0001104659-24-029425 | 10-K | XBRL Viewer

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SEGMENT INFORMATION - Goodwill and other intangible assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
SEGMENT INFORMATION
Goodwill and other intangible assets	$ 2,845,080	$ 2,638,351
Monster Energy Drinks \| Operating segment
SEGMENT INFORMATION
Goodwill and other intangible assets	1,663,814	1,424,212
Strategic Brands \| Operating segment
SEGMENT INFORMATION
Goodwill and other intangible assets	982,471	979,896
Alcohol Brands \| Operating segment
SEGMENT INFORMATION
Goodwill and other intangible assets	$ 198,795	233,140
Other \| Operating segment
SEGMENT INFORMATION
Goodwill and other intangible assets		$ 1,103

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2023

PROPERTY AND EQUIPMENT, Net

Schedule of property and equipment


	2023		2022
Land	$	152,253	$	139,798
Leasehold improvements		37,946		31,327
Furniture and fixtures		11,422		9,286
Office and computer equipment		25,560		22,386
Computer software		5,344		5,906
Equipment		426,466		244,739
Buildings		211,951		163,885
Vehicles		69,527		49,175
Assets under construction		211,562		83,553
		1,152,031		750,055
Less: accumulated depreciation and amortization		(261,235)		(233,158)
	$	890,796	$	516,897

STOCK-BASED COMPENSATION - Fair Value Assumptions (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted-average assumptions used to estimate the fair value of options granted
Dividend yield (as a percent)	0.00%	0.00%	0.00%
Expected volatility (as a percent)	27.60%	27.70%	28.90%
Risk-free interest rate (as a percent)	3.75%	2.15%	0.85%
Expected term	6 years 3 months 18 days	6 years 1 month 6 days	5 years 9 months 18 days

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Non hedging designation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Collateral amount	$ 3,800
Foreign currency exchange contracts \| Maximum
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Term of derivative instrument	1 month
Derivatives not designated as hedging instruments \| Foreign currency exchange contracts
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Notional value	$ 282,700	$ 299,800
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)
Amount of loss recognized in income on derivatives	$ (12,364)	$ (6,893)	$ (5,445)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income, as reported	$ 1,630,988	$ 1,191,624	$ 1,377,475
Other comprehensive income (loss):
Change in foreign currency translation adjustment	24,241	(85,021)	(71,158)
Available-for-sale investments:
Change in net unrealized gains (losses)	5,085	(4,887)	(1,041)
Net gains on commodity derivatives	4,410
Other comprehensive income (loss)	33,736	(89,908)	(72,199)
Comprehensive income	$ 1,664,724	$ 1,101,716	$ 1,305,276

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
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-Paragraph 11
-Subparagraph (a)
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Section 50
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 5
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Paragraph 11
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-URI https://asc.fasb.org//1943274/2147482689/260-10-45-11

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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-Paragraph 60B
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

+ Details

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

12 Months Ended

Dec. 31, 2023

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

6. FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

ASC 820, “Fair Value Measurement”, provides a framework for measuring fair value and requires disclosures regarding fair value measurements. ASC 820 defines fair value as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available. The three levels of inputs required by the standard that the Company uses to measure fair value are summarized below.

●

Level 1: Quoted prices in active markets for identical assets or liabilities.

●

Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

●

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

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.

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:


December 31, 2023	Level 1		Level 2		Level 3		Total
Cash	$	1,105,701	$	—	$	—	$	1,105,701
Money market funds		960,873		—		—		960,873
Certificates of deposit		—		33,824		—		33,824
Commercial paper		—		163,774		—		163,774
Corporate bonds		—		264,208		—		264,208
Municipal securities		—		361		—		361
U.S. government agency securities		—		159,585		—		159,585
U.S. treasuries		—		641,385		—		641,385
Foreign currency derivatives		—		(1,083)		—		(1,083)
Commodity derivatives		—		4,410		—		4,410
Total	$	2,066,574	$	1,266,464	$	—	$	3,333,038

Amounts included in:
Cash and cash equivalents	$	2,066,574	$	231,101	$	—	$	2,297,675
Short-term investments		—		955,605		—		955,605
Accounts receivable, net		—		4,618		—		4,618
Other assets		—		316		—		316
Investments		—		76,431		—		76,431
Accrued liabilities		—		(1,607)		—		(1,607)
Total	$	2,066,574	$	1,266,464	$	—	$	3,333,038


December 31, 2022	Level 1		Level 2		Level 3		Total
Cash	$	1,132,509	$	—	$	—	$	1,132,509
Money market funds		121,444		—		—		121,444
Certificates of deposit		—		10,078		—		10,078
Commercial paper		—		225,067		—		225,067
Variable rate demand notes		—		6,266		—		6,266
Municipal securities		—		213,798		—		213,798
U.S. government agency securities		—		113,357		—		113,357
U.S. treasuries		—		908,379		—		908,379
Foreign currency derivatives		—		(3,733)		—		(3,733)
Total	$	1,253,953	$	1,473,212	$	—	$	2,727,165

Amounts included in:
Cash and cash equivalents	$	1,253,953	$	53,188	$	—	$	1,307,141
Short-term investments		—		1,362,314		—		1,362,314
Accounts receivable, net		—		965		—		965
Investments		—		61,443		—		61,443
Accrued liabilities		—		(4,698)		—		(4,698)
Total	$	1,253,953	$	1,473,212	$	—	$	2,727,165

All of the Company’s short-term and long-term investments are 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. The Company’s valuation of its Level 2 investments is based on other observable inputs, specifically a market approach which utilizes valuation models, pricing systems, mathematical tools and other relevant information for the same or similar securities. The Company’s valuation of its Level 2 foreign currency exchange contracts is based on quoted market prices of the same or similar instruments, adjusted for counterparty risk. There were no transfers between Level 1 and Level 2 measurements during the years ended December 31, 2023 and 2022, and there were no changes in the Company’s valuation techniques.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

STOCK-BASED COMPENSATION (Details) $ in Thousands	12 Months Ended
STOCK-BASED COMPENSATION (Details) $ in Thousands	Dec. 31, 2023 USD ($) plan shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2019 shares
STOCK-BASED COMPENSATION
Stock-based compensation plans \| plan	2
Aggregate amount of common stock authorized (in shares)	92,338,734
Compensation expense on share-based plans \| $	$ 68,800	$ 64,100	$ 70,500
Excess tax benefit realized for tax deductions from non-qualified stock option exercises and disqualifying dispositions of incentive stock options \| $	62,200	$ 9,100	$ 6,800
Non-employee directors
STOCK-BASED COMPENSATION
Annual equity retainer in the form of stock units at each annual meeting \| $	$ 175,000
2020 Omnibus Incentive Plan
STOCK-BASED COMPENSATION
Aggregate amount of common stock authorized (in shares)	64,000,000
Reduction in number of shares for each share granted	1
Shares available for grant	72,849,815
2020 Omnibus Incentive Plan \| Employee Stock Option
STOCK-BASED COMPENSATION
Expiration period (in years)	10 years
2020 Omnibus Incentive Plan \| Employee Stock Option \| Minimum
STOCK-BASED COMPENSATION
Vesting period	3 years
2020 Omnibus Incentive Plan \| Employee Stock Option \| Maximum
STOCK-BASED COMPENSATION
Vesting period	5 years
2020 Omnibus Incentive Plan \| Restricted Stock Units, and Performance Share Units \| Minimum
STOCK-BASED COMPENSATION
Vesting period	3 years
2020 Omnibus Incentive Plan \| Restricted Stock Units, and Performance Share Units \| Maximum
STOCK-BASED COMPENSATION
Vesting period	5 years
2020 Omnibus Incentive Plan \| Performance Share Units
STOCK-BASED COMPENSATION
Cumulative performance	3 years
2011 Omnibus Incentive Plan
STOCK-BASED COMPENSATION
Aggregate amount of common stock authorized (in shares)				28,338,734
Reduction in number of shares for each share granted	2.6
Common stock granted, net of cancellations (in shares)	15,547,318
2017 Directors Plan
STOCK-BASED COMPENSATION
Aggregate amount of common stock authorized (in shares)	2,500,000
Common stock granted, net of cancellations (in shares)	260,428
Shares available for grant	2,239,572

INCOME TAXES (Details) $ in Millions	Dec. 31, 2023 USD ($)
INCOME TAXES
Deferred tax liability	$ 8.4
Undistributed earnings	$ 583.0

EARNINGS PER SHARE (Details) - shares shares in Thousands	12 Months Ended
EARNINGS PER SHARE (Details) - shares shares in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted-average shares outstanding:
Basic	1,044,887	1,053,558	1,057,526
Dilutive securities	13,094	12,884	13,752
Diluted	1,057,981	1,066,442	1,071,278
Totaling options and awards outstanding (in shares)	3,300	6,000	1,600

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Components of accumulated other comprehensive loss:
Accumulated net unrealized loss on available-for-sale securities	$ (758)	$ (5,843)
Accumulated foreign currency translation adjustments	(128,989)	(153,230)
Accumulated net gains on commodity derivatives	4,410
Total accumulated other comprehensive loss	$ (125,337)	$ (159,073)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2023

ACQUISITIONS

Summary of the preliminary fair value allocations


	Identifiable
	Assets
	Acquired and
	(Liabilities)			Consideration
	Assumed		Transferred
Intangibles - trademarks (non-amortizing)	$	209,000	$	—
Intangibles - customer relationships (amortizing)		23,000		—
Property and equipment, net		143,200		—
Inventory		30,496		—
Right-of-use assets		12,523		—
Operating lease liabilities		(12,523)		—
Working capital (excluding inventory)		2,871		—
Other		200		—
Cash		—		363,385
Bang Transaction Gain		—		45,382
Total	$	408,767	$	408,767

INCOME TAXES - Classification and Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Domestic and foreign components of company's income before income taxes
Domestic	$ 1,809,418	$ 1,327,459	$ 1,431,797
Foreign	259,064	244,505	369,622
INCOME BEFORE PROVISION FOR INCOME TAXES	2,068,482	1,571,964	1,801,419
Intercompany royalties, management fees and interest charges from the Company's domestic to foreign entities	101,400	85,000	61,100
Current:
Federal	259,911	247,482	273,115
State	47,079	47,255	44,990
Foreign	99,563	37,421	89,410
Total current provision	406,553	332,158	407,515
Deferred:
Federal	42,237	19,111	14,750
State	2,376	258	4,689
Foreign	(13,936)	26,084	5,092
Total deferred provision	30,677	45,453	24,531
Valuation allowance	264	2,729	(8,102)
Total provision for income taxes	$ 437,494	$ 380,340	$ 423,944
Federal statutory rate (as a percent)	21.00%	21.00%	21.00%
Reconciliation of income tax expense
U.S. Federal tax expense at statutory rates	$ 434,381	$ 330,113	$ 378,298
State income taxes, net of federal tax benefit	39,416	35,848	38,894
Permanent differences	(27,235)	(5,450)	(4,168)
Stock-based compensation	(43,846)	3,571	2,790
Residual tax on undistributed foreign earnings	8,423
Other	(5,132)	1,371	(649)
Foreign rate differential	31,223	12,158	16,881
Valuation allowance	264	2,729	(8,102)
Total provision for income taxes	$ 437,494	$ 380,340	$ 423,944

REVENUE RECOGNITION - Contract Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Contract Liabilities
Deferred revenue	$ 246.2	$ 267.1
Deferred revenue recognized in net sales	$ 40.0	$ 40.0	$ 41.5

