drug stores, value stores, e-commerce retailers and the military.
−Removed: To a lesser extent, the Strategic Brands segment generates net operating revenues by selling certain ready-to-drink packaged energy drinks to bottlers/distributors.
−Removed: The Company’s Alcohol Brands segment primarily generates operating revenues by selling kegged and ready-to-drink canned beers, hard seltzers and FMBs primarily to beer distributors in the United States.
+Added: The Company’s Alcohol Brands segment primarily generates operating revenues by selling kegged and ready-to-drink canned beers, FMBs and hard seltzers primarily to beer distributors in the United States.
The majority of the Company’s revenue is recognized when it satisfies a single performance obligation by transferring control of its products to a customer.
17 unchanged sentences
The Company’s promotional allowance programs with its non-alcohol bottlers/distributors and/or retailers are executed through separate agreements in the ordinary course of business.
−Removed: These agreements generally provide for one or
−Removed: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Tabular Dollars in Thousands, Except Per Share Amounts)
−Removed: more of the arrangements described above and are of varying durations, typically ranging from one week to one year.
+Added: These agreements generally provide for one or more of the arrangements described above and are of varying durations, typically ranging from one week to one year.
The Company’s promotional and other allowances for its energy drink products are calculated based on various programs with bottlers/distributors and retail customers, and accruals are established at the time of initial product sale for the Company’s anticipated liabilities.
2 unchanged sentences
Promotional and other allowances for our Alcohol Brands segment primarily include price promotions where permitted.
+Added: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Tabular Dollars in Thousands, Except Per Share Amounts)
Amounts received pursuant to new and/or amended distribution agreements entered into with certain bottlers/distributors relating to the costs associated with terminating the Company’s prior distributors, are accounted for as deferred revenue and recognized as revenue ratably over the anticipated life of the respective distribution agreements, generally over 20 years .
13 unchanged sentences
Total Net Sales
−Removed: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Tabular Dollars in Thousands, Except Per Share Amounts)
Year Ended December 31, 2022
1 unchanged sentence
Strategic Brands
+Added: Alcohol Brands 2
Total Net Sales
1 unchanged sentence
2 Effectively from February 17, 2022 to December 31, 2022
+Added: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Tabular Dollars in Thousands, Except Per Share Amounts)
Contract Liabilities
4 unchanged sentences
Leases are classified as either finance leases or operating leases based on criteria in FASB ASC 842.
−Removed: The Company’s leases have remaining lease terms of less than one year to 10 years , some of which include options to extend the leases for up to five years , and some of which include options to terminate the leases within one year .
+Added: The Company’s leases have remaining lease terms of less than one year to nine years , some of which include options to extend the leases for up to five years , and some of which include options to terminate the leases within one year .
The components of lease cost for the years ended December 31, 2024, 2023 and 2022 were as follows:
7 unchanged sentences
Total lease cost
−Removed: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Tabular Dollars in Thousands, Except Per Share Amounts)
−Removed: Supplemental cash flow information related to leases for the years ended December 31, 2023, 2022 and 2021 were as follows:
+Added: Supplemental cash flow information for the years ended December 31, 2024, 2023 and 2022 was as follows:
Cash paid for amounts included in the measurement of lease liabilities:
−Removed: Operating cash flows from operating leases
−Removed: Operating cash flows from finance leases
−Removed: Financing cash flows from finance leases
+Added: Operating cash outflows from operating leases
+Added: Operating cash outflows from finance leases
+Added: Financing cash outflows from finance leases
ROU assets obtained in exchange for lease obligations:
1 unchanged sentence
Operating leases
−Removed: Supplemental balance sheet information related to leases was as follows:
+Added: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Tabular Dollars in Thousands, Except Per Share Amounts)
+Added: Supplemental balance sheet information was as follows:
Balance Sheet Location
21 unchanged sentences
Finance leases
−Removed: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Tabular Dollars in Thousands, Except Per Share Amounts)
The following table outlines maturities of the Company’s lease liabilities as of December 31, 2024:
6 unchanged sentences
As of December 31, 2024, the Company did not have any significant leases that had not yet commenced.
−Removed: The following table summarizes the Company’s investments at:
−Removed: Loss Position
−Removed: Loss Position
−Removed: December 31, 2023
−Removed: Available-for-sale
−Removed: Commercial paper
−Removed: Certificates of deposit
−Removed: Municipal securities
−Removed: government agency securities
−Removed: Corporate bonds
−Removed: government agency securities
−Removed: Corporate bonds
MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
1 unchanged sentence
(Tabular Dollars in Thousands, Except Per Share Amounts)
+Added: The Company held no short-term or long-term investments at December 31, 2024.
+Added: The following table summarizes the Company’s investments at December 31, 2023.
Loss Position
6 unchanged sentences
government agency securities
+Added: Corporate bonds
government agency securities
−Removed: Variable rate demand notes
+Added: Corporate bonds
During the years ended December 31, 2024, 2023 and 2022, realized gains or losses recognized on the sale of investments were not significant.
−Removed: The Company’s investments at December 31, 2023 and 2022 carried investment grade credit ratings.
−Removed: Variable rate demand notes (“VRDNs”) are floating rate municipal bonds with embedded put options that allow the bondholder to sell the security at par plus accrued interest.
−Removed: All of the put options are secured by a pledged liquidity source.
−Removed: While they are classified as marketable investment securities, the put option allows the VRDNs to be liquidated at par on a same day, or more generally, on a seven-day settlement basis.
−Removed: The following table summarizes the underlying contractual maturities of the Company’s investments at:
−Removed: December 31, 2023
+Added: The Company’s investments at December 31, 2023 carried investment grade credit ratings.
+Added: The Company held no short-term or long-term investments at December 31, 2024.
+Added: The following table summarizes the underlying contractual maturities of the Company’s investments at December 31, 2023.
