003P5Y3P1YP15YP5YP1Y0000865752--12-312019Q3falseLarge Accelerated Filertruefalse0000865752mnst:February2019RepurchasePlanMember2019-07-012019-09-300000865752mnst:August2018RepurchaseProgramMember2019-07-012019-09-300000865752mnst:February2019RepurchasePlanMemberus-gaap:SubsequentEventMember2019-11-060000865752mnst:February2019RepurchasePlanMember2019-11-060000865752us-gaap:SubsequentEventMember2019-11-070000865752us-gaap:SubsequentEventMember2019-11-060000865752srt:MaximumMembermnst:February2019RepurchasePlanMember2019-02-260000865752mnst:August2018RepurchaseProgramMember2018-08-070000865752us-gaap:RetainedEarningsMember2019-09-300000865752us-gaap:AdditionalPaidInCapitalMember2019-09-300000865752us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-09-300000865752mnst:DirectorAdditionalCapitalContributionMember2019-09-300000865752us-gaap:RetainedEarningsMember2019-06-300000865752us-gaap:AdditionalPaidInCapitalMember2019-06-300000865752us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-06-3000008657522019-06-300000865752us-gaap:RetainedEarningsMember2019-03-310000865752us-gaap:AdditionalPaidInCapitalMember2019-03-310000865752us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-3100008657522019-03-310000865752us-gaap:RetainedEarningsMember2018-12-310000865752us-gaap:AdditionalPaidInCapitalMember2018-12-310000865752us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310000865752us-gaap:RetainedEarningsMember2018-09-300000865752us-gaap:AdditionalPaidInCapitalMember2018-09-300000865752us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-09-300000865752us-gaap:RetainedEarningsMember2018-06-300000865752us-gaap:AdditionalPaidInCapitalMember2018-06-300000865752us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-06-3000008657522018-06-300000865752us-gaap:RetainedEarningsMember2018-03-310000865752us-gaap:AdditionalPaidInCapitalMember2018-03-310000865752us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-03-3100008657522018-03-310000865752us-gaap:RetainedEarningsMember2017-12-310000865752us-gaap:AdditionalPaidInCapitalMember2017-12-310000865752us-gaap:AccumulatedOtherComprehensiveIncomeMember2017-12-310000865752us-gaap:TreasuryStockMember2019-09-300000865752us-gaap:CommonStockMember2019-09-300000865752us-gaap:TreasuryStockMember2019-06-300000865752us-gaap:CommonStockMember2019-06-300000865752us-gaap:TreasuryStockMember2019-03-310000865752us-gaap:CommonStockMember2019-03-310000865752us-gaap:TreasuryStockMember2018-12-310000865752us-gaap:CommonStockMember2018-12-310000865752us-gaap:TreasuryStockMember2018-09-300000865752us-gaap:CommonStockMember2018-09-300000865752us-gaap:TreasuryStockMember2018-06-300000865752us-gaap:CommonStockMember2018-06-300000865752us-gaap:TreasuryStockMember2018-03-310000865752us-gaap:CommonStockMember2018-03-310000865752us-gaap:TreasuryStockMember2017-12-310000865752us-gaap:CommonStockMember2017-12-310000865752us-gaap:EmployeeStockOptionMember2018-01-012018-12-310000865752us-gaap:EmployeeStockOptionMember2018-12-310000865752us-gaap:EmployeeStockOptionMember2019-01-012019-03-310000865752us-gaap:RestrictedStockUnitsRSUMember2018-12-310000865752us-gaap:RestrictedStockUnitsRSUMember2018-07-012018-09-300000865752us-gaap:RestrictedStockUnitsRSUMember2018-01-012018-09-300000865752us-gaap:RestrictedStockUnitsRSUMember2019-07-012019-09-300000865752us-gaap:RestrictedStockUnitsRSUMember2019-04-012019-06-300000865752us-gaap:RestrictedStockUnitsRSUMember2019-01-012019-03-310000865752us-gaap:EMEAMembermnst:StrategicBrandsSegmentMember2019-07-012019-09-300000865752us-gaap:EMEAMembermnst:MonsterEnergyDrinksSegmentMember2019-07-012019-09-300000865752srt:AsiaPacificMembermnst:StrategicBrandsSegmentMember2019-07-012019-09-300000865752srt:AsiaPacificMembermnst:MonsterEnergyDrinksSegmentMember2019-07-012019-09-300000865752mnst:U.s.AndCanadaMemberus-gaap:AllOtherSegmentsMember2019-07-012019-09-300000865752mnst:U.s.AndCanadaMembermnst:StrategicBrandsSegmentMember2019-07-012019-09-300000865752mnst:U.s.AndCanadaMembermnst:MonsterEnergyDrinksSegmentMember2019-07-012019-09-300000865752mnst:LatinAmericaAndCaribbeanMembermnst:StrategicBrandsSegmentMember2019-07-012019-09-300000865752mnst:LatinAmericaAndCaribbeanMembermnst:MonsterEnergyDrinksSegmentMember2019-07-012019-09-300000865752us-gaap:EMEAMember2019-07-012019-09-300000865752us-gaap:AllOtherSegmentsMember2019-07-012019-09-300000865752srt:AsiaPacificMember2019-07-012019-09-300000865752mnst:U.s.AndCanadaMember2019-07-012019-09-300000865752mnst:StrategicBrandsSegmentMember2019-07-012019-09-300000865752mnst:MonsterEnergyDrinksSegmentMember2019-07-012019-09-300000865752mnst:LatinAmericaAndCaribbeanMember2019-07-012019-09-300000865752us-gaap:EMEAMembermnst:StrategicBrandsSegmentMember2019-01-012019-09-300000865752us-gaap:EMEAMembermnst:MonsterEnergyDrinksSegmentMember2019-01-012019-09-300000865752srt:AsiaPacificMembermnst:StrategicBrandsSegmentMember2019-01-012019-09-300000865752srt:AsiaPacificMembermnst:MonsterEnergyDrinksSegmentMember2019-01-012019-09-300000865752mnst:U.s.AndCanadaMemberus-gaap:AllOtherSegmentsMember2019-01-012019-09-300000865752mnst:U.s.AndCanadaMembermnst:StrategicBrandsSegmentMember2019-01-012019-09-300000865752mnst:U.s.AndCanadaMembermnst:MonsterEnergyDrinksSegmentMember2019-01-012019-09-300000865752mnst:LatinAmericaAndCaribbeanMembermnst:StrategicBrandsSegmentMember2019-01-012019-09-300000865752mnst:LatinAmericaAndCaribbeanMembermnst:MonsterEnergyDrinksSegmentMember2019-01-012019-09-300000865752us-gaap:EMEAMember2019-01-012019-09-300000865752srt:AsiaPacificMember2019-01-012019-09-300000865752mnst:U.s.AndCanadaMember2019-01-012019-09-300000865752mnst:LatinAmericaAndCaribbeanMember2019-01-012019-09-300000865752us-gaap:EMEAMembermnst:StrategicBrandsSegmentMember2018-07-012018-09-300000865752us-gaap:EMEAMembermnst:MonsterEnergyDrinksSegmentMember2018-07-012018-09-300000865752srt:AsiaPacificMembermnst:StrategicBrandsSegmentMember2018-07-012018-09-300000865752srt:AsiaPacificMembermnst:MonsterEnergyDrinksSegmentMember2018-07-012018-09-300000865752mnst:U.s.AndCanadaMemberus-gaap:AllOtherSegmentsMember2018-07-012018-09-300000865752mnst:U.s.AndCanadaMembermnst:StrategicBrandsSegmentMember2018-07-012018-09-300000865752mnst:U.s.AndCanadaMembermnst:MonsterEnergyDrinksSegmentMember2018-07-012018-09-300000865752mnst:LatinAmericaAndCaribbeanMembermnst:StrategicBrandsSegmentMember2018-07-012018-09-300000865752mnst:LatinAmericaAndCaribbeanMembermnst:MonsterEnergyDrinksSegmentMember2018-07-012018-09-300000865752us-gaap:EMEAMember2018-07-012018-09-300000865752us-gaap:AllOtherSegmentsMember2018-07-012018-09-300000865752srt:AsiaPacificMember2018-07-012018-09-300000865752mnst:U.s.AndCanadaMember2018-07-012018-09-300000865752mnst:StrategicBrandsSegmentMember2018-07-012018-09-300000865752mnst:MonsterEnergyDrinksSegmentMember2018-07-012018-09-300000865752mnst:LatinAmericaAndCaribbeanMember2018-07-012018-09-300000865752us-gaap:EMEAMembermnst:StrategicBrandsSegmentMember2018-01-012018-09-300000865752us-gaap:EMEAMembermnst:MonsterEnergyDrinksSegmentMember2018-01-012018-09-300000865752srt:AsiaPacificMembermnst:StrategicBrandsSegmentMember2018-01-012018-09-300000865752srt:AsiaPacificMembermnst:MonsterEnergyDrinksSegmentMember2018-01-012018-09-300000865752mnst:U.s.AndCanadaMemberus-gaap:AllOtherSegmentsMember2018-01-012018-09-300000865752mnst:U.s.AndCanadaMembermnst:StrategicBrandsSegmentMember2018-01-012018-09-300000865752mnst:U.s.AndCanadaMembermnst:MonsterEnergyDrinksSegmentMember2018-01-012018-09-300000865752mnst:LatinAmericaAndCaribbeanMembermnst:StrategicBrandsSegmentMember2018-01-012018-09-300000865752mnst:LatinAmericaAndCaribbeanMembermnst:MonsterEnergyDrinksSegmentMember2018-01-012018-09-300000865752us-gaap:EMEAMember2018-01-012018-09-300000865752srt:AsiaPacificMember2018-01-012018-09-300000865752mnst:U.s.AndCanadaMember2018-01-012018-09-300000865752mnst:LatinAmericaAndCaribbeanMember2018-01-012018-09-300000865752mnst:CocaColaCompanyMember2019-07-012019-09-300000865752mnst:CocaColaCompanyMember2019-01-012019-09-300000865752mnst:CocaColaCompanyMember2018-07-012018-09-300000865752mnst:CocaColaCompanyMember2018-01-012018-09-300000865752mnst:PrincipalOwnersMember2019-07-012019-09-300000865752mnst:PrincipalOwnersMember2018-07-012018-09-300000865752mnst:PrincipalOwnersMember2018-01-012018-09-300000865752us-gaap:VehiclesMember2019-09-300000865752us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2019-09-300000865752us-gaap:OfficeEquipmentMember2019-09-300000865752us-gaap:LeaseholdImprovementsMember2019-09-300000865752us-gaap:LandMember2019-09-300000865752us-gaap:FurnitureAndFixturesMember2019-09-300000865752us-gaap:EquipmentMember2019-09-300000865752us-gaap:BuildingMember2019-09-300000865752us-gaap:VehiclesMember2018-12-310000865752us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2018-12-310000865752us-gaap:OfficeEquipmentMember2018-12-310000865752us-gaap:LeaseholdImprovementsMember2018-12-310000865752us-gaap:LandMember2018-12-310000865752us-gaap:FurnitureAndFixturesMember2018-12-310000865752us-gaap:EquipmentMember2018-12-310000865752us-gaap:BuildingMember2018-12-310000865752us-gaap:EmployeeStockOptionMember2019-07-012019-09-300000865752us-gaap:EmployeeStockOptionMember2019-01-012019-09-300000865752us-gaap:EmployeeStockOptionMember2018-07-012018-09-300000865752us-gaap:EmployeeStockOptionMember2018-01-012018-09-300000865752mnst:LandInAthyCountyKildareIrelandMember2019-10-012019-10-310000865752us-gaap:AccumulatedTranslationAdjustmentMember2019-01-012019-09-300000865752us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-01-012019-09-300000865752us-gaap:AccumulatedTranslationAdjustmentMember2018-01-012018-09-300000865752us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2018-01-012018-09-300000865752us-gaap:AccountingStandardsUpdate201602Member2019-01-010000865752us-gaap:InventoriesMember2019-01-012019-09-300000865752us-gaap:LineOfCreditMember2018-12-310000865752us-gaap:LineOfCreditMember2018-02-280000865752srt:MinimumMember2019-09-300000865752srt:MaximumMember2019-09-300000865752us-gaap:AllOtherSegmentsMember2019-01-012019-09-300000865752mnst:StrategicBrandsSegmentMember2019-01-012019-09-300000865752mnst:MonsterEnergyDrinksSegmentMember2019-01-012019-09-300000865752us-gaap:AllOtherSegmentsMember2018-01-012018-09-300000865752mnst:StrategicBrandsSegmentMember2018-01-012018-09-300000865752mnst:MonsterEnergyDrinksSegmentMember2018-01-012018-09-300000865752mnst:StrategicBrandsSegmentMember2019-09-300000865752mnst:MonsterEnergyDrinksSegmentMember2019-09-300000865752mnst:StrategicBrandsSegmentMember2018-12-310000865752mnst:MonsterEnergyDrinksSegmentMember2018-12-310000865752mnst:StrategicBrandsSegmentMember2018-09-300000865752mnst:MonsterEnergyDrinksSegmentMember2018-09-300000865752mnst:StrategicBrandsSegmentMember2017-12-310000865752mnst:MonsterEnergyDrinksSegmentMember2017-12-310000865752srt:MinimumMember2019-01-012019-09-300000865752mnst:RealEstateLeaseArrangementMember2019-09-300000865752mnst:EquipmentLeaseArrangementMember2019-09-300000865752srt:DirectorMember2019-09-300000865752srt:DirectorMember2018-12-310000865752srt:MaximumMemberus-gaap:ForeignExchangeContractMember2019-01-012019-09-300000865752us-gaap:AccruedLiabilitiesMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2018-12-310000865752us-gaap:ForeignExchangeContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMembermnst:InterestAndOtherIncomeNetMember2019-07-012019-09-300000865752us-gaap:ForeignExchangeContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMembermnst:InterestAndOtherIncomeNetMember2019-01-012019-09-300000865752us-gaap:ForeignExchangeContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMembermnst:InterestAndOtherIncomeNetMember2018-07-012018-09-300000865752us-gaap:ForeignExchangeContractMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMembermnst:InterestAndOtherIncomeNetMember2018-01-012018-09-300000865752us-gaap:AccruedLiabilitiesMembermnst:ReceiveUsdPaySgdMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2019-09-300000865752us-gaap:AccruedLiabilitiesMembermnst:ReceiveEurPayUsdMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2019-09-300000865752us-gaap:AccruedLiabilitiesMembermnst:ReceiveUSDPayZARMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2018-12-310000865752us-gaap:AccruedLiabilitiesMembermnst:ReceiveUsdPayNzdMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2018-12-310000865752us-gaap:AccruedLiabilitiesMembermnst:ReceiveUsdPayGbpMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2018-12-310000865752us-gaap:AccruedLiabilitiesMembermnst:ReceiveUsdPayEurMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2018-12-310000865752us-gaap:AccruedLiabilitiesMembermnst:ReceiveUSDPayCOPMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2018-12-310000865752us-gaap:AccruedLiabilitiesMembermnst:ReceiveUSDPayAUDMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2018-12-310000865752us-gaap:AccountsReceivableMembermnst:ReceiveUSDPayZARMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2019-09-300000865752us-gaap:AccountsReceivableMembermnst:ReceiveUsdPayNzdMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2019-09-300000865752us-gaap:AccountsReceivableMembermnst:ReceiveUsdPayGbpMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2019-09-300000865752us-gaap:AccountsReceivableMembermnst:ReceiveUSDPayCOPMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2019-09-300000865752us-gaap:AccountsReceivableMembermnst:ReceiveUSDPayAUDMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2019-09-300000865752us-gaap:AccountsReceivableMembermnst:ReceiveSgdPayUsdMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2018-12-310000865752us-gaap:AccountsReceivableMembermnst:ReceiveNokPayUsdMemberus-gaap:NotDesignatedAsHedgingInstrumentEconomicHedgeMember2018-12-310000865752us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2019-07-012019-09-300000865752us-gaap:OperatingSegmentsMembermnst:StrategicBrandsSegmentMember2019-07-012019-09-300000865752us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2019-01-012019-09-300000865752us-gaap:OperatingSegmentsMembermnst:StrategicBrandsSegmentMember2019-01-012019-09-300000865752us