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2023

EARNINGS PER SHARE

Schedule of reconciliation of the weighted average shares used in the basic and diluted earnings per common share


	2023	2022	2021
Weighted-average shares outstanding:
Basic	1,044,887	1,053,558	1,057,526
Dilutive securities	13,094	12,884	13,752
Diluted	1,057,981	1,066,442	1,071,278

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Foreign Currency Translation and Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Foreign currency transaction gains (losses)	$ (60.2)	$ (37.9)	$ 0.3

STOCK-BASED COMPENSATION - Equity Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended				12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Stock Option
STOCK-BASED COMPENSATION
Weighted-average grant-date fair value of options granted (in dollars per share)					$ 18.28	$ 11.74	$ 12.90
Total intrinsic value of options exercised					$ 333.5	$ 68.2	$ 51.2
Cash received from option exercises					$ 130.3	$ 64.0	$ 45.7
Stock units expected to vest (in shares)	24,215				24,215
Total unrecognized compensation expense related to non-vested shares granted to employees	$ 96.3				$ 96.3
Cost expected to be recognized over a weighted-average period					3 years
Restricted Stock Units, and Performance Share Units
STOCK-BASED COMPENSATION
Stock units expected to vest (in shares)	1,900				1,900
Total unrecognized compensation expense related to non-vested shares granted to employees	$ 32.0				$ 32.0
Cost expected to be recognized over a weighted-average period					1 year 2 months 12 days
Number of Shares
Non-vested at the beginning of the period (in shares)				2,026	2,026
Granted (in shares)	8	2	22	523
Vested (in shares)					(595)
Forfeited/cancelled (in shares)					(22)
Non-vested at the end of the period (in shares)	1,964				1,964	2,026
Weighted Average Grant-Date Fair Value
Non-vested at the beginning of the period (in dollars per share)				$ 36.27	$ 36.27
Granted (in dollars per share)	$ 51.99	$ 56.38	$ 59.70	$ 48.49
Vested (in dollars per share)					32.84
Forfeited/cancelled (in dollars per share)					32.49
Non-vested at the end of the period (in dollars per share)	$ 40.95				40.95	$ 36.27
Restricted Stock Units, and/or Performance Share Units
Weighted Average Grant-Date Fair Value
Granted (in dollars per share)					$ 51.24	$ 37.13	$ 44.56
Performance Share Units
STOCK-BASED COMPENSATION
Percentage of target performance					100.00%
Performance Share Units \| Minimum
STOCK-BASED COMPENSATION
Percentage of target performance					0.00%
Performance Share Units \| Maximum
STOCK-BASED COMPENSATION
Percentage of target performance					200.00%
Other Share-Based Awards
STOCK-BASED COMPENSATION
Total unrecognized compensation expense related to non-vested shares granted to employees	$ 0.3				$ 0.3
Cost expected to be recognized over a weighted-average period					1 year

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

ACQUISITIONS - Preliminary fair value allocation (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2023	Dec. 31, 2023
ACQUISITIONS
Bang Transaction Gain		$ 45,382
Bang Energy
ACQUISITIONS
Intangibles - trademarks (non-amortizing)	$ 209,000
Intangibles - customer relationships (amortizing)	23,000
Property and equipment, net	143,200
Inventory	30,496
Right-of-use assets	12,523
Operating lease liabilities	(12,523)
Working capital (excluding inventory)	2,871
Other	200
Cash	363,385
Bang Transaction Gain	45,382	$ 45,400
Total	408,767
Total	$ 408,767

INCOME TAXES - Deferred Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets:
Reserve for sales returns	$ 1,438	$ 2,262
Reserve for inventory obsolescence	4,022	4,651
Reserve for marketing development fund	8,358	7,487
Capitalization of inventory costs	12,159	6,537
State franchise tax - current	2,511	2,339
Accrued compensation	12,413	10,499
Accrued other liabilities	1,729	1,820
Deferred revenue	58,156	63,196
Stock-based compensation	19,093	25,526
Foreign net operating loss carryforward	27,000	19,896
Prepaid supplies	10,567	7,901
Termination payments	46,810	52,466
Operating lease liabilities	5,739	5,739
Intangibles	30,952	33,603
Impairment-trademarks and others	12,715	2,567
Other deferred tax assets	64,955	33,209
Total gross deferred tax assets	318,617	279,698
Deferred Tax Liabilities:
Amortization of trademarks	(76,536)	(39,237)
State franchise tax - deferred	(5,038)	(5,503)
Operating lease ROU assets	(5,739)	(5,739)
Bang transaction gain	(10,698)
Other deferred tax liabilities	(8,784)	(5)
Depreciation	(35,708)	(22,433)
Total gross deferred tax liabilities	(142,503)	(72,917)
Valuation Allowance	(30,007)	(29,742)
Net deferred tax assets	146,107	177,039
Increase to provision for income taxes	200	$ 2,700	$ 8,100
Net operating loss carryforwards	103,900
Net operating loss carryforwards subject to indefinite carryforward	79,500
Net operating loss carryforwards that begin to expire in 2022	$ 24,400

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
INVENTORIES
Raw materials	$ 330,021	$ 467,392
Work in process	1,403	1,688
Finished goods	639,982	466,551
Inventories	$ 971,406	$ 935,631

SEGMENT INFORMATION - Concentration Risk (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEGMENT INFORMATION
Net Sales	$ 7,140,027	$ 6,311,050	$ 5,541,352
Sales \| Outside United States
SEGMENT INFORMATION
Net Sales	$ 2,710,000	$ 2,360,000	$ 2,040,000
Coca-Cola Europacific Partners \| Sales \| Customer concentration
SEGMENT INFORMATION
Percentage of net sales	13.00%	13.00%	12.00%
Coca-Cola Consolidated, Inc \| Sales \| Customer concentration
SEGMENT INFORMATION
Percentage of net sales	10.00%	11.00%	12.00%
Reyes Coca-Cola Bottling, LLC \| Sales \| Customer concentration
SEGMENT INFORMATION
Percentage of net sales	9.00%	9.00%	10.00%
Coca Cola Company \| Sales \| Customer concentration
SEGMENT INFORMATION
Percentage of net sales	2.00%	2.00%	2.00%
Coca Cola Company \| Sales \| Customer concentration \| Outside United States
SEGMENT INFORMATION
Percentage of net sales	38.00%	37.00%	37.00%

EMPLOYEE BENEFIT PLAN (Details) - USD ($) $ in Millions	12 Months Ended
EMPLOYEE BENEFIT PLAN (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
EMPLOYEE BENEFIT PLAN
Vesting period of contribution by the company	4 years
Matching contributions by the company	$ 8.5	$ 6.9	$ 5.5
3 years of service
EMPLOYEE BENEFIT PLAN
Percentage of award vesting	75.00%
4 years of service
EMPLOYEE BENEFIT PLAN
Percentage of award vesting	100.00%
Employee 401(k) Plan
EMPLOYEE BENEFIT PLAN
Employer matching contribution as a percentage of the employee's contribution	50.00%
Percent of employee's earnings eligible for employer matching contribution	8.00%
Employee 401(k) Plan \| 2 years of service
EMPLOYEE BENEFIT PLAN
Percentage of award vesting	50.00%

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2023

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Schedule of fair value of derivative instruments


	Fair value
Derivatives designated as	December 31,		December 31,
hedging instruments	2023		2022		Balance Sheet location
Assets:
Commodity contracts	$	4,480	$	—	Accounts receivable, net
Commodity contracts	$	316	$	—	Other assets
Liabilities:
Commodity contracts	$	(386)	$	—	Accrued liabilities


	Fair value
Derivatives not designated as	December 31,		December 31,
hedging instruments	2023		2022		Balance Sheet location
Assets:
Foreign currency exchange contracts	$	138	$	965	Accounts receivable, net
Liabilities:
Foreign currency exchange contracts	$	(1,221)	$	(4,698)	Accrued liabilities

Schedule of changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income ("OCI"), AOCI and earnings


Year ended December 31, 2023
Derivatives designated as	Gain (loss)		Location of gain (loss)	Gain (loss) reclassified
hedging instruments	recognized in AOCI		recognized in income	from AOCI into income
Commodity contracts	$	4,410	Cost of sales	$	(317)

Schedule of net gains (losses) on derivative instruments in the consolidated statements of income


		Gain (loss) recognized
		in income on derivatives
		Year ended
Derivatives not designated as	Location of gain (loss)	December 31,		December 31,		December 31,
hedging instruments	recognized in income on derivatives	2023		2022		2021
Foreign currency exchange contracts	Interest and other income (expense), net	$	(12,364)	$	(6,893)	$	(5,445)

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
LEASES - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
LEASES
Operating lease cost	$ 12,060	$ 8,641	$ 4,614
Short-term lease cost	5,545	3,705	5,218
Variable lease cost	861	773	710
Finance leases:
Amortization of right-of-use assets	1,259	545	546
Interest on lease liabilities	255	24	19
Finance lease cost	1,514	569	565
Total lease cost	$ 19,980	$ 13,688	$ 11,107

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUE RECOGNITION
Total Net Sales	$ 7,140,027	$ 6,311,050	$ 5,541,352
U.S. and Canada
REVENUE RECOGNITION
Total Net Sales	4,610,069	4,115,544	3,640,011
EMEA
REVENUE RECOGNITION
Total Net Sales	1,390,659	1,228,742	1,103,428
Asia Pacific (including Oceania)
REVENUE RECOGNITION
Total Net Sales	514,449	456,186	472,834
Latin America and Caribbean
REVENUE RECOGNITION
Total Net Sales	624,850	510,578	325,079
Monster Energy Drinks
REVENUE RECOGNITION
Total Net Sales	6,555,089	5,833,211	5,220,673
Monster Energy Drinks \| U.S. and Canada
REVENUE RECOGNITION
Total Net Sales	4,202,537	3,806,351	3,455,704
Monster Energy Drinks \| EMEA
REVENUE RECOGNITION
Total Net Sales	1,257,471	1,105,302	1,004,005
Monster Energy Drinks \| Asia Pacific (including Oceania)
REVENUE RECOGNITION
Total Net Sales	484,459	426,800	446,023
Monster Energy Drinks \| Latin America and Caribbean
REVENUE RECOGNITION
Total Net Sales	610,622	494,758	314,941
Strategic Brands
REVENUE RECOGNITION
Total Net Sales	376,589	353,490	294,762
Strategic Brands \| U.S. and Canada
REVENUE RECOGNITION
Total Net Sales	199,183	184,844	158,390
Strategic Brands \| EMEA
REVENUE RECOGNITION
Total Net Sales	133,188	123,440	99,423
Strategic Brands \| Asia Pacific (including Oceania)
REVENUE RECOGNITION
Total Net Sales	29,990	29,386	26,811
Strategic Brands \| Latin America and Caribbean
REVENUE RECOGNITION
Total Net Sales	14,228	15,820	10,138
Alcohol Brands
REVENUE RECOGNITION
Total Net Sales	184,855	101,405
Alcohol Brands \| U.S. and Canada
REVENUE RECOGNITION
Total Net Sales	184,855	101,405
Other
REVENUE RECOGNITION
Total Net Sales	23,494	22,944	25,917
Other \| U.S. and Canada
REVENUE RECOGNITION
Total Net Sales	$ 23,494	$ 22,944	$ 25,917

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Concentration of Risk (Details) - Customer concentration - Sales	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Coca Cola Company
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Percentage of net sales	2.00%	2.00%	2.00%
Coca-Cola Consolidated, Inc
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Percentage of net sales	10.00%	11.00%	12.00%
Reyes Coca-Cola Bottling, LLC
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Percentage of net sales	9.00%	9.00%	10.00%
Coca-Cola Europacific Partners
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Percentage of net sales	13.00%	13.00%	12.00%

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

12 Months Ended

Dec. 31, 2023

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

7. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The Company accounts for its derivative instruments and hedging activities under ASC 815, “Derivatives and Hedging.” The following table presents the fair values of the Company’s derivative instruments:


	Fair value
Derivatives designated as	December 31,		December 31,
hedging instruments	2023		2022		Balance Sheet location
Assets:
Commodity contracts	$	4,480	$	—	Accounts receivable, net
Commodity contracts	$	316	$	—	Other assets
Liabilities:
Commodity contracts	$	(386)	$	—	Accrued liabilities


	Fair value
Derivatives not designated as	December 31,		December 31,
hedging instruments	2023		2022		Balance Sheet location
Assets:
Foreign currency exchange contracts	$	138	$	965	Accounts receivable, net
Liabilities:
Foreign currency exchange contracts	$	(1,221)	$	(4,698)	Accrued liabilities

Cash Flow Hedging Strategy

The Company uses cash flow hedges to minimize the variability in cash flows of forecasted transactions caused by fluctuations in commodity prices. The changes in the fair values of derivatives designated as cash flow hedges are recorded in accumulated other comprehensive income (loss) (“AOCI”) and are reclassified into the line item in our consolidated statement of income in which the hedged items are recorded in the same period that the hedged items affect earnings. The changes in the fair values of hedges that are determined to be ineffective are immediately reclassified from AOCI into earnings. The maximum length of time for which the Company hedges its exposure to the variability in future cash flows is currently less than two years.