December 31, 2023
Amortized Cost
−Removed: Amortized Cost
Less than 1 year:
6 unchanged sentences
government agency securities
−Removed: Variable rate demand notes
Corporate bonds
−Removed: Due 11 - 20 years:
−Removed: Variable rate demand notes
MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
12 unchanged sentences
ASC 820 requires the use of observable market inputs (quoted market prices) when measuring fair value and requires a Level 1 quoted price to be used to measure fair value whenever possible.
−Removed: The following tables present the fair value of Company’s financial assets and liabilities that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy at:
+Added: The following tables present the fair value of the Company’s financial assets and liabilities that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy at:
December 31, 2024
1 unchanged sentence
Certificates of deposit
−Removed: Commercial paper
−Removed: Corporate bonds
−Removed: Municipal securities
−Removed: government agency securities
Foreign currency derivatives
2 unchanged sentences
Cash and cash equivalents
−Removed: Short-term investments
Accounts receivable, net
Accrued liabilities
+Added: Other liabilities
MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
5 unchanged sentences
Commercial paper
−Removed: Variable rate demand notes
+Added: Corporate bonds
Municipal securities
1 unchanged sentence
Foreign currency derivatives
+Added: Commodity derivatives
Amounts included in:
3 unchanged sentences
Accrued liabilities
−Removed: All of the Company’s short-term and long-term investments are classified within Level 1 or Level 2 of the fair value hierarchy.
+Added: At December 31, 2024, the Company held no short-term or long-term investments.
+Added: At December 31, 2023, all of the Company’s short-term and long-term investments were classified within Level 1 or Level 2 of the fair value hierarchy.
The Company’s valuation of its Level 1 investments is based on quoted market prices in active markets for identical securities.
2 unchanged sentences
There were no transfers between Level 1 and Level 2 measurements during the years ended December 31, 2024 and 2023, and there were no changes in the Company’s valuation techniques.
+Added: Assets recognized or disclosed at fair value in the consolidated financial statements on a nonrecurring basis include items such as property and equipment, goodwill and other intangible assets.
+Added: These assets are measured at fair value whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
+Added: The fair value of trademarks was determined using the relief-from-royalty method.
+Added: The fair value of reporting units was determined using a discounted cash flow analysis and a market approach.
+Added: Determining the fair value of trademarks and reporting units required the use of significant judgment, including royalty rates, discount rates, assumptions in the Company’s long-term business plan about future revenue and expenses, capital expenditures, and changes in working capital, which are dependent on internal forecasts and estimation of the long-term growth rate.
+Added: These plans take into consideration factors including historical experience, anticipated future economic conditions, and expectations for the industry and markets in which the Company participates.
+Added: Inputs used to estimate these fair values included significant unobservable inputs that reflect the Company’s assumptions about the inputs that market participants would use and, therefore, the fair value assessments are classified within Level 3 of the fair value hierarchy.
+Added: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Tabular Dollars in Thousands, Except Per Share Amounts)
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
8 unchanged sentences
Accrued liabilities
−Removed: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Tabular Dollars in Thousands, Except Per Share Amounts)
+Added: Commodity contracts
+Added: Other liabilities
Derivatives not designated as
13 unchanged sentences
The objective of this hedging program is to reduce the variability of cash flows associated with future purchases of aluminum.
−Removed: The total notional values of derivatives that were designated and qualified for this program were $ 98.3 million as of December 31, 2023.
−Removed: Transactions under the commodity cash flow hedging program were executed beginning in May 2023.
+Added: The total notional values of derivatives that were designated and qualified for this program were $ 127.0 million and $ 98.3 million as of December 31, 2024 and 2023, respectively.
+Added: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Tabular Dollars in Thousands, Except Per Share Amounts)
The following table presents the impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income (“OCI”), AOCI and earnings:
9 unchanged sentences
Cost of sales
+Added: Year ended December 31, 2023
+Added: Derivatives designated as
+Added: Location of gain (loss)
+Added: Gain (loss) reclassified
+Added: hedging instruments
+Added: recognized in AOCI
+Added: recognized in income
+Added: from AOCI into income
+Added: Commodity contracts
+Added: Cost of sales
As of December 31, 2024, the Company estimates that it will reclassify into earnings net gains (losses) of $ 0.9 million from the amount recorded in AOCI as the anticipated cash flows occur during the next 12 months.
4 unchanged sentences
The Company does not enter into forward currency exchange contracts for speculation or trading purposes.
−Removed: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Tabular Dollars in Thousands, Except Per Share Amounts)
The Company has not designated its foreign currency exchange contracts as hedge transactions.
11 unchanged sentences
Certain of the Company’s counterparty agreements contain provisions that require the Company to post collateral on derivative instruments in a net liability position.
−Removed: As of December 31, 2023, $ 3.8 million was held as collateral.
+Added: As of December 31, 2024, $ 1.8 million was held as collateral and $ 1.9 million was posted as collateral.
+Added: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Tabular Dollars in Thousands, Except Per Share Amounts)
Inventories consist of the following at December 31:
7 unchanged sentences
Office and computer equipment
−Removed: Computer software
Assets under construction
accumulated depreciation and amortization
+Added: Total depreciation and amortization expense recorded was $ 72.9 million, $ 63.0 million and $ 53.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.
+Added: Assets under construction are not depreciated until in service date.
MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
1 unchanged sentence
(Tabular Dollars in Thousands, Except Per Share Amounts)
−Removed: Total depreciation and amortization expense recorded was $ 63.0 million, $ 53.7 million and $ 45.7 million for the years ended December 31, 2023, 2022 and 2021, respectively.
−Removed: Assets under construction are not depreciated until in service date.
GOODWILL AND OTHER INTANGIBLE ASSETS
2 unchanged sentences
Balance at December 31, 2024
+Added: *There were no impairments prior to the year ended December 31, 2024.
Balance at December 31, 2022
4 unchanged sentences
Non-amortizing intangibles
+Added: For the year ended December 31, 2024, as a result of operating and financial performance not meeting projections due in part to challenges in the category, as well as a decrease in projected ongoing operating and financial performance related to the Alcohol Brands reporting unit, the Company determined that the conditions indicated that indefinite lived intangible assets within the Alcohol Brands reporting unit were more-likely-than-not impaired and performed an impairment test to compare the fair value of these indefinite lived intangible assets, consisting of goodwill, trademarks and permits, with their respective carrying values and with the carrying value of the Alcohol Brands reporting unit.
+Added: As a result of this analysis, the Company recorded impairment charges of $ 86.3 million related to goodwill of the Alcohol Brands reporting unit.
+Added: Subsequent to the impairment charges recorded, there is no remaining goodwill for the Alcohol Brands reporting unit.
+Added: As of December 31, 2024, the accumulated goodwill impairment balance was $ 86.3 million related entirely to the Alcohol Brands reporting unit.
+Added: Further, for the years ended December 31, 2024 and 2023, impairment charges of $ 40.8 million and $ 38.7 million were recorded to other indefinite lived intangible assets related primarily to the Alcohol Brands segment.
+Added: For the year ended December 31, 2022, impairment charges of $ 2.2 million were recorded to other indefinite lived intangible assets related to the Strategic Brands segment.
+Added: Impairment charges are included in operating expenses in the consolidated statements of income.
Amortizing intangibles primarily consist of customer relationships.
1 unchanged sentence
Total amortization expense recorded was $ 7.5 million, $ 5.9 million and $ 7.6 million for the years ended December 31, 2024, 2023 and 2022, respectively.
−Removed: For the years ended December 31, 2023 and 2022, impairment charges of $ 38.7 million and $ 2.2 million, respectively, were recorded to non-amortizing intangibles.
−Removed: For the year ended December 31, 2021, no intangible impairments were recorded.
MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
7 unchanged sentences
In accordance with ASC 420 “Exit or Disposal Cost Obligations”, the Company expenses distributor termination costs in the period in which the written notification of termination occurs.
−Removed: The Company incurred termination costs of $ 0.2 million and $ 5.3 million for the years ended December 31, 2023 and 2021, respectively.
−Removed: The Company incurred no termination costs for the year ended December 31, 2022.
−Removed: Such termination costs have been expensed in full and are included in operating expenses in the consolidated statements of income for the years ended December 31, 2023 and 2021.
+Added: Termination costs recognized were no t significant for the years ended December 31, 2024, 2023 and 2022.
In the normal course of business, amounts received pursuant to new and/or amended distribution agreements entered into with certain bottlers/distributors, relating to the costs associated with terminating agreements with the Company’s prior distributors, are accounted for as deferred revenue and are recognized as revenue ratably over the anticipated life of the respective distribution agreement, generally 20 years .
Revenue recognized was $ 21.5 million, $ 21.5 million and $ 21.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.
−Removed: The Company entered into a credit facility with Comerica Bank (“Comerica”) consisting of a revolving line of credit, which was amended in April 2020, under which the Company may borrow up to $ 10.0 million of non-collateralized debt.
−Removed: The revolving line of credit is effective through June 1, 2025.
−Removed: Interest on borrowings under the line of credit is based on Comerica’s base (prime) rate minus 1.00 % to 1.50 %, depending upon certain financial ratios maintained by the Company.
−Removed: The Company had no outstanding borrowings on this line of credit at December 31, 2023.
−Removed: Under this revolving line of credit, the Company may also issue standby Letters of Credit with an aggregate amount of up to $ 4.0 million.
−Removed: The fee on the standby Letters of Credit ranges from 1.00 % to 1.50 % depending upon certain financial ratios maintained by the Company.
−Removed: The Company had no outstanding standby Letters of Credit at December 31, 2023.
−Removed: The Company has a credit facility with HSBC Bank (China) Company Limited, Shanghai Branch, of $ 15.0 million.
−Removed: At December 31, 2023, the interest rate on borrowings under the line of credit was 5.5 %.
−Removed: As of December 31, 2023, no balance was outstanding on this line of credit.
+Added: The Company’s long-term debt consisted of the following:
+Added: Revolving credit facility
+Added: unamortized debt issuance costs
+Added: Total debt, net of unamortized debt issuance costs
+Added: current portion of long-term debt
+Added: Long-term debt
+Added: In May 2024, the Company entered into a credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and certain other lenders, which provides for senior unsecured credit facilities in an aggregate principal amount of $ 1.50 billion (collectively, the “Credit Facilities”).
+Added: The Credit Facilities consist of a $ 750.0 million term loan (the “Term Loan”) and up to $ 750.0 million in multicurrency revolving loan commitments (the “Revolving Credit Facility”).
+Added: The Term Loan matures May 2027 and the Revolving Credit Facility matures May 2029.
+Added: As of December 31, 2024, the Company was in compliance with all covenants under the Credit Facilities.
+Added: Borrowings under the Credit Facilities bear interest at a variable rate per annum equal to the applicable rate plus margin (as defined in the Credit Facilities).
+Added: The interest rate in effect on the Term Loan was 5.42 % as of December 31, 2024.
+Added: No borrowings were outstanding under the Revolving Credit Facility as of December 31, 2024.
MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
1 unchanged sentence
(Tabular Dollars in Thousands, Except Per Share Amounts)
+Added: Borrowings under the Credit Facilities are due on the respective maturity date.
+Added: Borrowings may be repaid at any time during the term of the Credit Facilities and, in the case of the Revolving Credit Facility, may be reborrowed prior to the maturity date.
+Added: Additionally, the Company has a line of credit of up to $ 15.0 million with HSBC Bank (China) Company Limited, Shanghai Branch.
+Added: At December 31, 2024, the interest rate on borrowings under the line of credit was 5.5 %.
+Added: As of December 31, 2024, no amount was outstanding on this line of credit.
+Added: Based on Level 2 inputs, the carrying value of the Company’s debt approximates fair value, as borrowings are subject to variable interest rates that adjust with changes in market rates and market conditions and the current interest rate approximates that which would be available under similar financial arrangements.
COMMITMENTS AND CONTINGENCIES
12 unchanged sentences
Generally, the Company believes that its insurance coverage is adequate to cover any resulting liabilities or claims.