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2018-07-012018-09-300000865752us-gaap:OperatingSegmentsMembermnst:StrategicBrandsSegmentMember2018-07-012018-09-300000865752us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2018-01-012018-09-300000865752us-gaap:OperatingSegmentsMembermnst:StrategicBrandsSegmentMember2018-01-012018-09-300000865752us-gaap:LineOfCreditMember2019-09-300000865752mnst:ReyesCocaColaBottlingMemberus-gaap:SalesRevenueProductLineMemberus-gaap:CustomerConcentrationRiskMember2019-07-012019-09-300000865752mnst:CocaColaEuropeanPartnersMemberus-gaap:SalesRevenueProductLineMemberus-gaap:CustomerConcentrationRiskMember2019-07-012019-09-300000865752mnst:CcbccOperationsLlcMemberus-gaap:SalesRevenueProductLineMemberus-gaap:CustomerConcentrationRiskMember2019-07-012019-09-300000865752us-gaap:NonUsMemberus-gaap:SalesRevenueProductLineMember2019-07-012019-09-300000865752mnst:ReyesCocaColaBottlingMemberus-gaap:SalesRevenueProductLineMemberus-gaap:CustomerConcentrationRiskMember2019-01-012019-09-300000865752mnst:CocaColaEuropeanPartnersMemberus-gaap:SalesRevenueProductLineMemberus-gaap:CustomerConcentrationRiskMember2019-01-012019-09-300000865752mnst:CcbccOperationsLlcMemberus-gaap:SalesRevenueProductLineMemberus-gaap:CustomerConcentrationRiskMember2019-01-012019-09-300000865752us-gaap:NonUsMemberus-gaap:SalesRevenueProductLineMember2019-01-012019-09-300000865752mnst:ReyesCocaColaBottlingMemberus-gaap:SalesRevenueProductLineMemberus-gaap:CustomerConcentrationRiskMember2018-07-012018-09-300000865752mnst:CocaColaEuropeanPartnersMemberus-gaap:SalesRevenueProductLineMemberus-gaap:CustomerConcentrationRiskMember2018-07-012018-09-300000865752mnst:CcbccOperationsLlcMemberus-gaap:SalesRevenueProductLineMemberus-gaap:CustomerConcentrationRiskMember2018-07-012018-09-300000865752us-gaap:NonUsMemberus-gaap:SalesRevenueProductLineMember2018-07-012018-09-300000865752mnst:ReyesCocaColaBottlingMemberus-gaap:SalesRevenueProductLineMemberus-gaap:CustomerConcentrationRiskMember2018-01-012018-09-300000865752mnst:CocaColaEuropeanPartnersMemberus-gaap:SalesRevenueProductLineMemberus-gaap:CustomerConcentrationRiskMember2018-01-012018-09-300000865752mnst:CcbccOperationsLlcMemberus-gaap:SalesRevenueProductLineMemberus-gaap:CustomerConcentrationRiskMember2018-01-012018-09-300000865752us-gaap:NonUsMemberus-gaap:SalesRevenueProductLineMember2018-01-012018-09-300000865752mnst:LandInSanFernandoMember2019-07-012019-09-300000865752mnst:LandInAthyCountyKildareIrelandMember2019-07-012019-09-300000865752us-gaap:FairValueInputsLevel2Memberus-gaap:VariableRateDemandObligationMember2019-09-300000865752us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMember2019-09-300000865752us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2019-09-300000865752us-gaap:FairValueInputsLevel2Memberus-gaap:MunicipalBondsMember2019-09-300000865752us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPaperMember2019-09-300000865752us-gaap:FairValueInputsLevel2Memberus-gaap:CertificatesOfDepositMember2019-09-300000865752us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMember2019-09-300000865752us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:VariableRateDemandObligationMember2019-09-300000865752us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:USTreasurySecuritiesMember2019-09-300000865752us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2019-09-300000865752us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MunicipalBondsMember2019-09-300000865752us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MoneyMarketFundsMember2019-09-300000865752us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CommercialPaperMember2019-09-300000865752us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CertificatesOfDepositMember2019-09-300000865752us-gaap:FairValueInputsLevel2Memberus-gaap:VariableRateDemandObligationMember2018-12-310000865752us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMember2018-12-310000865752us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2018-12-310000865752us-gaap:FairValueInputsLevel2Memberus-gaap:MunicipalBondsMember2018-12-310000865752us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPaperMember2018-12-310000865752us-gaap:FairValueInputsLevel2Memberus-gaap:CertificatesOfDepositMember2018-12-310000865752us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMember2018-12-310000865752us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:VariableRateDemandObligationMember2018-12-310000865752us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:USTreasurySecuritiesMember2018-12-310000865752us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2018-12-310000865752us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