The Company has entered into commodity hedge contracts to mitigate the price risk associated with a portion of its forecasted aluminum purchases. These derivative instruments were designated as part of the Company’s commodity cash flow hedging program. The objective of this hedging program is to reduce the variability of cash flows associated with future purchases of aluminum. The total notional values of derivatives that were designated and qualified for this program were $98.3 million as of December 31, 2023. Transactions under the commodity cash flow hedging program were executed beginning in May 2023.

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:


Year ended December 31, 2023
Derivatives designated as	Gain (loss)		Location of gain (loss)	Gain (loss) reclassified
hedging instruments	recognized in AOCI		recognized in income	from AOCI into income
Commodity contracts	$	4,410	Cost of sales	$	(317)

As of December 31, 2023, the Company estimates that it will reclassify into earnings net gains (losses) of $4.1 million from the amount recorded in AOCI as the anticipated cash flows occur during the next 12 months.

Economic (Non-Designated) Hedging Strategy

The Company is exposed to foreign currency exchange rate risks related primarily to its foreign business operations. During the years ended December 31, 2023, 2022 and 2021, the Company entered into forward currency exchange contracts with financial institutions to create an economic hedge to specifically manage a portion of the foreign exchange risk exposure associated with certain consolidated subsidiaries’ non-functional currency denominated assets and liabilities. All foreign currency exchange contracts of the Company that were outstanding as of December 31, 2023 have terms of approximately one month or less. The Company does not enter into forward currency exchange contracts for speculation or trading purposes.

The Company has not designated its foreign currency exchange contracts as hedge transactions. Therefore, gains and losses on the Company’s foreign currency exchange contracts are recognized in interest and other income (expense), net, in the consolidated statements of income, and are largely offset by the changes in the fair value of the underlying economically hedged item. The total notional values of derivatives related to our foreign currency economic hedges were $282.7 million and $299.8 million as of December 31, 2023 and 2022, respectively.

The net gains (losses) on derivatives not designated as hedging instruments in the consolidated statements of income were as follows:


		Gain (loss) recognized
		in income on derivatives
		Year ended
Derivatives not designated as	Location of gain (loss)	December 31,		December 31,		December 31,
hedging instruments	recognized in income on derivatives	2023		2022		2021
Foreign currency exchange contracts	Interest and other income (expense), net	$	(12,364)	$	(6,893)	$	(5,445)

Certain of the Company’s counterparty agreements contain provisions that require the Company to post collateral on derivative instruments in a net liability position. As of December 31, 2023, $3.8 million was held as collateral.

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES

Schedule of domestic and foreign components of the income before provision for income taxes


	Year Ended December 31,
	2023		2022		2021
Domestic*	$	1,809,418	$	1,327,459	$	1,431,797
Foreign*		259,064		244,505		369,622
Income before provision for income taxes	$	2,068,482	$	1,571,964	$	1,801,419

*After intercompany royalties, management fees and interest charges from the Company’s domestic to foreign entities of $101.4 million, $85.0 million and $61.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Schedule of components of the provision for income taxes


	Year Ended December 31,
	2023		2022		2021
Current:
Federal	$	259,911	$	247,482	$	273,115
State		47,079		47,255		44,990
Foreign		99,563		37,421		89,410
		406,553		332,158		407,515

Deferred:
Federal		42,237		19,111		14,750
State		2,376		258		4,689
Foreign		(13,936)		26,084		5,092
		30,677		45,453		24,531

Valuation allowance		264		2,729		(8,102)
	$	437,494	$	380,340	$	423,944

Schedule of reconciliation of income taxes computed at statutory federal rate to total income taxes


	Year Ended December 31,
	2023		2022		2021
U.S. Federal tax expense at statutory rates	$	434,381	$	330,113	$	378,298
State income taxes, net of federal tax benefit		39,416		35,848		38,894
Permanent differences		(27,235)		(5,450)		(4,168)
Stock-based compensation		(43,846)		3,571		2,790
Residual tax on undistributed foreign earnings		8,423		—		—
Other		(5,132)		1,371		(649)
Foreign rate differential		31,223		12,158		16,881
Valuation allowance		264		2,729		(8,102)
	$	437,494	$	380,340	$	423,944

Schedule of components of the deferred tax assets (liabilities)


	2023		2022
Deferred Tax Assets:
Reserve for sales returns	$	1,438	$	2,262
Reserve for inventory obsolescence		4,022		4,651
Reserve for marketing development fund		8,358		7,487
Capitalization of inventory costs		12,159		6,537
State franchise tax - current		2,511		2,339
Accrued compensation		12,413		10,499
Accrued other liabilities		1,729		1,820
Deferred revenue		58,156		63,196
Stock-based compensation		19,093		25,526
Foreign net operating loss carryforward		27,000		19,896
Prepaid supplies		10,567		7,901
Termination payments		46,810		52,466
Operating lease liabilities		5,739		5,739
Intangibles		30,952		33,603
Impairment-trademarks and others		12,715		2,567
Other deferred tax assets		64,955		33,209
Total gross deferred tax assets	$	318,617	$	279,698

Deferred Tax Liabilities:
Amortization of trademarks	$	(76,536)	$	(39,237)
State franchise tax - deferred		(5,038)		(5,503)
Operating lease ROU assets		(5,739)		(5,739)
Bang transaction gain		(10,698)		—
Other deferred tax liabilities		(8,784)		(5)
Depreciation		(35,708)		(22,433)
Total gross deferred tax liabilities		(142,503)		(72,917)

Valuation Allowance		(30,007)		(29,742)

Net deferred tax assets	$	146,107	$	177,039

Schedule of roll-forward of the total gross unrecognized tax benefits, not including interest and penalties


	Gross Unrecognized Tax
	Benefits
Balance at December 31, 2020	$	742
Additions for tax positions related to the current year		—
Additions for tax positions related to the prior year		—
Decreases for tax positions related to prior years		(742)
Balance at December 31, 2021	$	—
Additions for tax positions related to the current year		—
Additions for tax positions related to the prior year		3,020
Decreases for tax positions related to prior years		—
Balance at December 31, 2022	$	3,020
Additions for tax positions related to the current year		—
Additions for tax positions related to the prior year		739
Decreases for tax positions related to prior years		(650)
Balance at December 31, 2023	$	3,109

ACCUMULATED OTHER COMPREHENSIVE LOSS

12 Months Ended

Dec. 31, 2023

ACCUMULATED OTHER COMPREHENSIVE LOSS

ACCUMULATED OTHER COMPREHENSIVE LOSS

14. ACCUMULATED OTHER COMPREHENSIVE LOSS

The components of accumulated other comprehensive loss are as follows at December 31:


	2023		2022
Accumulated net unrealized loss on available-for-sale securities	$	(758)	$	(5,843)
Accumulated foreign currency translation adjustments		(128,989)		(153,230)
Accumulated net gains on commodity derivatives		4,410		—
Total accumulated other comprehensive loss	$	(125,337)	$	(159,073)

CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL DISCLOSURE OF NON-CASH ITEMS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL DISCLOSURE OF NON-CASH ITEMS
Accrued liabilities for intangible assets	$ 15.4	$ 9.4	$ 14.0
Accounts payable for purchases of equipment	16.9	2.9	0.6
Accounts receivable included sales of available-for-sale short-term investments	$ 3.0	$ 15.2	$ 0.0

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Freight-Out Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Freight-out costs	$ 223.6	$ 249.2	$ 213.9

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

LEASES

Schedule of lease cost


	2023		2022		2021
Operating lease cost	$	12,060	$	8,641	$	4,614
Short-term lease cost		5,545		3,705		5,218
Variable lease cost		861		773		710

Finance leases:
Amortization of right-of-use assets		1,259		545		546
Interest on lease liabilities		255		24		19
Finance lease cost		1,514		569		565

Total lease cost	$	19,980	$	13,688	$	11,107

Schedule of supplemental cash flow information related to leases

	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	10,634	$	8,164	$	4,123
Operating cash flows from finance leases		255		24		19
Financing cash flows from finance leases		6,346		2,091		2,698

ROU assets obtained in exchange for lease obligations:
Finance leases		12,010		1,897		2,878
Operating leases		30,342		22,962		4,313

Schedule of ROU assets for operating and finance leases


		December 31,		December 31,
	Balance Sheet Location	2023		2022
Operating leases:
Right-of-use assets	Other assets	$	58,845	$	38,012

Current lease liabilities	Accrued liabilities	$	11,088	$	7,747
Noncurrent lease liabilities	Other liabilities		48,459		29,586
Total operating lease liabilities		$	59,547	$	37,333

Finance leases:
Right-of-use assets	Property and equipment, net	$	11,147	$	1,598

Current lease liabilities	Accrued liabilities	$	6,449	$	757
Noncurrent lease liabilities	Other liabilities		19		41
Total finance lease liabilities		$	6,468	$	798

Schedule of weighted-average remaining lease terms and weighted-average discount rates


	December 31,		December 31,
	2023		2022
Weighted-average remaining lease term in years:
Operating leases	6.3		6.7
Finance leases	0.7		0.8

Weighted-average discount rate:
Operating leases	4.7	%	3.4	%
Finance leases	6.3	%	3.6	%

Schedule of reconciliation of undiscounted future lease payments for operating and finance leases


	Undiscounted Future Lease Payments
	Operating Leases		Finance Leases
2024	$	13,490	$	6,601
2025		11,555		17
2026		9,522		2
2027		9,216		—
2028		7,706		—
2029 and thereafter		17,822		—
Total lease payments		69,311		6,620
Less imputed interest		(9,764)		(152)
Total	$	59,547	$	6,468

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	$ 1,152,031	$ 750,055
Less: accumulated depreciation and amortization	(261,235)	(233,158)
Property and equipment, net	890,796	516,897
Total depreciation and amortization expense	63,000	53,700	$ 45,700
Land
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	152,253	139,798
Leasehold improvements
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	37,946	31,327
Furniture and fixtures
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	11,422	9,286
Office and computer equipment
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	25,560	22,386
Computer software
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	5,344	5,906
Equipment
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	426,466	244,739
Buildings
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	211,951	163,885
Vehicles
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	69,527	49,175
Assets under construction
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	$ 211,562	$ 83,553

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization – Monster Beverage Corporation (the “Company”) was incorporated in the state of Delaware. The Company is a holding company and has no operating business except through its consolidated subsidiaries.