−Removed: Litigation – From time to time in the normal course of business, the Company is named in litigation, including labor and employment matters, personal injury matters, consumer class actions, intellectual property matters and claims from prior distributors.
−Removed: Although it is not possible to predict the ultimate outcome of such litigation, based on the facts known to the Company, management believes that such litigation in aggregate will likely not have a material adverse effect on the Company’s financial position or results of operations.
−Removed: The Company evaluates, on a quarterly basis, developments in legal proceedings and other matters that could cause an increase or decrease in the amount of the liability that is accrued, if any, and any related insurance reimbursements.
−Removed: As of December 31, 2023, $ 0.3 million of loss contingencies were included in the Company's accompanying consolidated balance sheet.
−Removed: As of December 31, 2022, no loss contingencies were included in the Company’s accompanying consolidated balance sheet.
+Added: Litigation – From time to time in the normal course of business, the Company is named in litigation, including labor and employment matters, personal injury matters, consumer class actions, intellectual property matters, data privacy matters, and claims, including from prior distributors.
+Added: Although it is not possible to predict the ultimate outcome of such litigation, based on the facts known
MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
1 unchanged sentence
(Tabular Dollars in Thousands, Except Per Share Amounts)
+Added: to the Company, management believes that such litigation in aggregate will likely not have a material adverse effect on the Company’s financial position or results of operations.
+Added: The Company evaluates, on a quarterly basis, developments in legal proceedings and other matters that could cause an increase or decrease in the amount of the liability that is accrued, if any, and any related insurance reimbursements.
+Added: As of December 31, 2024, $ 16.8 million of loss contingencies were included in the Company’s accompanying consolidated balance sheet.
+Added: As of December 31, 2023, $ 0.3 million of loss contingencies were included in the Company’s accompanying consolidated balance sheet.
ACCUMULATED OTHER COMPREHENSIVE LOSS
−Removed: The components of accumulated other comprehensive loss are as follows at December 31:
−Removed: Accumulated net unrealized loss on available-for-sale securities
−Removed: Accumulated foreign currency translation adjustments
−Removed: Accumulated net gains on commodity derivatives
+Added: The components of accumulated other comprehensive loss, after tax, are as follows at December 31:
+Added: Accumulated net unrealized gain (loss) on available-for-sale securities
+Added: Accumulated foreign currency translation gain (loss)
+Added: Accumulated net gain (loss) on commodity derivatives
Total accumulated other comprehensive loss
TREASURY STOCK
−Removed: On June 14, 2022, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to $ 500.0 million of the Company’s outstanding common stock (the “June 2022 Repurchase Plan”).
−Removed: During the year ended December 31, 2023, the Company purchased approximately 3.3 million shares of common stock at an average purchase price of $ 55.52 per share, for a total amount of approximately $ 182.8 million (excluding broker commissions), which exhausted the availability under the June 2022 Repurchase Plan.
−Removed: On November 2, 2022, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to an additional $ 500.0 million of the Company’s outstanding common stock (the “November 2022 Repurchase Plan”).
−Removed: During the year ended December 31, 2023, the Company purchased approximately 4.8 million shares of common stock at an average purchase price of $ 54.31 per share, for a total amount of approximately $ 260.3 million (excluding broker commissions), under the November 2022 Repurchase Plan.
−Removed: As of February 27, 2024, $ 142.4 million remained available for repurchase under the November 2022 Repurchase Plan.
+Added: Share Repurchase Programs
+Added: On November 2, 2022, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to $ 500.0 million of the Company’s outstanding common stock (the “November 2022 Repurchase Plan”).
+Added: During the year ended December 31, 2024, the Company purchased approximately 4.6 million shares of common stock at an average purchase price of $ 51.67 per share, for a total amount of approximately $ 239.6 million, which exhausted the availability under the November 2022 Repurchase Plan.
On November 7, 2023, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to an additional $ 500.0 million of the Company’s outstanding common stock (the “November 2023 Repurchase Plan”).
−Removed: During the year ended December 31, 2023, no shares were repurchased under the November 2023 Repurchase Plan.
−Removed: As of February 27, 2024, $ 500.0 million remained available for repurchase under the November 2023 Repurchase Plan.
+Added: During the year ended December 31, 2024, the Company purchased approximately 10.6 million shares of common stock at an average purchase price of $ 47.16 per share, for a total amount of approximately $ 500.0 million, which exhausted the availability under the November 2023 Repurchase Plan.
+Added: On August 19, 2024, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to an additional $ 500.0 million of the Company’s outstanding common stock (the “August 2024 Repurchase Plan”).
+Added: During the year ended December 31, 2024, no shares were repurchased under the August 2024 Repurchase Plan.
+Added: As of February 27, 2025, $ 500.0 million remained available for repurchase under the August 2024 Repurchase Plan.
The aggregate amount of the Company’s outstanding common stock that remains available for repurchase under all previously authorized repurchase plans is $ 500.0 million as of February 27, 2025.
2 unchanged sentences
Such shares are included in common stock in treasury in the accompanying consolidated balance sheet at December 31, 2024.
−Removed: STOCK-BASED COMPENSATION
−Removed: The Company has two stock-based compensation plans under which shares were available for grant as of December 31, 2023:
−Removed: (i) the Monster Beverage Corporation 2020 Omnibus Incentive Plan (the “2020 Omnibus Incentive Plan”), which includes the Monster Beverage Corporation Deferred Compensation Plan as a sub plan thereunder, and (ii) the Monster Beverage Corporation 2017 Compensation Plan for Non-Employee Directors (the “2017 Directors Plan”), which includes the Monster Beverage Corporation Deferred Compensation Plan for Non-Employee Directors as a sub plan thereunder.
+Added: On May 1, 2024, the Board of Directors authorized the Company to execute a modified “Dutch auction” tender offer to repurchase up to $ 3.0 billion of its outstanding shares of common stock.
+Added: On May 8, 2024, the Company commenced the tender offer, with such offer expiring on June 5, 2024.