MunicipalBondsMember2018-12-310000865752us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:MoneyMarketFundsMember2018-12-310000865752us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CommercialPaperMember2018-12-310000865752us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CertificatesOfDepositMember2018-12-310000865752mnst:LandInSanFernandoMember2019-09-300000865752us-gaap:CorporateNonSegmentMember2019-07-012019-09-300000865752us-gaap:CorporateNonSegmentMember2019-01-012019-09-300000865752us-gaap:CorporateNonSegmentMember2018-07-012018-09-300000865752us-gaap:CorporateNonSegmentMember2018-01-012018-09-300000865752us-gaap:TreasuryStockMember2019-07-012019-09-300000865752us-gaap:RetainedEarningsMember2019-07-012019-09-300000865752us-gaap:CommonStockMember2019-07-012019-09-300000865752us-gaap:AdditionalPaidInCapitalMember2019-07-012019-09-300000865752us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-07-012019-09-300000865752us-gaap:TreasuryStockMember2019-04-012019-06-300000865752us-gaap:RetainedEarningsMember2019-04-012019-06-300000865752us-gaap:CommonStockMember2019-04-012019-06-300000865752us-gaap:AdditionalPaidInCapitalMember2019-04-012019-06-300000865752us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-04-012019-06-3000008657522019-04-012019-06-300000865752us-gaap:TreasuryStockMember2019-01-012019-03-310000865752us-gaap:RetainedEarningsMember2019-01-012019-03-310000865752us-gaap:CommonStockMember2019-01-012019-03-310000865752us-gaap:AdditionalPaidInCapitalMember2019-01-012019-03-310000865752us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-03-3100008657522019-01-012019-03-310000865752us-gaap:RetainedEarningsMember2018-07-012018-09-300000865752us-gaap:CommonStockMember2018-07-012018-09-300000865752us-gaap:AdditionalPaidInCapitalMember2018-07-012018-09-300000865752us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-07-012018-09-300000865752us-gaap:TreasuryStockMember2018-04-012018-06-300000865752us-gaap:RetainedEarningsMember2018-04-012018-06-300000865752us-gaap:CommonStockMember2018-04-012018-06-300000865752us-gaap:AdditionalPaidInCapitalMember2018-04-012018-06-300000865752us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-04-012018-06-3000008657522018-04-012018-06-300000865752us-gaap:TreasuryStockMember2018-01-012018-03-310000865752us-gaap:RetainedEarningsMember2018-01-012018-03-310000865752us-gaap:CommonStockMember2018-01-012018-03-310000865752us-gaap:AdditionalPaidInCapitalMember2018-01-012018-03-310000865752us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-01-012018-03-3100008657522018-01-012018-03-310000865752us-gaap:AccumulatedTranslationAdjustmentMember2019-09-300000865752us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-09-300000865752us-gaap:AccumulatedTranslationAdjustmentMember2018-12-310000865752us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2018-12-310000865752us-gaap:AccumulatedTranslationAdjustmentMember2018-09-300000865752us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2018-09-3000008657522018-09-300000865752us-gaap:AccumulatedTranslationAdjustmentMember2017-12-310000865752us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2017-12-3100008657522017-12-310000865752us-gaap:VariableRateDemandObligationMemberus-gaap:ShortTermInvestmentsMember2019-09-300000865752us-gaap:USTreasurySecuritiesMemberus-gaap:ShortTermInvestmentsMember2019-09-300000865752us-gaap:USTreasurySecuritiesMemberus-gaap:OtherLongTermInvestmentsMember2019-09-300000865752us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:ShortTermInvestmentsMember2019-09-300000865752us-gaap:MunicipalBondsMemberus-gaap:ShortTermInvestmentsMember2019-09-300000865752us-gaap:MunicipalBondsMemberus-gaap:OtherLongTermInvestmentsMember2019-09-300000865752us-gaap:CommercialPaperMemberus-gaap:ShortTermInvestmentsMember2019-09-300000865752us-gaap:CertificatesOfDepositMemberus-gaap:ShortTermInvestmentsMember2019-09-300000865752us-gaap:VariableRateDemandObligationMemberus-gaap:ShortTermInvestmentsMember2018-12-310000865752us-gaap:USTreasurySecuritiesMemberus-gaap:ShortTermInvestmentsMember2018-12-310000865752us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:ShortTermInvestmentsMember2018-12-310000865752us-gaap:MunicipalBondsMemberus-gaap:ShortTermInvestmentsMember2018-12-310000865752us-gaap:CommercialPaperMemberus-gaap:ShortTermInvestmentsMember2018-12-310000865752us-gaap:CertificatesOfDepositMemberus-gaap:ShortTermInvestmentsMember2018-12-310000865752us-gaap:FairValueInputsLevel2Member2019-09-300000865752us-gaap:FairValueInputsLevel1Member2019-09-300000865752us-gaap:EstimateOfFairValueFairValueDisclosureMember2019-09-300000865752us-gaap:FairValueInputsLevel2Member2018-12-310000865752us-gaap:FairValueInputsLevel1Member2018-12-310000865752us-gaap:EstimateOfFairValueFairValueDisclosureMember2018-12-310000865752mnst:TcccSubsidiariesMember2019-09-300000865752mnst:TcccSubsidiariesMember2018-12-310000865752mnst:PrincipalOwnersMember2019-01-012019-09-300000865752srt:MaximumMember2019-01-012019-09-300000865752us-gaap:VariableRateDemandObligationMembermnst:InvestmentsMaturitiesAfter31YearsThrough40YearsMember2019-09-300000865752us-gaap:VariableRateDemandObligationMembermnst:InvestmentsMaturitiesAfter20YearsThrough30YearsMember2019-09-300000865752us-gaap:VariableRateDemandObligationMembermnst:InvestmentsMaturitiesAfter1YearThrough10YearsMember2019-09-300000865752us-gaap:VariableRateDemandObligationMembermnst:InvestmentsMaturitiesAfter10YearsThrough20YearsMember2019-09-300000865752us-gaap:USTreasurySecuritiesMembermnst:InvestmentsMaturitiesWithin1YearMember2019-09-300000865752us-gaap:USTreasurySecuritiesMembermnst:InvestmentsMaturitiesAfter1YearThrough10YearsMember2019-09-300000865752us-gaap:USGovernmentAgenciesDebtSecuritiesMembermnst:InvestmentsMaturitiesWithin1YearMember2019-09-300000865752us-gaap:MunicipalBondsMembermnst:InvestmentsMaturitiesWithin1YearMember2019-09-300000865752us-gaap:MunicipalBondsMembermnst:InvestmentsMaturitiesAfter1YearThrough10YearsMember2019-09-300000865752us-gaap:CommercialPaperMembermnst:InvestmentsMaturitiesWithin1YearMember2019-09-300000865752us-gaap:CertificatesOfDepositMembermnst:InvestmentsMaturitiesWithin1YearMember2019-09-300000865752us-gaap:VariableRateDemandObligationMembermnst:InvestmentsMaturitiesAfter20YearsThrough30YearsMember2018-12-310000865752us-gaap:USTreasurySecuritiesMembermnst:InvestmentsMaturitiesWithin1YearMember2018-12-310000865752us-gaap:USGovernmentAgenciesDebtSecuritiesMembermnst:InvestmentsMaturitiesWithin1YearMember2018-12-310000865752us-gaap:MunicipalBondsMembermnst:InvestmentsMaturitiesWithin1YearMember2018-12-310000865752us-gaap:CommercialPaperMembermnst:InvestmentsMaturitiesWithin1YearMember2018-12-310000865752us-gaap:CertificatesOfDepositMembermnst:InvestmentsMaturitiesWithin1YearMember2018-12-310000865752us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2019-09-300000865752us-gaap:OperatingSegmentsMembermnst:StrategicBrandsSegmentMember2019-09-300000865752us-gaap:OperatingSegmentsMembermnst:MonsterEnergyDrinksSegmentMember2019-09-300000865752us-gaap:CorporateNonSegmentMember2019-09-300000865752us-gaap:OperatingSegmentsMemberus-gaap:AllOtherSegmentsMember2018-12-310000865752us-gaap:OperatingSegmentsMembermnst:StrategicBrandsSegmentMember2018-12-310000865752us-gaap:OperatingSegmentsMembermnst:MonsterEnergyDrinksSegmentMember2018-12-310000865752us-gaap:CorporateNonSegmentMember2018-12-3100008657522018-01-012018-12-310000865752us-gaap:RestrictedStockUnitsRSUMember2019-01-012019-09-300000865752us-gaap:RestrictedStockUnitsRSUMember2019-09-300000865752us-gaap:EmployeeStockOptionMember2019-09-300000865752us-gaap:OperatingSegmentsMembermnst:MonsterEnergyDrinksSegmentMember2019-07-012019-09-3000008657522019-07-012019-09-300000865752us-gaap:OperatingSegmentsMembermnst:MonsterEnergyDrinksSegmentMember2019-01-012019-09-300000865752us-gaap:OperatingSegmentsMembermnst:MonsterEnergyDrinksSegmentMember2018-07-012018-09-3000008657522018-07-012018-09-300000865752us-gaap:OperatingSegmentsMembermnst:MonsterEnergyDrinksSegmentMember2018-01-012018-09-3000008657522018-01-012018-09-300000865752us-gaap:AccountingStandardsUpdate201616Memberus-gaap:RetainedEarningsMember2018-01-012018-03-310000865752us-gaap:AccountingStandardsUpdate201616Member2018-01-012018-03-310000865752mnst:TcccSubsidiariesMembermnst:MonsterEnergyDrinksSegmentMember2019-07-012019-09-300000865752mnst:TcccSubsidiariesMembermnst:MonsterEnergyDrinksSegmentMember2019-01-012019-09-300000865752mnst:TcccSubsidiariesMembermnst:MonsterEnergyDrinksSegmentMember2018-07-012018-09-300000865752mnst:TcccSubsidiariesMembermnst:MonsterEnergyDrinksSegmentMember2018-01-012018-09-300000865752mnst:TcccSubsidiariesMember2019-07-012019-09-300000865752mnst:TcccIndependentBottlersMember2019-07-012019-09-300000865752mnst:TcccSubsidiariesMember2019-01-012019-09-300000865752mnst:TcccSubsidiariesAndTcccRelatedPartiesMember2019-01-012019-09-300000865752us-gaap:OperatingExpenseMembermnst:TcccRelatedPartiesAndTcccIndependentBottlersMember2018-07-012018-09-300000865752mnst:TcccIndependentBottlersMember2018-07-012018-09-300000865752us-gaap:OperatingExpenseMembermnst:TcccSubsidiariesMember2018-01-012018-09-300000865752mnst:TcccIndependentBottlersMember2018-01-012018-09-3000008657522019-09-3000008657522018-12-3100008657522019-10-3000008657522019-01-012019-09-30xbrli:sharesiso4217:USDmnst:planmnst:directoriso4217:USDxbrli:sharesutr:acrexbrli:puremnst:segment