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: 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®.

The Company also develops, markets, sells and distributes still and sparkling waters under the Monster Tour Water® brand name.

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.

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.

Treasury Stock Retirement – On March 10, 2023, the Company retired 170.0 million shares (stock split adjusted) of treasury stock owned by the Company. The retired treasury stock had a carrying value of approximately $4.69 billion. 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. The common stock dividend was issued on March 27, 2023 (the “Stock Split”) and the Company’s common stock began trading at the split adjusted price on March 28, 2023. Accordingly, all per share amounts, average common stock outstanding, common stock outstanding, common stock repurchased and equity-based compensation disclosure presented in the consolidated financial statements and notes have been adjusted retroactively, where applicable, to reflect the Stock Split. Stockholders’ equity has been retroactively adjusted, where applicable, to give effect to the Stock Split for all periods presented by reclassifying the par value of the additional shares issued in connection with the Stock Split to common stock from additional paid-in capital.

Principles of Consolidation – The Company consolidates all entities that it controls by ownership of a majority voting interest. All intercompany balances and transactions have been eliminated in consolidation.

Business Combinations – Business acquisitions are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805 “Business Combinations”. FASB ASC 805 requires the reporting entity to identify the acquirer, determine the acquisition date, recognize and measure the identifiable tangible and intangible assets acquired, the liabilities assumed and any non-controlling interest in the acquired entity, and recognize and measure goodwill or a gain from the purchase. The acquiree’s results are included in the Company’s consolidated financial statements from the date of acquisition. 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. 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.

Cash and Cash Equivalents – The Company considers all highly liquid investments with an original maturity of three months or less from date of purchase to be cash equivalents. Throughout the year, the Company has had amounts on deposit at financial institutions that exceed the federally insured limits. The Company has not experienced any loss as a result of these deposits and does not expect to incur any losses in the future.

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. Held-to-maturity securities are those securities that the Company has the positive intent and ability to hold until maturity. Trading securities are those securities that the Company intends to sell in the near term. All other securities not included in the held-to-maturity or trading category are classified as available-for-sale. Held-to-maturity securities are recorded at amortized cost which approximates fair market value. Trading securities are carried at fair value with unrealized gains and losses charged to earnings. Available-for-sale securities are carried at fair value with unrealized gains and losses recorded within accumulated other comprehensive income (loss) as a separate component of stockholders’ equity. FASB ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. FASB ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available. Under FASB ASC 326-30-35, a security is considered to be impaired if the fair value of the security is less than its amortized cost basis. Where the decline in fair value below the amortized cost basis has resulted from a credit loss, the Company will record an impairment relating to credit losses through an allowance for credit losses. The allowance is limited by the amount that the fair value is less than the amortized cost basis. Impairment that has not been recorded through an allowance for credit losses is recorded through other comprehensive income (loss), net of applicable taxes. The Company evaluates whether the decline in fair value of its investments has resulted from credit loss or other factors at each quarter-end. This evaluation consists of a review by management, and includes market pricing information and maturity dates for the securities held, market and economic trends in the industry and information on the issuer’s financial condition and, if applicable, information on the guarantors’ financial condition. Factors considered in determining whether an impairment has resulted from credit loss or other factors include the length of time and extent to which the investment’s fair value has been less than its cost basis, the financial condition and near-term prospects of the issuer and guarantors, including any specific events which may influence the operations of the issuer and the Company’s intent and ability to retain the investment for a reasonable period of time sufficient to allow for any anticipated recovery of fair value.

Accounts Receivable – The Company evaluates the collectability of its trade accounts receivable based on a number of factors. In circumstances where the Company becomes aware of a specific customer’s inability to meet its financial obligations to the Company, a specific reserve for bad debts is estimated and recorded, which reduces the recognized receivable to the estimated amount the Company believes will ultimately be collected. In addition to specific customer identification of potential bad debts, bad debt charges are recorded based on the Company’s recent loss history and an overall assessment of past due trade accounts receivable outstanding. In accordance with FASB ASC 210-20-45, in its consolidated balance sheets, the Company has presented accounts receivable, net of promotional allowances, only for those customers that it allows net settlement. All other accounts receivable and related promotional allowances are shown on a gross basis.

Inventories – Inventories are valued at the lower of first-in, first-out, cost or market value (net realizable value).

Property and Equipment – Property and equipment are stated at cost. 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. 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. Normal repairs and maintenance costs are expensed as incurred. Expenditures that materially increase values or extend useful lives are capitalized. The related costs and accumulated depreciation of disposed assets are eliminated and any resulting gain or loss on disposition is included in net income.

Goodwill – The Company records goodwill when the consideration paid for an acquisition exceeds the fair value of net tangible and intangible assets acquired, including related tax effects. Goodwill is not amortized; instead, goodwill is tested for impairment on an annual basis, or more frequently if the Company believes indicators of impairment exist. The Company first assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value. If the Company reasonably determines that it is more-likely-than-not that the fair value is less than the carrying value, the Company performs its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The Company will recognize an impairment for the amount by which the carrying amount exceeds a reporting unit’s fair value. For the years ended December 31, 2023, 2022 and 2021 there were no goodwill impairments recorded and there are no accumulated impairment balances.

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. 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. In accordance with FASB ASC 350, intangible assets with indefinite lives are not amortized but instead are measured for impairment at least annually, or when events indicate that an impairment exists. The Company calculates impairment as the excess of the carrying value of its indefinite-lived assets over their estimated fair value. If the carrying value exceeds the estimate of fair value a write-down is recorded. The Company amortizes its trademarks with finite useful lives over their respective useful lives. External legal costs incurred in the defense of the Company's trademarks are capitalized when the future economic benefit of the intangible asset will be increased, and a successful defense is probable. In the event of a successful defense, the settlements received are netted against the external legal costs that were capitalized. The external legal costs incurred and settlements received may not occur in the same period. 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. For the year ended December 31, 2021, no impairments were recorded.

The Company presently has more than 21,300 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. 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 Unleashed® and Nasty Beast^TM 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.

Leases – The Company leases identified assets comprised of real estate and equipment. Real estate leases consist primarily of office and warehouse space and equipment leases consist of vehicles and warehouse equipment. At the inception of a contract, the Company assesses whether the contract is, or contains, a lease. The Company’s assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the term, and (3) whether the Company has the right to direct the use of the asset. At inception of a lease, the Company allocates the consideration in the contract to each lease and non-lease component based on the component’s relative stand-alone price to determine the lease payments. Lease and non-lease components are accounted for separately.

Leases are classified as either finance leases or operating leases based on criteria in FASB ASC 842, “Leases”. The Company’s operating leases are comprised of real estate and warehouse equipment, and the Company’s finance leases are comprised of vehicles. Right-of-use (“ROU”) assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As the Company’s leases generally do not provide an implicit rate, the Company uses its incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at the commencement date. ROU assets also include any lease payments made and exclude lease incentives. Lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company has elected not to recognize ROU assets and lease liabilities for short-term operating leases that have a term of 12 months or less.

Certain of the Company’s real estate leases contain variable lease payments, including payments based on an index or rate. Variable lease payments based on an index or rate are initially measured using the index or rate in effect at the lease commencement date. 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.

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. Lease expense for finance leases consists of the amortization of the ROU asset on a straight-line basis over the asset’s estimated useful life and is included in operating expenses in the consolidated statement of income. Interest expense on finance leases is calculated using the amortized cost basis and is included in interest and other income (expense), net in the consolidated statements of income.

Long-Lived Assets – Management regularly reviews property and equipment and other long-lived assets, including certain definite-lived intangible assets, for possible impairment. This review occurs annually, or more frequently if events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. If there is indication of impairment, management then prepares an estimate of future cash flows (undiscounted and without interest charges) expected to result from the use of the asset and its eventual disposition. If these cash flows are less than the carrying amount of the asset, an impairment loss is recognized to write down the asset to its estimated fair value. The fair value is estimated using the present value of the future cash flows discounted at a rate commensurate with management’s estimates of the business risks. Preparation of estimated expected future cash flows is inherently subjective and is based on management’s best estimate of assumptions concerning expected future conditions. 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. For the years ended December 31, 2022 and 2021 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.

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. The Company’s derivative instruments are recorded in the consolidated balance sheets at fair value. The Company values each derivative financial instrument by obtaining valuation information from a reliable and observable market source. For a derivative designated as a cash flow hedge, the derivative's mark to fair value is initially recorded as a component of accumulated other comprehensive income (loss) and subsequently reclassified into earnings when the hedged item affects earnings, unless it is no longer probable that the forecasted transaction will occur. Derivatives that do not qualify for hedge accounting are marked to fair value with gains and losses immediately recorded in earnings. In the consolidated statements of cash flows, derivative activities are classified based on the cash flows of the items being hedged. Upon the dedesignation of an effective derivative contract, the gains or losses are deferred in accumulated other comprehensive income (loss) until the originally hedged item affects earnings, unless it is probable the hedged item will not occur, at which time it is recognized immediately. Any gains or losses incurred after the dedesignation date are recorded in earnings immediately.

Foreign Currency Translation and Transactions – The accounts of the Company’s foreign subsidiaries are translated in accordance with FASB ASC 830. Foreign currency transaction gains and losses are recognized in other 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. dollar are recorded as a part of accumulated other comprehensive income (loss) in stockholders’ equity. Unrealized foreign currency exchange gains and losses on certain intercompany transactions that are of a long-term investment nature (i.e., settlement is not planned or anticipated in the foreseeable future) are also recorded in accumulated other comprehensive income (loss) in stockholders’ equity. During the years ended December 31, 2023, 2022 and 2021, the Company entered into forward currency exchange contracts with financial institutions to create an economic hedge to specifically manage a portion of the foreign exchange risk exposure associated with certain consolidated subsidiaries non-functional currency denominated assets and liabilities. All foreign currency exchange contracts outstanding as of December 31, 2023 have terms of three months or less. The Company does not enter into forward currency exchange contracts for speculation or trading purposes.

The Company has not designated its foreign currency exchange contracts as hedge transactions under FASB ASC 815. Therefore, gains and losses on the Company’s foreign currency exchange contracts are recognized in interest and other income (expense), net, in the consolidated statements of income, and are largely offset by the changes in the fair value of the underlying economically hedged item. For the years ended December 31, 2023, 2022 and 2021, aggregate foreign currency transaction gains (losses), including the gains or losses on forward currency exchange contracts, amounted to ($60.2) million, ($37.9) million and $0.3 million, respectively, and have been recorded in interest and other income(expense), net, in the accompanying consolidated statements of income.

Revenue Recognition – See Note 3.

Cost of Sales – Cost of sales consists of the costs of flavors, concentrates, supplement ingredients and/or beverage bases, the costs of raw materials utilized in the manufacture of beverages, co-packing fees, repacking fees, in-bound freight charges, as well as internal transfer costs, warehouse expenses incurred prior to the manufacture of the Company’s finished products and certain quality control costs. In addition, the Company includes in costs of sales certain costs such as depreciation, amortization and payroll costs that relate to the direct manufacture by the Company of certain flavors and concentrates. Raw materials account for the largest portion of cost of sales. Raw materials include cans, bottles, other containers, flavors, ingredients and packaging materials.