+Added: On June 10, 2024, the Company accepted for purchase a total of approximately 56.6 million
MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
1 unchanged sentence
(Tabular Dollars in Thousands, Except Per Share Amounts)
−Removed: 2020 Omnibus Incentive Plan was approved by the Board of Directors on April 14, 2020 and approved by the stockholders of the Company at the annual meeting of the Company’s stockholders held on June 3, 2020 (the “Effective Date”).
+Added: shares of common stock at a purchase price of $ 53.00 per share, for an aggregate purchase price of approximately $ 3.0 billion.
+Added: The repurchase was funded with approximately $ 2.25 billion of cash on hand and approximately $ 750 million in borrowings.
+Added: The cost of these shares and the fees relating to the tender offer are included in common stock in treasury in the accompanying consolidated balance sheet at December 31, 2024.
+Added: STOCK-BASED COMPENSATION
+Added: The Company has two stock-based compensation plans under which shares were available for grant as of December 31, 2024:
+Added: (i) the Monster Beverage Corporation 2020 Omnibus Incentive Plan (the “2020 Omnibus Incentive Plan”), which includes the Monster Beverage Corporation Deferred Compensation Plan as a sub plan thereunder, and (ii) the Monster Beverage Corporation 2017 Compensation Plan for Non-Employee Directors as Amended and Restated on February 23, 2022 (the “2017 Directors Plan”), which includes the Monster Beverage Corporation Deferred Compensation Plan for Non-Employee Directors as a sub plan thereunder.
+Added: The 2020 Omnibus Incentive Plan was approved by the Board of Directors on April 14, 2020 and approved by the stockholders of the Company at the annual meeting of the Company’s stockholders held on June 3, 2020 (the “Effective Date”).
The 2020 Omnibus Incentive Plan replaced the Monster Beverage Corporation 2011 Omnibus Incentive Plan (the “2011 Omnibus Incentive Plan”).
11 unchanged sentences
Performance share units will generally vest based on an award recipient’s continuous employment through a cumulative three - year performance period and the achievement of financial performance goals specified for the applicable award during such performance period.
−Removed: In 2016, the Company adopted the Deferred Compensation Plan (as a sub plan to the 2011 Omnibus Incentive Plan), pursuant to which eligible employees may elect to defer cash and/or equity based compensation and to receive the deferred amounts, together with an investment return (positive or negative), either at a pre-determined time in the future or upon termination of their employment with the Company or its subsidiaries or affiliates that are participating employers under the Deferred Compensation Plan, as provided under the Deferred Compensation Plan and in relevant deferral elections.
−Removed: Deferrals under the Deferred Compensation Plan are unfunded and unsecured.
−Removed: As of December 31, 2023 deferrals under the Deferred Compensation Plan are solely comprised of cash compensation and equity compensation and are not material in the aggregate.
+Added: In 2016, the Company adopted the Deferred Compensation Plan (as a sub plan to the 2011 Omnibus Incentive Plan), pursuant to which eligible employees may elect to defer cash and/or equity based compensation and to receive the deferred amounts, together with an investment return (positive or negative), either at a pre-determined time in the future or upon termination of employment with the Company or its subsidiaries or affiliates that are participating employers under the Deferred Compensation Plan, as provided under the Deferred Compensation Plan and in relevant deferral elections.
+Added: Deferrals under the Deferred Compensation Plan are unfunded and
MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
1 unchanged sentence
(Tabular Dollars in Thousands, Except Per Share Amounts)
+Added: As of December 31, 2024 deferrals under the Deferred Compensation Plan are solely comprised of cash compensation and equity compensation and are not material in the aggregate.
In 2017, the Company adopted the 2017 Directors Plan, a successor plan to the 2009 Monster Beverage Corporation Stock Incentive Plan for Non-Employee Directors.
20 unchanged sentences
● Once achieved, ownership of the guideline amount should be maintained for so long as the non-employee director retains his or her seat on the Board of Directors.
+Added: ● There may be rare instances where these guidelines would place a hardship on a non-employee director.
+Added: In these cases or in similar circumstances, the Board of Directors will make the final decision as to developing an alternative stock ownership guideline for a non-employee director that reflects the intention of these guidelines and his or her personal circumstances.
MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
1 unchanged sentence
(Tabular Dollars in Thousands, Except Per Share Amounts)
−Removed: ● There may be rare instances where these guidelines would place a hardship on a non-employee director.
−Removed: In these cases or in similar circumstances, the Board of Directors will make the final decision as to developing an alternative stock ownership guideline for a non-employee director that reflects the intention of these guidelines and his or her personal circumstances.
The Company recorded $ 91.0 million, $ 68.8 million and $ 64.1 million of compensation expense relating to outstanding options, restricted stock units, performance share units and other share-based awards during the years ended December 31, 2024, 2023 and 2022, respectively.
2 unchanged sentences
Under the Company’s stock-based compensation plans, all stock options granted through December 31, 2024 were granted at prices based on the fair value of the Company’s common stock on the date of grant.
−Removed: The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes-Merton option pricing formula with the assumptions included in the table below.
−Removed: The Company records compensation expense for non-employee stock options based on the estimated fair value of the options as of the earlier of (1) the date at which a commitment for performance by the non-employee to earn the stock option is reached or (2) the date at which the non-employee’s performance is complete, using the Black-Scholes-Merton option pricing formula with the assumptions included in the table below.
+Added: The Company records compensation expense for (i) employee stock options based on the estimated fair value of the options on the date of grant and (ii) for non-employee stock options based on the estimated fair value of the options as of the earlier of (1) the date at which a commitment for performance by the non-employee to earn the stock option is reached or (2) the date at which the non-employee’s performance is complete, in each case using the Black-Scholes-Merton option pricing formula with the assumptions included in the table below.
The Company uses historical data to determine the exercise behavior, volatility and forfeiture rate of the options.
12 unchanged sentences
The Company’s expected term represents the weighted-average period that the Company’s stock options are expected to be outstanding.
−Removed: The expected term is based on expected time to post-vesting exercise of options by employees.
+Added: The expected term is based on the expected time to post-vesting exercise of options by employees.
The Company uses historical exercise patterns of previously granted options to derive employee behavioral patterns used to forecast expected exercise patterns.