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

Quarterly Report Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2019

Commission File Number 001-18761

MONSTER BEVERAGE CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

47-1809393

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

1 Monster Way

Corona, California 92879

(Address of principal executive offices) (Zip code)

(951) 739 - 6200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading Symbol(s)

    

Name of each exchange on which registered

Common Stock

MNST

Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  X   No ___

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  X   No ___

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  No   X 

The registrant had 537,681,684 shares of common stock, par value $0.005 per share, outstanding as of October 30, 2019.

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

SEPTEMBER 30, 2019

INDEX

Part I.

FINANCIAL INFORMATION

Page No.

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

3

Condensed Consolidated Balance Sheets as of September 30, 2019 and December 31, 2018

3

Condensed Consolidated Statements of Income for the Three- and Nine-Months Ended September 30, 2019 and 2018

4

Condensed Consolidated Statements of Comprehensive Income for the Three- and Nine-Months Ended September 30, 2019 and 2018

5

Condensed Consolidated Statements of Stockholders’ Equity for the  Nine-Months Ended September 30, 2019 and 2018

6

Condensed Consolidated Statements of Cash Flows for the Nine-Months Ended September 30, 2019 and 2018

8

Notes to Condensed Consolidated Financial Statements

10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

32

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

45

Item 4.

Controls and Procedures

45

Part II.

OTHER INFORMATION

Item 1.

Legal Proceedings

46

Item 1A.

Risk Factors

46

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

46

Item 3.

Defaults Upon Senior Securities

47

Item 4.

Mine Safety Disclosures

47

Item 5.

Other Information

47

Item 6.

Exhibits

48

Signatures

49

2

Table of Contents

PART I – FINANCIAL INFORMATION

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2019 AND DECEMBER 31, 2018

(In Thousands, Except Par Value) (Unaudited)

September 30, 

December 31, 

    

2019

    

2018

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

717,617

$

637,513

Short-term investments

 

587,356

320,650

Accounts receivable, net

 

647,983

484,562

Inventories

 

317,745

277,705

Prepaid expenses and other current assets

 

58,390

44,909

Prepaid income taxes

 

31,669

38,831

Total current assets

 

2,360,760

1,804,170

INVESTMENTS

14,370

PROPERTY AND EQUIPMENT, net

 

251,760

243,051

DEFERRED INCOME TAXES, net

 

85,148

85,687

GOODWILL

 

1,331,643

1,331,643

OTHER INTANGIBLE ASSETS, net

 

1,047,473

1,045,878

OTHER ASSETS

 

46,212

16,462

Total Assets

$

5,137,366

$

4,526,891

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:

Accounts payable

$

304,773

$

248,760

Accrued liabilities

 

112,318

112,507

Accrued promotional allowances

 

197,239

145,741

Deferred revenue

 

43,805

44,045

Accrued compensation

 

35,747

39,903

Income taxes payable

 

20,334

10,189

Total current liabilities

 

714,216

601,145

DEFERRED REVENUE

 

292,101

312,224

OTHER LIABILITIES

23,071

2,621

COMMITMENTS AND CONTINGENCIES (Note 12)

STOCKHOLDERS' EQUITY:

Common stock - $0.005 par value; 1,250,000 shares authorized; 636,235 shares issued and 540,591 shares outstanding as of September 30, 2019; 630,970 shares issued and 543,676 shares outstanding as of December 31, 2018

 

3,181

3,155

Additional paid-in capital

 

4,370,280

4,238,170

Retained earnings

 

4,767,526

3,914,645

Accumulated other comprehensive loss

 

(43,083)

(32,864)

Common stock in treasury, at cost; 95,644 shares and 87,294 shares as of September 30, 2019 and December 31, 2018, respectively

 

(4,989,926)

(4,512,205)

Total stockholders’ equity

 

4,107,978

3,610,901

Total Liabilities and Stockholders’ Equity

$

5,137,366

$

4,526,891

See accompanying notes to condensed consolidated financial statements.

3

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE- AND NINE-MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

(In Thousands, Except Per Share Amounts) (Unaudited)

Three-Months Ended

Nine-Months Ended

September 30, 

September 30, 

    

2019

    

2018

    

2019

    

2018

NET SALES

$

1,133,577

$

1,016,160

$

3,183,613

$

2,882,953

COST OF SALES

 

460,575

 

408,501

 

1,275,796

 

1,139,780

GROSS PROFIT

 

673,002

 

607,659

 

1,907,817

 

1,743,173

OPERATING EXPENSES

 

277,559

 

268,086

 

821,923

 

766,065

OPERATING INCOME

 

395,443

 

339,573

1,085,894

 

977,108

INTEREST and OTHER INCOME, net

 

3,121

 

2,988

 

8,835

 

5,269

INCOME BEFORE PROVISION FOR INCOME TAXES

 

398,564

 

342,561

1,094,729

 

982,377

PROVISION FOR INCOME TAXES

99,641

74,828

241,848

228,480

NET INCOME

$

298,923

$

267,733

$

852,881

$

753,897

NET INCOME PER COMMON SHARE:

Basic

$

0.55

$

0.48

$

1.57

$

1.35

Diluted

$

0.55

$

0.48

$

1.56

$

1.33

WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK AND COMMON STOCK EQUIVALENTS:

Basic

 

544,469

 

552,694

 

543,804

 

559,472

Diluted

 

548,422

 

559,955

 

548,387

 

566,791

See accompanying notes to condensed consolidated financial statements.