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. 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.

Freight-Out Costs – For the years ended December 31, 2023, 2022 and 2021, freight-out costs amounted to $223.6 million, $249.2 million and $213.9 million, respectively, and have been recorded in operating expenses in the accompanying consolidated statements of income.

Advertising and Promotional Expenses – The Company accounts for advertising production costs by expensing such production costs the first time the related advertising takes place. A significant amount of the Company’s promotional expenses result from payments under sponsorship and endorsement contracts. Accounting for sponsorship and endorsement payments is based upon specific contract provisions. Generally, sponsorship and endorsement payments are expensed on a straight-line basis over the term of the contract after giving recognition to the periodic performance compliance provisions of the contracts. Advertising and promotional expenses, including, but not limited to, production costs amounted to $528.9 million, $460.7 million and $417.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. Advertising and promotional expenses that are not subject to FASB ASC 606 are included in operating expenses in the accompanying consolidated statements of income.

Income Taxes – The Company utilizes the liability method of accounting for income taxes as set forth in FASB ASC 740. Under the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. In determining the need for valuation allowances the Company considers projected future taxable income and the availability of tax planning strategies. If in the future the Company determines that it would not be able to realize its recorded deferred tax assets, an increase in the valuation allowance would be recorded, decreasing earnings in the period in which such determination is made.

The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon the Company’s evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where there is a greater than 50% likelihood that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit that may potentially be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. 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.

Stock-Based Compensation – The Company accounts for stock-based compensation under the provisions of FASB ASC 718. 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. 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. Stock-based compensation cost for restricted stock units and performance share units is measured based on the closing fair market value of the Company’s common stock at the date of grant. 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. See Note 16.

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. Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted net income per share is computed by dividing net income by the weighted average number of common and dilutive common equivalent shares outstanding. The calculation of common equivalent shares assumes the exercise of dilutive stock options, net of assumed treasury share repurchases at average market prices, as applicable.

Concentration of Risk – Certain of the Company’s products utilize components (raw materials and/or co-packing services) from a limited number of sources. A disruption in the supply of such components could significantly affect the Company’s revenues from those products, as alternative sources of such components may not be available at commercially reasonable rates or within a reasonably short time period. The Company continues to endeavor to secure the availability of alternative sources for such components and minimize the risk of any disruption in production.

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.

Coca-Cola Consolidated, Inc. accounted for approximately 10%, 11% and 12% of the Company’s net sales for the years ended December 31, 2023, 2022 and 2021, respectively.

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.

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.

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. The Company performs ongoing credit evaluations of its customers and generally does not require collateral. The Company maintains reserves for estimated credit losses, and historically, such losses have been within management’s expectations.

Fair Value of Financial Instruments – The carrying value of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to the relatively short maturity of the respective instruments.

Use of Estimates – The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Recent Accounting Pronouncements – In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in ASU No. 2023-07 are effective for fiscal years beginning after December 15, 2023.

Early adoption is permitted. The Company is currently evaluating the impact ASU No. 2023-07 will have on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 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. The amendments in ASU No. 2023-09 are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact ASU No. 2023-09 will have on its consolidated financial statements.

SEGMENT INFORMATION - Depreciation and Amortization (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEGMENT INFORMATION
Depreciation and amortization	$ 68,898	$ 61,241	$ 50,155
Corporate and unallocated
SEGMENT INFORMATION
Depreciation and amortization	13,490	10,459	10,053
Monster Energy Drinks \| Operating segment
SEGMENT INFORMATION
Depreciation and amortization	37,606	31,957	34,532
Strategic Brands \| Operating segment
SEGMENT INFORMATION
Depreciation and amortization	793	924	1,085
Alcohol Brands \| Operating segment
SEGMENT INFORMATION
Depreciation and amortization	15,745	13,440
Other \| Operating segment
SEGMENT INFORMATION
Depreciation and amortization	$ 1,264	$ 4,461	$ 4,485

REVENUE RECOGNITION

12 Months Ended

Dec. 31, 2023

REVENUE RECOGNITION

REVENUE RECOGNITION

3. REVENUE RECOGNITION

Revenues are accounted for in accordance with FASB ASC 606 “Revenue from Contracts with Customers”. The Company has four operating and reportable segments: (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”).

The Company’s Monster Energy® Drinks segment primarily generates net operating revenues by selling ready-to-drink packaged energy drinks primarily to bottlers/distributors. 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.

and/or beverage bases with sweeteners, water and other ingredients to produce ready-to-drink packaged energy drinks. 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. To a lesser extent, the Strategic Brands segment generates net operating revenues by selling certain ready-to-drink packaged energy drinks to bottlers/distributors.

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.

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. Control is generally transferred when the Company’s products are either shipped or delivered based on the terms contained within the underlying contracts or agreements. Certain of the Company’s bottlers/distributors may also perform a separate function as a co-packer on the Company’s behalf. In such cases, control of the Company’s products passes to such bottlers/distributors when they notify the Company that they have taken possession or transferred the relevant portion of the Company’s finished goods. The Company’s general payment terms are short-term in duration. The Company does not have significant financing components or payment terms. The Company did not have any material unsatisfied performance obligations as of December 31, 2023 and 2022.

The Company excludes from revenues all taxes assessed by a governmental authority that are imposed on the sale of its products and collected from customers.

Distribution expenses to transport the Company’s products, where applicable, and warehousing expense after manufacture are accounted for within operating expenses.

Promotional and other allowances (variable consideration) recorded as a reduction to net sales for the Company’s energy drink products, primarily include consideration given to the Company’s non-alcohol bottlers/distributors or retail customers including, but not limited to the following:

●

discounts granted off list prices to support price promotions to end-consumers by retailers;

●

reimbursements given to the Company’s bottlers/distributors for agreed portions of their promotional spend with retailers, including slotting, shelf space allowances and other fees for both new and existing products;

●

the Company’s agreed share of fees given to bottlers/distributors and/or directly to retailers for advertising, in-store marketing and promotional activities;

●

the Company’s agreed share of slotting, shelf space allowances and other fees given directly to retailers, club stores and/or wholesalers;

●

incentives given to the Company’s bottlers/distributors and/or retailers for achieving or exceeding certain predetermined sales goals;

●

discounted or free products;

●

contractual fees given to the Company’s bottlers/distributors related to sales made directly by the Company to certain customers that fall within the bottlers’/distributors’ sales territories; and

●

commissions to TCCC based on the Company’s sales to wholly-owned subsidiaries of TCCC (the “TCCC Subsidiaries”) and/or to TCCC bottlers/distributors accounted for under the equity method by TCCC (the “TCCC Related Parties”).

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. 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. These accruals are based on agreed upon terms as well as the Company’s historical experience with similar programs and require management’s judgment with respect to estimating consumer participation and/or bottler/distributor and retail customer performance levels. Differences between such estimated expenses and actual expenses for promotional and other allowance costs have historically been insignificant and are recognized in earnings in the period such differences are determined. Promotional and other allowances for our Alcohol Brands segment primarily include price promotions where permitted.

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.

The Company also enters into license agreements that generate revenues associated with third-party sales of non-beverage products bearing the Company’s trademarks including, but not limited to, clothing, hats, t-shirts, jackets, helmets and automotive wheels.

Management believes that adequate provision has been made for cash discounts, returns and spoilage based on the Company’s historical experience.

Disaggregation of Revenue

The following table disaggregates the Company’s revenue by geographical markets and reportable segments:


	Year Ended December 31, 2023
							Latin
					Asia Pacific		America
	U.S. and				(including		and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	4,202,537	$	1,257,471	$	484,459	$	610,622	$	6,555,089
Strategic Brands		199,183		133,188		29,990		14,228		376,589
Alcohol Brands		184,855		—		—		—		184,855
Other		23,494		—		—		—		23,494
Total Net Sales	$	4,610,069	$	1,390,659	$	514,449	$	624,850	$	7,140,027


	Year Ended December 31, 2022
							Latin
					Asia Pacific		America
	U.S. and				(including		and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	3,806,351	$	1,105,302	$	426,800	$	494,758	$	5,833,211
Strategic Brands		184,844		123,440		29,386		15,820		353,490
Alcohol Brands²		101,405		—		—		—		101,405
Other		22,944		—		—		—		22,944
Total Net Sales	$	4,115,544	$	1,228,742	$	456,186	$	510,578	$	6,311,050


	Year Ended December 31, 2021
							Latin
					Asia Pacific		America
	U.S. and				(including		and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	3,455,704	$	1,004,005	$	446,023	$	314,941	$	5,220,673
Strategic Brands		158,390		99,423		26,811		10,138		294,762
Other		25,917		—		—		—		25,917
Total Net Sales	$	3,640,011	$	1,103,428	$	472,834	$	325,079	$	5,541,352

¹Europe, Middle East and Africa (“EMEA”)

²Effectively from February 17, 2022 to December 31, 2022

Contract Liabilities

Amounts received from certain bottlers/distributors at inception of their distribution contracts or at the inception of certain sales/marketing programs are accounted for as deferred revenue. As of December 31, 2023 and 2022, the Company had $246.2 million and $267.1 million of deferred revenue, respectively, which is included in current and long-term deferred revenue in the Company’s accompanying consolidated balance sheet. During the years ended December 31, 2023, 2022 and 2021, $40.0 million, $40.0 million and $41.5 million, respectively, of deferred revenue, was recognized in net sales. See Note 11.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

RELATED PARTY TRANSACTIONS (Details) $ in Thousands	12 Months Ended
RELATED PARTY TRANSACTIONS (Details) $ in Thousands	Dec. 31, 2023 USD ($) director	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
RELATED PARTY TRANSACTIONS
Net Sales	$ 7,140,027	$ 6,311,050	$ 5,541,352
Expenses incurred in connection with materials or services provided by a related party	1,840,851	1,589,846	1,311,046
Monster Energy Drinks
RELATED PARTY TRANSACTIONS
Net Sales	6,555,089	5,833,211	5,220,673
Related Party \| Coca Cola Company
RELATED PARTY TRANSACTIONS
Net Sales	137,900	129,400	120,400
Purchases from related party	$ 29,100	27,100	27,200
Related Party \| Coca Cola Company \| Voting Interests
RELATED PARTY TRANSACTIONS
Related Party Ownership Interest (as a percent)	19.60%
Related Party \| TCCC Subsidiaries and TCCC Related parties
RELATED PARTY TRANSACTIONS
Commission expenses	$ 66,800	49,300	77,500
Related Party \| TCCC Related Parties and TCCC Independent Bottlers \| Operating expense
RELATED PARTY TRANSACTIONS
Commission expenses	32,000	30,700	28,700
Related Party \| TCCC Subsidiaries
RELATED PARTY TRANSACTIONS
Accounts receivable, net	135,246	88,169
Accounts payable	(68,386)	(35,467)
Accrued promotional allowances	(13,794)	(11,222)
Accrued liabilities	(19,745)	(14,733)
Related Party \| TCCC Subsidiaries \| Monster Energy Drinks
RELATED PARTY TRANSACTIONS
Contract manufacturing expenses	$ 35,400	30,600	31,500
Principal Owners
RELATED PARTY TRANSACTIONS
Number of directors \| director	1
Expenses incurred in connection with materials or services provided by a related party	$ 4,000	6,000	$ 3,600
Business Travelling Expenses	$ 140	$ 80

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

EARNINGS PER SHARE

EARNINGS PER SHARE

18. EARNINGS PER SHARE

A reconciliation of the weighted average shares used in the basic and diluted earnings per common share computations for the years ended December 31, 2023, 2022 and 2021 is presented below (in thousands):


	2023	2022	2021
Weighted-average shares outstanding:
Basic	1,044,887	1,053,558	1,057,526
Dilutive securities	13,094	12,884	13,752
Diluted	1,057,981	1,066,442	1,071,278

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.