21 unchanged sentences
Cash received from option exercises under all plans for the years ended December 31, 2024, 2023 and 2022 was $ 79.0 million, $ 130.3 million and $ 64.0 million, respectively.
+Added: At December 31, 2024, there was $ 151.8 million of total unrecognized compensation expense related to non-vested options granted to employees under the Company’s share-based payment plans.
+Added: That cost is expected to be recognized over a weighted-average period of 3.1 years.
MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
1 unchanged sentence
(Tabular Dollars in Thousands, Except Per Share Amounts)
−Removed: At December 31, 2023, there was $ 96.3 million of total unrecognized compensation expense related to non-vested options granted to employees under the Company’s share-based payment plans.
−Removed: That cost is expected to be recognized over a weighted-average period of 3.0 years.
Restricted Stock Units and Performance Share Units
18 unchanged sentences
At December 31, 2024, other share-based awards outstanding included grants that vest over three years payable in the first quarters of 2025, 2026 and 2027.
+Added: At December 31, 2024, there was no unrecognized compensation expense related to nonvested other share-based awards granted to employees under the Company’s stock-based compensation plans.
MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
1 unchanged sentence
(Tabular Dollars in Thousands, Except Per Share Amounts)
−Removed: At December 31, 2023, there was $ 0.3 million of total unrecognized compensation expense related to nonvested other share-based awards granted to employees under the Company’s stock-based compensation plans.
−Removed: That cost is expected to be recognized over a weighted-average period of 1.0 years.
Employee and Non-Employee Share-Based Compensation Expense
15 unchanged sentences
Quantification of the deferred tax liability, if any, associated with indefinitely reinvested earnings was not practicable.
−Removed: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Tabular Dollars in Thousands, Except Per Share Amounts)
The domestic and foreign components of the Company’s income before provision for income taxes are as follows:
2 unchanged sentences
*After intercompany royalties, management fees and interest charges from the Company’s domestic to foreign entities of $ 108.4 million, $ 101.4 million and $ 85.0 million for the years ended December 31, 2024, 2023 and 2022, respectively.
+Added: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Tabular Dollars in Thousands, Except Per Share Amounts)
Components of the provision for income taxes are as follows:
14 unchanged sentences
(Tabular Dollars in Thousands, Except Per Share Amounts)
−Removed: Major components of the Company’s deferred tax assets (liabilities) at December 31, 2023 and 2022 are as follows:
+Added: Major components of the Company’s deferred tax assets (liabilities) at December 31, 2024 and 2023 are presented in the table below.
+Added: Certain amounts as of December 31, 2023 have been reclassified to conform to presentation as of December 31, 2024.
Deferred Tax Assets:
−Removed: Reserve for sales returns
Reserve for inventory obsolescence
−Removed: Reserve for marketing development fund
Capitalization of inventory costs
−Removed: State franchise tax - current
Accrued compensation
−Removed: Accrued other liabilities
Deferred revenue
Stock-based compensation
−Removed: Foreign net operating loss carryforward
+Added: Net operating loss carryforward
Prepaid supplies
1 unchanged sentence
Operating lease liabilities
−Removed: Impairment-trademarks and others
+Added: Intangible assets
+Added: Accrued liabilities
Other deferred tax assets
1 unchanged sentence
Deferred Tax Liabilities:
−Removed: Amortization of trademarks
−Removed: State franchise tax - deferred
+Added: Amortization of intangibles
Operating lease ROU assets
4 unchanged sentences
Net deferred tax assets
−Removed: During the years ended December 31, 2023, 2022 and 2021, the Company established full valuation allowances against certain deferred tax assets, resulting from cumulative net operating losses incurred by certain foreign subsidiaries of the Company.
−Removed: The effect of the valuation allowances and the subsequent related impact on the Company’s overall tax rate was to increase the Company’s provision for income taxes by $ 0.2 million for the year ended December 31, 2023, increase the Company’s provision for income taxes by $ 2.7 million for the year ended December 31, 2022 and decrease the Company’s provision for income taxes by $ 8.1 million for the year ended December 31, 2021.
−Removed: At December 31, 2023, the Company had net operating loss carryforwards of approximately $ 103.9 million.
−Removed: Of this amount, $ 79.5 million may be carried forward indefinitely.
−Removed: The remaining $ 24.4 million of net operating loss carryforwards will begin to expire in 2024.
+Added: During the years ended December 31, 2024, 2023 and 2022, the Company established full valuation allowances against certain deferred tax assets from cumulative net operating losses incurred by certain foreign subsidiaries of the Company as well as state income tax related to cumulative net operating losses incurred by certain U.S.
+Added: subsidiaries.
+Added: The effect of the valuation allowances and the subsequent related impact on the Company’s overall tax rate was to increase the Company’s provision for income taxes by $ 8.6 million, $ 0.2 million and $ 2.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.
+Added: At December 31, 2024, the Company had net states operating loss carryforwards of approximately $ 58.5 million and net foreign operating loss carryforwards of approximately $ 109.0 million.
+Added: Of these amounts, $ 65.4 million of net foreign operating loss carryforwards may be carried forward indefinitely.
+Added: The remaining $ 102.1 million of net states and foreign operating loss carryforwards will begin to expire in 2025.
MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
31 unchanged sentences
Dilutive securities
+Added: For the years ended December 31, 2024, 2023 and 2022, options and awards outstanding totaling 7.8 million shares, 3.3 million shares and 6.0 million shares, respectively, were excluded from the calculations as their effect would have been antidilutive.
MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
1 unchanged sentence
(Tabular Dollars in Thousands, Except Per Share Amounts)
−Removed: For the years ended December 31, 2023, 2022 and 2021, options and awards outstanding totaling 3.3 million shares, 6.0 million shares and 1.6 million shares, respectively, were excluded from the calculations as their effect would have been antidilutive.