4

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE- AND NINE-MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

(In Thousands) (Unaudited)

    

Three-Months Ended

    

Nine-Months Ended

September 30, 

September 30, 

2019

    

2018

    

2019

    

2018

Net income, as reported

$

298,923

$

267,733

$

852,881

$

753,897

Other comprehensive loss:

Change in foreign currency translation adjustment

 

(14,359)

 

(4,463)

 

(10,586)

 

(13,728)

Available-for-sale investments:

Change in net unrealized gains

 

32

 

(118)

 

367

 

610

Reclassification adjustment for net gains included in net income

 

 

 

 

Net change in available-for-sale investments

 

32

 

(118)

 

367

 

610

Other comprehensive loss

 

(14,327)

 

(4,581)

 

(10,219)

 

(13,118)

Comprehensive income

$

284,596

$

263,152

$

842,662

$

740,779

See accompanying notes to condensed consolidated financial statements.

5

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE NINE-MONTHS ENDED SEPTEMBER 30, 2019 AND 2018 (In Thousands) (Unaudited)

Accumulated

Additional

Other

Total

Common stock

Paid-in

Retained

Comprehensive

Treasury stock

Stockholders'

    

Shares

    

Amount

    

 Capital

    

Earnings

    

Loss

    

Shares

    

Amount

    

Equity

Balance, December 31, 2018

 

630,970

$

3,155

$

4,238,170

$

3,914,645

$

(32,864)

 

(87,294)

$

(4,512,205)

$

3,610,901

Stock-based compensation

 

 

 

15,324

 

 

 

 

 

15,324

Exercise of stock options

 

3,871

 

19

 

35,144

 

 

 

 

 

35,163

Unrealized gain, net on available-for-sale securities

 

 

 

 

 

120

 

 

 

120

Repurchase of common stock

 

 

 

 

 

 

(4,000)

 

(222,792)

 

(222,792)

Foreign currency translation

 

 

 

 

 

(1,381)

 

 

 

(1,381)

Net income

 

 

 

 

261,485

 

 

 

 

261,485

Balance, March 31, 2019

 

634,841

$

3,174

$

4,288,638

$

4,176,130

$

(34,125)

 

(91,294)

$

(4,734,997)

$

3,698,820

Stock-based compensation

 

 

 

15,575

 

 

 

 

 

15,575

Exercise of stock options

 

1,288

 

6

 

45,964

 

 

 

 

 

45,970

Unrealized gain, net on available-for-sale securities

 

 

 

 

 

215

 

 

 

215

Repurchase of common stock

 

 

 

 

 

 

(10)

 

(621)

 

(621)

Foreign currency translation

 

 

 

 

 

5,154

 

 

 

5,154

Net income

 

 

 

 

292,473

 

 

 

 

292,473

Balance, June 30, 2019

636,129

$

3,180

$

4,350,177

$

4,468,603

$

(28,756)

(91,304)

$

(4,735,618)

$

4,057,586

Stock-based compensation

 

 

 

15,991

 

 

 

 

 

15,991

Exercise of stock options

 

106

 

1

 

4,112

 

 

 

 

 

4,113

Unrealized gain, net on available-for-sale securities

 

 

 

 

 

32

 

 

 

32

Repurchase of common stock

 

 

 

 

 

 

(4,340)

 

(254,308)

 

(254,308)

Foreign currency translation

 

 

 

 

 

(14,359)

 

 

 

(14,359)

Net income

 

 

 

 

298,923

 

 

 

 

298,923

Balance, September 30, 2019

 

636,235

$

3,181

$

4,370,280

$

4,767,526

$

(43,083)

 

(95,644)

$

(4,989,926)

$

4,107,978

6

Table of Contents

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE NINE-MONTHS ENDED SEPTEMBER 30, 2019 AND 2018 (In Thousands) (Unaudited) (Continued)

Accumulated

Additional

Other

Total

Common stock

Paid-in

Retained

Comprehensive

Treasury stock

Stockholders'

    

Shares

    

Amount

    

 Capital

    

Earnings

    

Loss

    

Shares

    

Amount

    

Equity

Balance, December 31, 2017

 

629,255

$

3,146

$

4,150,628

$

2,928,226

$

(16,659)

 

(62,957)

$

(3,170,129)

$

3,895,212

Stock-based compensation

 

 

 

13,439

 

 

 

 

 

13,439

Exercise of stock options

 

669

 

4

 

6,498

 

 

 

 

 

6,502

Unrealized gain, net on available-for-sale securities

 

 

 

 

 

215

 

 

 

215

ASU No. 2016-16 adoption

 

 

 

 

(6,585)

 

 

 

 

(6,585)

Repurchase of common stock

 

 

 

 

 

 

(4,362)

 

(251,949)

 

(251,949)

Foreign currency translation

 

 

 

 

 

2,723

 

 

 

2,723

Net income

 

 

 

 

216,050

 

 

 

 

216,050

Balance, March 31, 2018

 

629,924

$

3,150

$

4,170,565

$

3,137,691

$

(13,721)

 

(67,319)

$

(3,422,078)

$

3,875,607

Stock-based compensation

 

 

 

14,906

 

 

 

 

 

14,906

Exercise of stock options

 

406

 

2

 

7,112

 

 

 

 

 

7,114

Unrealized gain, net on available-for-sale securities

 

 

 

 

 

513

 

 

 

513

Adjustment to excess tax from prior periods

 

 

 

2,093

 

 

 

 

 

2,093

Repurchase of common stock

 

 

 

 

 

 

(10,554)

 

(553,200)

 

(553,200)

Foreign currency translation

 

 

 

 

 

(11,988)

 

 

 

(11,988)

Net income

 

 

 

 

270,116

 

 

 

 

270,116