REVENUE RECOGNITION (Tables)

12 Months Ended

Dec. 31, 2023

REVENUE RECOGNITION

Schedule of disaggregation of revenue by geographical markets


	Year Ended December 31, 2023
							Latin
					Asia Pacific		America
	U.S. and				(including		and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	4,202,537	$	1,257,471	$	484,459	$	610,622	$	6,555,089
Strategic Brands		199,183		133,188		29,990		14,228		376,589
Alcohol Brands		184,855		—		—		—		184,855
Other		23,494		—		—		—		23,494
Total Net Sales	$	4,610,069	$	1,390,659	$	514,449	$	624,850	$	7,140,027


	Year Ended December 31, 2022
							Latin
					Asia Pacific		America
	U.S. and				(including		and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	3,806,351	$	1,105,302	$	426,800	$	494,758	$	5,833,211
Strategic Brands		184,844		123,440		29,386		15,820		353,490
Alcohol Brands²		101,405		—		—		—		101,405
Other		22,944		—		—		—		22,944
Total Net Sales	$	4,115,544	$	1,228,742	$	456,186	$	510,578	$	6,311,050


	Year Ended December 31, 2021
							Latin
					Asia Pacific		America
	U.S. and				(including		and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	3,455,704	$	1,004,005	$	446,023	$	314,941	$	5,220,673
Strategic Brands		158,390		99,423		26,811		10,138		294,762
Other		25,917		—		—		—		25,917
Total Net Sales	$	3,640,011	$	1,103,428	$	472,834	$	325,079	$	5,541,352

¹Europe, Middle East and Africa (“EMEA”)

²Effectively from February 17, 2022 to December 31, 2022

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Changes to valuation allowance
Contractual Obligation	$ 417,631
Allowance for doubtful accounts, sales returns and cash discounts
Changes to valuation allowance
Balance at beginning of period	10,460	$ 4,676	$ 1,878
Charged to cost and expenses	20,991	23,177	14,799
Deductions	(23,813)	(17,393)	(12,001)
Balance at end of period	7,638	10,460	4,676
Allowance on Deferred Tax Assets and Unrecognized Tax Benefits
Changes to valuation allowance
Balance at beginning of period	33,166	27,013	35,993
Charged to cost and expenses	526	6,153	(8,980)
Balance at end of period	$ 33,692	$ 33,166	$ 27,013

DISTRIBUTION AGREEMENTS (Details) - USD ($) $ in Millions	12 Months Ended
DISTRIBUTION AGREEMENTS (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
DISTRIBUTION AGREEMENTS
Termination costs	$ 0.2	$ 0.0	$ 5.3
Distribution agreement (in years)	20 years
Revenue recognized	$ 21.5	$ 21.4	$ 21.5

INCOME TAXES - Unrecognized Tax Benefit Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Gross Unrecognized Tax Benefits , roll forward
Balance at the beginning of the period	$ 3,020		$ 742
Additions for tax positions related to the prior year	739	$ 3,020
Decreases for tax positions related to prior years	(650)		$ (742)
Balance at the end of the period	3,109	$ 3,020
Accrued interest and penalties related to unrecognized tax benefits	$ 600

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

STOCK-BASED COMPENSATION

Schedule of weighted-average assumptions used to estimate the fair value of options granted


	2023		2022		2021
Dividend yield	0.0	%	0.0	%	0.0	%
Expected volatility	27.6	%	27.7	%	28.9	%
Risk-free interest rate	3.75	%	2.15	%	0.85	%
Expected term	6.3 Years		6.1 Years		5.8 Years

Schedule of activities with respect to its stock option plans


				Weighted-
		Weighted-		Average
		Average		Remaining
	Number of	Exercise		Contractual
	Shares (in	Price Per		Term (in	Aggregate
Options	thousands)	Share		years)	Intrinsic Value
Outstanding at January 1, 2023	29,710	$	26.38	5.0	$	724,651
Granted 01/01/23 - 03/31/23	3,962	$	50.82
Granted 04/01/23 - 06/30/23	31	$	59.36
Granted 07/01/23 - 09/30/23	25	$	57.71
Granted 10/01/23 - 12/31/23	25	$	52.54
Exercised	(8,310)	$	15.67
Cancelled or forfeited	(460)	$	40.96
Outstanding at December 31, 2023	24,983	$	33.64	5.8	$	598,866
Vested and expected to vest in the future at December 31, 2023	24,215	$	33.30	5.7	$	588,750
Exercisable at December 31, 2023	14,481	$	27.25	4.0	$	439,669

Summary of information about stock options outstanding and exercisable


					Options Outstanding				Options Exercisable
						Weighted
						Average	Weighted		Number	Weighted
					Number	Remaining	Average		Exercisable	Average
Range of Exercise					Outstanding	Contractual	Exercise		(In	Exercise
Prices ($)					(In Thousands)	Term (Years)	Price ($)		Thousands)	Price ($)
$	11.50	-	$	21.99	3,218	2.2	$	21.36	3,218	$	21.36
$	22.46	-	$	23.14	3,085	2.5	$	22.87	3,085	$	22.87
$	24.38	-	$	28.98	833	4.6	$	26.69	773	$	26.59
$	29.37	-	$	29.37	3,017	4.2	$	29.37	3,017	$	29.37
$	29.84	-	$	31.20	4,208	5.6	$	30.41	3,137	$	30.34
$	31.46	-	$	33.71	69	5.2	$	32.25	45	$	32.00
$	36.62	-	$	36.62	4,305	8.2	$	36.62	520	$	36.62
$	38.96	-	$	48.90	2,307	7.4	$	44.18	686	$	44.42
$	50.82	-	$	50.82	3,873	9.2	$	50.82	—	$	—
$	52.02	-	$	59.36	68	9.5	$	55.56	—	$	—
					24,983	5.8	$	33.64	14,481	$	27.25

Schedule of activities with respect to non-vested restricted stock units and performance share units


		Weighted
	Number of	Average
	Shares (in	Grant-Date
	thousands)	Fair Value
Non-vested at January 1, 2023	2,026	$	36.27
Granted 01/01/23 - 03/31/23¹	523	$	48.49
Granted 04/01/23 - 06/30/23	22	$	59.70
Granted 07/01/23 - 09/30/23	2	$	56.38
Granted 10/01/23 - 12/31/23	8	$	51.99
Vested	(595)	$	32.84
Forfeited/cancelled	(22)	$	32.49
Non-vested at December 31, 2023	1,964	$	40.95

Schedule of employee and non-employee share-based compensation expense


	2023		2022		2021
Operating expenses	$	68,836	$	64,109	$	70,483
Total employee and non-employee share-based compensation expense included in income, before income tax		68,836		64,109		70,483
Less: Amount of income tax benefit recognized in earnings		(64,401)		(13,175)		(14,228)
Amount charged against net income	$	4,435	$	50,934	$	56,255

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2023

PROPERTY AND EQUIPMENT, Net

PROPERTY AND EQUIPMENT, NET

9. PROPERTY AND EQUIPMENT, Net

Property and equipment consist of the following at December 31:


	2023		2022
Land	$	152,253	$	139,798
Leasehold improvements		37,946		31,327
Furniture and fixtures		11,422		9,286
Office and computer equipment		25,560		22,386
Computer software		5,344		5,906
Equipment		426,466		244,739
Buildings		211,951		163,885
Vehicles		69,527		49,175
Assets under construction		211,562		83,553
		1,152,031		750,055
Less: accumulated depreciation and amortization		(261,235)		(233,158)
	$	890,796	$	516,897

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. Assets under construction are not depreciated until in service date.

STOCK-BASED COMPENSATION - Stock Option Activity (Details) - Employee Stock Option - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Stock options, Number of Shares
Balance at the beginning of the period (in shares)				29,710	29,710
Granted (in shares)	25	25	31	3,962
Exercised (in shares)					(8,310)
Cancelled or forfeited (in shares)					(460)
Balance at the end of the period (in shares)	24,983				24,983	29,710
Vested and expected to vest in the future at the end of the period (in shares)	24,215				24,215
Exercisable at the end of the period (in shares)	14,481				14,481
Stock options, Weighted-Average Exercise Price Per Share
Balance at the beginning of the period (in dollars per share)				$ 26.38	$ 26.38
Granted (in dollars per share)	$ 52.54	$ 57.71	$ 59.36	$ 50.82
Exercised (in dollars per share)					15.67
Cancelled or forfeited (in dollars per share)					40.96
Balance at the end of the period (in dollars per share)	33.64				33.64	$ 26.38
Vested and expected to vest in the future at the end of the period (in dollars per share)	33.30				33.30
Exercisable at the end of the period (in dollars per share)	$ 27.25				$ 27.25
Weighted-Average Remaining Contractual Term (in years)
Weighted-Average Remaining Contractual Terms (in years)					5 years 9 months 18 days	5 years
Vested and expected to vest in the future at the end of the period					5 years 8 months 12 days
Exercisable at the end of the period					4 years
Aggregate Intrinsic Value
Balance at the beginning of the period				$ 724,651	$ 724,651
Balance at the end of the period	$ 598,866				598,866	$ 724,651
Vested and expected to vest in the future at the end of the period	588,750				588,750
Exercisable at the end of the period	$ 439,669				$ 439,669

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

12 Months Ended

Dec. 31, 2023

ACCUMULATED OTHER COMPREHENSIVE LOSS

Schedule of components of accumulated other comprehensive loss


	2023		2022
Accumulated net unrealized loss on available-for-sale securities	$	(758)	$	(5,843)
Accumulated foreign currency translation adjustments		(128,989)		(153,230)
Accumulated net gains on commodity derivatives		4,410		—
Total accumulated other comprehensive loss	$	(125,337)	$	(159,073)

LEASES - Lease Terms (Details)	12 Months Ended
LEASES - Lease Terms (Details)	Dec. 31, 2023
LEASES
Operating leases, options to extend	true
Finance leases, options to extend	true
Operating leases, options to terminate	true
Finance leases, options to terminate	true
Minimum
LEASES
Operating leases, lease term (in years)	1 year
Finance leases, lease term (in years)	1 year
Maximum
LEASES
Operating leases, lease term (in years)	10 years
Finance leases, lease term (in years)	10 years
Operating leases, renewal lease term (in years)	5 years
Finance leases, renewal lease term (in years)	5 years
Operating leases, termination period (in years)	1 year
Finance leases, termination period (in years)	1 year

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill, beginning balance	$ 1,417,941	$ 1,331,643
Acquisitions	0	86,298
Goodwill, ending balance	1,417,941	1,417,941
Monster Energy Drinks
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill, beginning balance	693,644	693,644
Acquisitions	0	0
Goodwill, ending balance	693,644	693,644
Strategic Brands
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill, beginning balance	637,999	637,999
Acquisitions	0	0
Goodwill, ending balance	637,999	637,999
Alcohol Brands
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill, beginning balance	86,298	0
Acquisitions	0	86,298
Goodwill, ending balance	86,298	86,298
Other
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill, beginning balance	0	0
Acquisitions	0	0
Goodwill, ending balance	$ 0	$ 0