EMPLOYEE BENEFIT PLAN
5 unchanged sentences
The Company has four operating and reportable segments:
−Removed: (i) Monster Energy® Drinks segment, which is primarily comprised of the Company’s Monster Energy® drinks, Reign Total Body Fuel® high performance energy drinks, Reign Storm® total wellness energy drinks, Bang Energy® drinks and Monster Tour Water®, (ii) Strategic Brands segment, which is primarily comprised of the various energy drink brands acquired from TCCC in 2015 as well as the Company’s affordable energy brands, Predator® and Fury®, (iii) Alcohol Brands segment, which is comprised of various craft beers, hard seltzers and FMBs and (iv) Other segment, which is comprised of the AFF Third-Party Products.
+Added: (i) Monster Energy® Drinks segment, which is primarily comprised of the Company’s Monster Energy® drinks, Reign Total Body Fuel® high performance energy drinks, Reign Storm® total wellness energy drinks and Bang Energy® drinks, (ii) Strategic Brands segment, which is primarily comprised of the various energy drink brands acquired from TCCC in 2015 as well as the Company’s affordable energy brands, Predator® and Fury®, (iii) Alcohol Brands segment, which is comprised of various craft beers, FMBs and hard seltzers and (iv) Other segment, which is comprised of the AFF Third-Party Products.
The Company’s Monster Energy® Drinks segment primarily generates net operating revenues by selling ready-to-drink packaged drinks primarily to bottlers/distributors.
5 unchanged sentences
Generally, the Monster Energy® Drinks segment generates higher per case net operating revenues, but lower per case gross profit margin percentages than the Strategic Brands segment.
−Removed: The Company’s Alcohol Brands segment primarily generates operating revenues by selling kegged and ready-to-drink canned beers, hard seltzers and FMBs primarily to beer distributors in the United States.
+Added: The Company’s Alcohol Brands segment primarily generates operating revenues by selling kegged and ready-to-drink canned beers, FMBs and hard seltzers primarily to beer distributors in the United States.
Generally, the Alcohol Brands segment has lower gross profit margin percentages than the Monster Energy® Drinks segment.
Corporate and unallocated amounts that do not relate to a reportable segment have been allocated to “Corporate & Unallocated.” No asset information, other than goodwill and other intangible assets, has been provided in the Company’s reportable segments, as management does not measure or allocate such assets on a segment basis.
+Added: The Company’s chief operating decision makers are the co-chief executive officers (the “Executive Committee”).
+Added: The Executive Committee assesses segments’ performance by using each segments’ operating income and considers budget-to-actual variances on a periodic basis (at least quarterly) when making decisions about operational planning, including whether to invest resources into the segments or into other parts of the Company.
+Added: Further, the Executive Committee uses segments’ operating income when comparing the results of each segment with one another.
MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
1 unchanged sentence
(Tabular Dollars in Thousands, Except Per Share Amounts)
−Removed: The net revenues derived from the Company’s reportable segments and other financial information related thereto for the years ended December 31 are as follows:
−Removed: Monster Energy® Drinks 1
−Removed: Strategic Brands
−Removed: Alcohol Brands 2
−Removed: Corporate and unallocated
−Removed: Operating Income:
−Removed: Monster Energy® Drinks 1
−Removed: Strategic Brands
−Removed: Alcohol Brands 2
−Removed: Corporate and unallocated
−Removed: Income before tax:
−Removed: Monster Energy® Drinks 1
−Removed: Strategic Brands
−Removed: Alcohol Brands 2
−Removed: Corporate and unallocated
−Removed: (1) Includes $ 40.0 million, $ 40.0 million and $ 41.5 million for the years ended December 31, 2023, 2022 and 2021, respectively, related to the recognition of deferred revenue.
−Removed: (2) For the year ended December 31, 2022, effectively from February 17, 2022 to December 31, 2022 .
+Added: The tables below provide information about the Company’s reportable segments, including the corporate and unallocated category.
+Added: Year Ended December 31, 2024
+Added: Cost of sales
+Added: Distribution expense
+Added: Selling and marketing expense
+Added: Nonmanufacturing payroll expense
+Added: Goodwill and intangibles impairment
+Added: Other segment items 2
+Added: Operating income (loss) 1
+Added: Interest and other income (expense), net
+Added: Income before provision for income taxes
Depreciation and amortization
−Removed: Monster Energy® Drinks
−Removed: Strategic Brands
−Removed: Alcohol Brands
−Removed: Corporate and unallocated
−Removed: Corporate and unallocated expenses were $ 515.0 million for the year ended December 31, 2023 and included $ 331.7 million of payroll costs, of which $ 67.1 million was attributable to stock-based compensation expense (See Note 16, “Stock-Based Compensation”), $ 95.2 million of professional service expenses, including accounting and legal costs, $ 11.7 million of insurance costs and $ 76.4 million of other operating expenses.
+Added: 1 For the Monster Energy® Drinks segment, includes $ 39.9 million related to the recognition of deferred revenue.
+Added: 2 Other segment items for each reportable segment include:
+Added: Monster Energy® Drinks - travel and entertainment expense, professional services expense, and certain overhead expenses
+Added: Strategic Brands - travel and entertainment expense, and certain overhead expenses
+Added: Alcohol Brands - depreciation and amortization expense, travel and entertainment expense, professional services expense, and certain overhead expenses
+Added: Other - travel and entertainment expense, and certain overhead expenses
MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
1 unchanged sentence
(Tabular Dollars in Thousands, Except Per Share Amounts)
+Added: Year Ended December 31, 2023
+Added: Cost of sales
+Added: Distribution expense
+Added: Selling and marketing expense
+Added: Nonmanufacturing payroll expense
+Added: Intangibles impairment
+Added: Other segment items 2
+Added: Operating income (loss) 1
+Added: Interest and other income (expense), net
+Added: Income before provision for income taxes
+Added: Depreciation and amortization
+Added: 1 For the Monster Energy® Drinks segment, includes $ 40.0 million related to the recognition of deferred revenue.