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 2,297,675	$ 1,307,141
Short-term investments	955,605	1,362,314
Accounts receivable, net	1,193,964	1,016,203
Inventories	971,406	935,631
Prepaid expenses and other current assets	116,195	109,823
Prepaid income taxes	54,151	33,785
Total current assets	5,588,996	4,764,897
INVESTMENTS	76,431	61,443
PROPERTY AND EQUIPMENT, net	890,796	516,897
DEFERRED INCOME TAXES, net	175,003	177,039
GOODWILL	1,417,941	1,417,941
OTHER INTANGIBLE ASSETS, net	1,427,139	1,220,410
OTHER ASSETS	110,216	134,478
Total Assets	9,686,522	8,293,105
CURRENT LIABILITIES:
Accounts payable	564,379	444,265
Accrued liabilities	183,988	172,991
Accrued promotional allowances	269,061	255,631
Deferred revenue	41,914	43,311
Accrued compensation	87,392	72,463
Income taxes payable	14,955	13,317
Total current liabilities	1,161,689	1,001,978
DEFERRED REVENUE	204,251	223,800
OTHER LIABILITIES	91,838	42,286
COMMITMENTS AND CONTINGENCIES (Note 13)
STOCKHOLDERS' EQUITY:
Common stock - $0.005 par value; 5,000,000 shares authorized; 1,122,592 shares issued and 1,041,571 shares outstanding as of December 31, 2023; 1,283,688 shares issued and 1,044,600 shares outstanding as of December 31, 2022	5,613	6,418
Additional paid-in capital	4,975,115	4,776,804
Retained earnings	5,939,736	9,001,173
Accumulated other comprehensive loss	(125,337)	(159,073)
Common stock in treasury, at cost; 81,021 shares and 239,088 shares as of December 31, 2023 and December 31, 2022, respectively	(2,566,383)	(6,600,281)
Total stockholders' equity	8,228,744	7,025,041
Total Liabilities and Stockholders' Equity	$ 9,686,522	$ 8,293,105

GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

10. GOODWILL AND OTHER INTANGIBLE ASSETS

The following is a roll-forward of goodwill for the years ended December 31, 2023 and 2022 by reportable segment:


	Monster
	Energy®		Strategic		Alcohol
	Drinks		Brands		Brands		Other		Total
Balance at December 31, 2022	$	693,644	$	637,999	$	86,298	$	—	$	1,417,941
Acquisitions		—		—		—		—		—
Balance at December 31, 2023	$	693,644	$	637,999	$	86,298	$	—	$	1,417,941


	Monster
	Energy®		Strategic		Alcohol
	Drinks		Brands		Brands		Other		Total
Balance at December 31, 2021	$	693,644	$	637,999	$	—	$	—	$	1,331,643
Acquisitions		—		—		86,298		—		86,298
Balance at December 31, 2022	$	693,644	$	637,999	$	86,298	$	—	$	1,417,941

Intangible assets consist of the following at:


	December 31,		December 31,
	2023		2022
Amortizing intangibles	$	144,582	$	121,378
Accumulated amortization		(74,699)		(68,790)
		69,883		52,588
Non-amortizing intangibles		1,357,256		1,167,822
	$	1,427,139	$	1,220,410

Amortizing intangibles primarily consist of customer relationships. All amortizing intangibles have been assigned an estimated finite useful life and such intangibles are amortized on a straight-line basis over the number of years that approximate their respective useful lives, generally ten to fifteen years. Total amortization expense recorded was $5.9 million, $7.6 million and $4.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. 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. For the year ended December 31, 2021, no intangible impairments were recorded.

The following is the future estimated amortization expense related to amortizing intangibles as of December 31, 2023:


Year Ending December 31:

2024	$	5,948
2025		5,947
2026		5,947
2027		5,946
2028		5,945
2029 and thereafter		40,150
	$	69,883

At December 31, 2023, non-amortizing intangibles primarily consist of indefinite-lived tradenames, flavors and formulas.

COMMITMENTS AND CONTINGENCIES - Contractual obligations (Details) $ in Thousands	Dec. 31, 2023 USD ($)
COMMITMENTS AND CONTINGENCIES
2024	$ 328,200
2025	57,310
2026	27,972
2027	4,007
2028	24
2029 and thereafter	118
Total	$ 417,631

INVESTMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Available-for-sale
Amortized Cost	$ 1,032,810	$ 1,429,600
Gross Unrealized Holding Gains	546	101
Gross Unrealized Holding Losses	1,320	5,944
Fair Value	1,032,036	1,423,757
Continuous Unrealized Loss Position less than 12 Months	1,320	5,944
Continuous Unrealized Loss Position greater than 12 Months	0	0
Short-term \| Commercial paper
Available-for-sale
Amortized Cost	163,775	197,712
Gross Unrealized Holding Gains	0	1
Gross Unrealized Holding Losses	1	4
Fair Value	163,774	197,709
Continuous Unrealized Loss Position less than 12 Months	1	4
Continuous Unrealized Loss Position greater than 12 Months	0	0
Short-term \| Certificates of deposit
Available-for-sale
Amortized Cost	15,590	10,078
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	0	0
Fair Value	15,590	10,078
Continuous Unrealized Loss Position less than 12 Months	0	0
Continuous Unrealized Loss Position greater than 12 Months	0	0
Short-term \| Municipal securities
Available-for-sale
Amortized Cost	361	211,791
Gross Unrealized Holding Gains	0	60
Gross Unrealized Holding Losses	0	612
Fair Value	361	211,239
Continuous Unrealized Loss Position less than 12 Months	0	612
Continuous Unrealized Loss Position greater than 12 Months	0	0
Short-term \| U.S. government agency securities
Available-for-sale
Amortized Cost	116,524	109,697
Gross Unrealized Holding Gains	90	3
Gross Unrealized Holding Losses	66	715
Fair Value	116,548	108,985
Continuous Unrealized Loss Position less than 12 Months	66	715
Continuous Unrealized Loss Position greater than 12 Months	0	0
Short-term \| U.S. treasuries
Available-for-sale
Amortized Cost	412,936	838,825
Gross Unrealized Holding Gains	205	17
Gross Unrealized Holding Losses	1,084	4,539
Fair Value	412,057	834,303
Continuous Unrealized Loss Position less than 12 Months	1,084	4,539
Continuous Unrealized Loss Position greater than 12 Months	0	0
Short-term \| Corporate bonds
Available-for-sale
Amortized Cost	247,340
Gross Unrealized Holding Gains	89
Gross Unrealized Holding Losses	154
Fair Value	247,275
Continuous Unrealized Loss Position less than 12 Months	154
Continuous Unrealized Loss Position greater than 12 Months	0
Long-term \| U.S. government agency securities
Available-for-sale
Amortized Cost	23,485	2,016
Gross Unrealized Holding Gains	51	0
Gross Unrealized Holding Losses	5	3
Fair Value	23,531	2,013
Continuous Unrealized Loss Position less than 12 Months	5	3
Continuous Unrealized Loss Position greater than 12 Months	0	0
Long-term \| U.S. treasuries
Available-for-sale
Amortized Cost	35,896	53,215
Gross Unrealized Holding Gains	79	20
Gross Unrealized Holding Losses	8	71
Fair Value	35,967	53,164
Continuous Unrealized Loss Position less than 12 Months	8	71
Continuous Unrealized Loss Position greater than 12 Months	0	0
Long-term \| Corporate bonds
Available-for-sale
Amortized Cost	16,903
Gross Unrealized Holding Gains	32
Gross Unrealized Holding Losses	2
Fair Value	16,933
Continuous Unrealized Loss Position less than 12 Months	2
Continuous Unrealized Loss Position greater than 12 Months	$ 0
Long-term \| Variable rate demand notes
Available-for-sale
Amortized Cost		6,266
Gross Unrealized Holding Gains		0
Gross Unrealized Holding Losses		0
Fair Value		6,266
Continuous Unrealized Loss Position less than 12 Months		0
Continuous Unrealized Loss Position greater than 12 Months		$ 0

SEGMENT INFORMATION - Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEGMENT INFORMATION
Stock-based compensation expense	$ 68.8	$ 64.1	$ 70.5
Corporate and unallocated
SEGMENT INFORMATION
Payroll costs	331.7	278.7	258.6
Stock-based compensation expense	67.1	63.1	70.3
Professional service expenses	95.2	87.1	77.9
Insurance costs	11.7	10.5	9.3
Other operating expenses	$ 76.4	$ 58.3	$ 28.1

STOCK-BASED COMPENSATION - Exercise Prices (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Stock-Based Compensation
Number Outstanding (in shares) \| shares	24,983
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	5 years 9 months 18 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 33.64
Options Exercisable (in shares) \| shares	14,481
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 27.25
Exercise Price Range One
Stock-Based Compensation
Stock options, range of exercise prices, low end of range (in dollars per share)	11.50
Stock options, range of exercise prices, high end of range (in dollars per share)	$ 21.99
Number Outstanding (in shares) \| shares	3,218
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	2 years 2 months 12 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 21.36
Options Exercisable (in shares) \| shares	3,218
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 21.36
Exercise Price Range Two
Stock-Based Compensation
Stock options, range of exercise prices, low end of range (in dollars per share)	22.46
Stock options, range of exercise prices, high end of range (in dollars per share)	$ 23.14
Number Outstanding (in shares) \| shares	3,085
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	2 years 6 months
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 22.87
Options Exercisable (in shares) \| shares	3,085
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 22.87
Exercise Price Range Three
Stock-Based Compensation
Stock options, range of exercise prices, low end of range (in dollars per share)	24.38
Stock options, range of exercise prices, high end of range (in dollars per share)	$ 28.98
Number Outstanding (in shares) \| shares	833
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	4 years 7 months 6 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 26.69
Options Exercisable (in shares) \| shares	773
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 26.59
Exercise Price Range Four
Stock-Based Compensation
Stock options, range of exercise prices, low end of range (in dollars per share)	29.37
Stock options, range of exercise prices, high end of range (in dollars per share)	$ 29.37
Number Outstanding (in shares) \| shares	3,017
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	4 years 2 months 12 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 29.37
Options Exercisable (in shares) \| shares	3,017
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 29.37
Exercise Price Range Five
Stock-Based Compensation
Stock options, range of exercise prices, low end of range (in dollars per share)	29.84
Stock options, range of exercise prices, high end of range (in dollars per share)	$ 31.20
Number Outstanding (in shares) \| shares	4,208
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	5 years 7 months 6 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 30.41
Options Exercisable (in shares) \| shares	3,137
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 30.34
Exercise Price Range Six
Stock-Based Compensation
Stock options, range of exercise prices, low end of range (in dollars per share)	31.46
Stock options, range of exercise prices, high end of range (in dollars per share)	$ 33.71
Number Outstanding (in shares) \| shares	69
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	5 years 2 months 12 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 32.25
Options Exercisable (in shares) \| shares	45
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 32.00
Exercise Price Range Seven
Stock-Based Compensation
Stock options, range of exercise prices, low end of range (in dollars per share)	36.62
Stock options, range of exercise prices, high end of range (in dollars per share)	$ 36.62
Number Outstanding (in shares) \| shares	4,305
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	8 years 2 months 12 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 36.62
Options Exercisable (in shares) \| shares	520
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 36.62
Exercise Price Range Eight
Stock-Based Compensation
Stock options, range of exercise prices, low end of range (in dollars per share)	38.96
Stock options, range of exercise prices, high end of range (in dollars per share)	$ 48.90
Number Outstanding (in shares) \| shares	2,307
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	7 years 4 months 24 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 44.18
Options Exercisable (in shares) \| shares	686
Options Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 44.42
Exercise Price Range Nine
Stock-Based Compensation
Stock options, range of exercise prices, low end of range (in dollars per share)	50.82
Stock options, range of exercise prices, high end of range (in dollars per share)	$ 50.82
Number Outstanding (in shares) \| shares	3,873
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	9 years 2 months 12 days
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 50.82
Exercise Price Range Ten
Stock-Based Compensation
Stock options, range of exercise prices, low end of range (in dollars per share)	52.02
Stock options, range of exercise prices, high end of range (in dollars per share)	$ 59.36
Number Outstanding (in shares) \| shares	68
Options Outstanding, Weighted Average Remaining Contractual Term (Years)	9 years 6 months
Options Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 55.56

INCOME TAXES

12 Months Ended

Dec. 31, 2023

INCOME TAXES

INCOME TAXES

17. INCOME TAXES

The Company evaluated the various provisions of the Tax Reform Act, including, the global intangible low-taxed income (“GILTI”) and the foreign derived intangible income provisions. The Company will treat any U.S. tax on foreign earnings under GILTI as a current period expense when incurred.