+Added: 2 Other segment items for each reportable segment include:
+Added: Monster Energy® Drinks - travel and entertainment expense, professional services expense, and certain overhead expenses
+Added: Strategic Brands - travel and entertainment expense, and certain overhead expenses
+Added: Alcohol Brands - depreciation and amortization expense, travel and entertainment expense, professional services expens e, and certain overhead expenses
+Added: Other - depreciation and amortization expense, and certain overhead expenses
+Added: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Tabular Dollars in Thousands, Except Per Share Amounts)
+Added: Year Ended December 31, 2022
+Added: Cost of sales
+Added: Distribution expense
+Added: Selling and marketing expense
+Added: Nonmanufacturing payroll expense
+Added: Other segment items 2
+Added: Operating income (loss) 1
+Added: Interest and other income (expense), net
+Added: Income before provision for income taxes
+Added: Depreciation and amortization
+Added: 1 For the Monster Energy® Drinks segment, includes $ 40.0 million related to the recognition of deferred revenue.
+Added: 2 Other segment items for each reportable segment include:
+Added: Monster Energy® Drinks - travel and entertainment expense, professional services expense, and certain overhead expenses
+Added: Strategic Brands - intangible asset impairment, travel and entertainment expense, and certain overhead expenses
+Added: Alcohol Brands - depreciation and amortization expense, travel and entertainment expense, professional services expense, and certain overhead expenses
+Added: Other - depreciation and amortization expense, and certain overhead expenses
+Added: 3 Effectively from February 17, 2022 to December 31, 2022.
Corporate and unallocated expenses were $ 570.2 million for the year ended December 31, 2024 and included $ 377.4 million of payroll costs, of which $ 88.8 million was attributable to stock-based compensation expense (See Note 16, “Stock-Based Compensation”), $ 77.8 million of professional service expenses, including accounting and legal costs, $ 12.8 million of insurance costs and $ 102.2 million of other operating expenses.
Corporate and unallocated expenses were $ 515.0 million for the year ended December 31, 2023 and included $ 331.7 million of payroll costs, of which $ 67.1 million was attributable to stock-based compensation expense (See Note 16, “Stock-Based Compensation”), $ 95.2 million of professional service expenses, including accounting and legal costs, $ 11.7 million of insurance costs and $ 76.4 million of other operating expenses.
+Added: Corporate and unallocated expenses were $ 434.6 million for the year ended December 31, 2022 and included $ 278.7 million of payroll costs, of which $ 63.1 million was attributable to stock-based compensation expense (See Note 16, “Stock-Based Compensation”), $ 87.1 million of professional service expenses, including accounting and legal costs, $ 10.5 million of insurance costs and $ 58.3 million of other operating expenses.
+Added: Coca-Cola Europacific Partners accounted for approximately 14 %, 13 % and 13 % of the Company’s net sales for the years ended December 31, 2024, 2023 and 2022, respectively.
+Added: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Tabular Dollars in Thousands, Except Per Share Amounts)
Coca-Cola Consolidated, Inc.
accounted for approximately 10 %, 10 % and 11 % of the Company’s net sales for the years ended December 31, 2024, 2023 and 2022, respectively.
−Removed: Reyes Coca-Cola Bottling, LLC accounted for approximately 9 %, 9 % and 10 % of the Company’s net sales for the years ended December 31, 2023, 2022 and 2021, respectively.
−Removed: Coca-Cola Europacific Partners accounted for approximately 13 %, 13 % and 12 % of the Company’s net sales for the years ended December 31, 2023, 2022 and 2021, respectively.
+Added: Reyes Holdings, LLC accounted for approximately 9 % of the Company’s net sales for the years ended December 31, 2024, 2023 and 2022.
Net sales to customers outside the United States amounted to $ 2.96 billion, $ 2.71 billion and $ 2.36 billion for the years ended December 31, 2024, 2023 and 2022, respectively.
Such sales were approximately 40 %, 38 % and 37 % of net sales for the years ended December 31, 2024, 2023 and 2022, respectively.
−Removed: Goodwill and other intangible assets for the Company’s reportable segments as of December 31, 2023 and 2022 are as follows:
+Added: Goodwill and other intangible assets for the Company’s reportable segments as of December 31, 2024 and 2023 were as follows:
Goodwill and other intangible assets:
9 unchanged sentences
TCCC commissions, based on sales to the TCCC Independent Bottlers for the year ended December 31, 2024 were $ 37.3 million, and are included in operating expenses in the consolidated statements of income.
−Removed: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Tabular Dollars in Thousands, Except Per Share Amounts)
TCCC commissions, based on sales to the TCCC Subsidiaries and the TCCC Related Parties, for the year ended December 31, 2023 were $ 66.8 million, and are included as a reduction to net sales.
5 unchanged sentences
Concentrate purchases from TCCC were $ 28.0 million, $ 29.1 million and $ 27.1 million for the years ended December 31, 2024, 2023 and 2022, respectively.
+Added: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
+Added: (Tabular Dollars in Thousands, Except Per Share Amounts)
Certain TCCC Subsidiaries also contract manufacture certain of the Company’s energy drinks.
Such contract manufacturing expenses were $ 41.9 million, $ 35.4 million and $ 30.6 million for the years ended December 31, 2024, 2023 and 2022, respectively.
−Removed: Accounts receivable, accounts payable, accrued promotional allowances and accrued liabilities related to the TCCC Subsidiaries are as follows at:
+Added: Accounts receivable, accounts payable, accrued promotional allowances and accrued liabilities related to the TCCC Subsidiaries were as follows at:
Accounts receivable, net
8 unchanged sentences
Sacks is accompanied by guests and other Company personnel when using such aircraft for business travel.
−Removed: During the years ended December 31, 2023 and 2022, the Company incurred costs of $ 0.14 million and $ 0.08 million, respectively.
−Removed: MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: (Tabular Dollars in Thousands, Except Per Share Amounts)
+Added: During the years ended December 31, 2024, 2023 and 2022, the Company incurred costs of $ 0.05 million, $ 0.14 million and $ 0.08 million, respectively.
In December 2018, the Company and a director of the Company entered into a 50-50 partnership that purchased land, and real property thereon, in Kona, Hawaii for the purpose of producing coffee products.
9 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.