Consolidated retained earnings at December 31, 2023 included undistributed after-tax earnings from certain non-U.S. subsidiaries that were not indefinitely reinvested. At December 31, 2023, the Company had a deferred tax liability of $8.4 million for the estimated taxes associated with the repatriation of these earnings. Undistributed earnings of approximately $583 million in foreign subsidiaries were indefinitely reinvested in foreign operations. Quantification of the deferred tax liability, if any, associated with indefinitely reinvested earnings was not practicable.

The domestic and foreign components of the Company’s income before provision for income taxes are as follows:


	Year Ended December 31,
	2023		2022		2021
Domestic*	$	1,809,418	$	1,327,459	$	1,431,797
Foreign*		259,064		244,505		369,622
Income before provision for income taxes	$	2,068,482	$	1,571,964	$	1,801,419

Components of the provision for income taxes are as follows:


	Year Ended December 31,
	2023		2022		2021
Current:
Federal	$	259,911	$	247,482	$	273,115
State		47,079		47,255		44,990
Foreign		99,563		37,421		89,410
		406,553		332,158		407,515

Deferred:
Federal		42,237		19,111		14,750
State		2,376		258		4,689
Foreign		(13,936)		26,084		5,092
		30,677		45,453		24,531

Valuation allowance		264		2,729		(8,102)
	$	437,494	$	380,340	$	423,944

A reconciliation of the total provision for income taxes after applying the U.S. federal statutory rate of 21% to income before provision for income taxes to the reported provision for income taxes are as follows for the years ended:


	Year Ended December 31,
	2023		2022		2021
U.S. Federal tax expense at statutory rates	$	434,381	$	330,113	$	378,298
State income taxes, net of federal tax benefit		39,416		35,848		38,894
Permanent differences		(27,235)		(5,450)		(4,168)
Stock-based compensation		(43,846)		3,571		2,790
Residual tax on undistributed foreign earnings		8,423		—		—
Other		(5,132)		1,371		(649)
Foreign rate differential		31,223		12,158		16,881
Valuation allowance		264		2,729		(8,102)
	$	437,494	$	380,340	$	423,944

Major components of the Company’s deferred tax assets (liabilities) at December 31, 2023 and 2022 are as follows:


	2023		2022
Deferred Tax Assets:
Reserve for sales returns	$	1,438	$	2,262
Reserve for inventory obsolescence		4,022		4,651
Reserve for marketing development fund		8,358		7,487
Capitalization of inventory costs		12,159		6,537
State franchise tax - current		2,511		2,339
Accrued compensation		12,413		10,499
Accrued other liabilities		1,729		1,820
Deferred revenue		58,156		63,196
Stock-based compensation		19,093		25,526
Foreign net operating loss carryforward		27,000		19,896
Prepaid supplies		10,567		7,901
Termination payments		46,810		52,466
Operating lease liabilities		5,739		5,739
Intangibles		30,952		33,603
Impairment-trademarks and others		12,715		2,567
Other deferred tax assets		64,955		33,209
Total gross deferred tax assets	$	318,617	$	279,698

Deferred Tax Liabilities:
Amortization of trademarks	$	(76,536)	$	(39,237)
State franchise tax - deferred		(5,038)		(5,503)
Operating lease ROU assets		(5,739)		(5,739)
Bang transaction gain		(10,698)		—
Other deferred tax liabilities		(8,784)		(5)
Depreciation		(35,708)		(22,433)
Total gross deferred tax liabilities		(142,503)		(72,917)

Valuation Allowance		(30,007)		(29,742)

Net deferred tax assets	$	146,107	$	177,039

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. 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. At December 31, 2023, the Company had net operating loss carryforwards of approximately $103.9 million. Of this amount, $79.5 million may be carried forward indefinitely. The remaining $24.4 million of net operating loss carryforwards will begin to expire in 2024.

The following is a roll-forward of the Company’s total gross unrecognized tax benefits, not including interest and penalties, for the years ended December 31, 2023, 2022 and 2021:


	Gross Unrecognized Tax
	Benefits
Balance at December 31, 2020	$	742
Additions for tax positions related to the current year		—
Additions for tax positions related to the prior year		—
Decreases for tax positions related to prior years		(742)
Balance at December 31, 2021	$	—
Additions for tax positions related to the current year		—
Additions for tax positions related to the prior year		3,020
Decreases for tax positions related to prior years		—
Balance at December 31, 2022	$	3,020
Additions for tax positions related to the current year		—
Additions for tax positions related to the prior year		739
Decreases for tax positions related to prior years		(650)
Balance at December 31, 2023	$	3,109

The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Company’s consolidated financial statements. As of December 31, 2023, the Company had accrued approximately $0.6 million in interest and penalties related to unrecognized tax benefits. If the Company were to prevail on all uncertain tax positions, it would not have a significant impact on the Company’s effective tax rate.

It is expected that any change in the amount of unrecognized tax benefit change within the next 12 months will not be significant.

The Company is subject to U.S. federal income tax as well as to income tax in multiple state and foreign jurisdictions.

The Company is in various stages of examination with certain states and certain foreign jurisdictions. The Company’s 2020 through 2022 U.S. federal income tax returns are subject to examination by the IRS. The Company’s state income tax returns are subject to examination for the 2019 through 2022 tax years. The United Kingdom and Ireland income tax returns are subject to examination for the 2019 through 2022 tax years.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive (Loss) Income	Treasury stock	Total
Balance at Dec. 31, 2020	$ 6,386	$ 4,534,789	$ 6,432,074	$ 3,034	$ (5,815,423)	$ 5,160,860
Balance (in shares) at Dec. 31, 2020	1,277,324				(221,130)
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Stock-based compensation		68,922				68,922
Stock options/awards	$ 14	45,709				45,723
Stock options/awards (in shares)	2,762
Unrealized gain (loss), net on available-for-sale securities				(1,041)		(1,041)
Repurchase of common stock					$ (13,830)	(13,830)
Repurchase of common stock (in shares)					(310)
Foreign currency translation				(71,158)		(71,158)
Net income			1,377,475			1,377,475
Balance at Dec. 31, 2021	$ 6,400	4,649,420	7,809,549	(69,165)	$ (5,829,253)	6,566,951
Balance (in shares) at Dec. 31, 2021	1,280,086				(221,440)
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Stock-based compensation		63,387				63,387
Stock options/awards	$ 18	63,997				64,015
Stock options/awards (in shares)	3,602
Unrealized gain (loss), net on available-for-sale securities				(4,887)		(4,887)
Repurchase of common stock					$ (771,028)	(771,028)
Repurchase of common stock (in shares)					(17,648)
Foreign currency translation				(85,021)		(85,021)
Net income			1,191,624			1,191,624
Balance at Dec. 31, 2022	$ 6,418	4,776,804	9,001,173	(159,073)	$ (6,600,281)	7,025,041
Balance (in shares) at Dec. 31, 2022	1,283,688				(239,088)
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Stock-based compensation		67,664				67,664
Stock options/awards	$ 45	130,222				130,267
Stock options/awards (in shares)	8,904
Unrealized gain (loss), net on available-for-sale securities				5,085		5,085
Retirement of treasury stock	$ (850)	425	(4,692,425)		$ 4,692,850
Retirement of treasury stock (in shares)	(170,000)				170,000
Repurchase of common stock					$ (658,952)	(658,952)
Repurchase of common stock (in shares)					(11,933)
Foreign currency translation				24,241		24,241
Net gains on commodity derivatives				4,410		4,410
Net income			1,630,988			1,630,988
Balance at Dec. 31, 2023	$ 5,613	$ 4,975,115	$ 5,939,736	$ (125,337)	$ (2,566,383)	$ 8,228,744
Balance (in shares) at Dec. 31, 2023	1,122,592				(81,021)

INVESTMENTS - Maturity Period (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
INVESTMENTS
Amortized Cost	$ 1,032,810	$ 1,429,600
Fair Value	1,032,036	1,423,757
Commercial paper \| Less than 1 year
INVESTMENTS
Amortized Cost	163,775	197,712
Fair Value	163,774	197,710
Municipal securities \| Less than 1 year
INVESTMENTS
Amortized Cost	361	211,791
Fair Value	361	211,239
U.S. government agency securities \| Less than 1 year
INVESTMENTS
Amortized Cost	116,524	109,697
Fair Value	116,548	108,985
U.S. government agency securities \| Due 1 - 10 years
INVESTMENTS
Amortized Cost	23,485	2,016
Fair Value	23,531	2,013
Certificates of deposit \| Less than 1 year
INVESTMENTS
Amortized Cost	15,590	10,078
Fair Value	15,590	10,078
U.S. treasuries \| Less than 1 year
INVESTMENTS
Amortized Cost	412,936	838,825
Fair Value	412,057	834,302
U.S. treasuries \| Due 1 - 10 years
INVESTMENTS
Amortized Cost	35,896	53,215
Fair Value	35,967	53,164
Corporate bonds \| Less than 1 year
INVESTMENTS
Amortized Cost	247,340	0
Fair Value	247,275	0
Corporate bonds \| Due 1 - 10 years
INVESTMENTS
Amortized Cost	16,903	0
Fair Value	16,933	0
Variable rate demand notes \| Due 1 - 10 years
INVESTMENTS
Amortized Cost	0	4,862
Fair Value	0	4,862
Variable rate demand notes \| Due 11 - 20 years
INVESTMENTS
Amortized Cost	0	1,404
Fair Value	$ 0	$ 1,404

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF INCOME
NET SALES	$ 7,140,027	$ 6,311,050	$ 5,541,352
COST OF SALES	3,345,821	3,136,483	2,432,839
GROSS PROFIT	3,794,206	3,174,567	3,108,513
OPERATING EXPENSES	1,840,851	1,589,846	1,311,046
OPERATING INCOME	1,953,355	1,584,721	1,797,467
INTEREST AND OTHER INCOME (EXPENSE), NET	115,127	(12,757)	3,952
INCOME BEFORE PROVISION FOR INCOME TAXES	2,068,482	1,571,964	1,801,419
PROVISION FOR INCOME TAXES	437,494	380,340	423,944
NET INCOME	$ 1,630,988	$ 1,191,624	$ 1,377,475
NET INCOME PER COMMON SHARE:
Basic (in dollar per share)	$ 1.56	$ 1.13	$ 1.30
Diluted (in dollar per share)	$ 1.54	$ 1.12	$ 1.29
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK AND COMMON STOCK EQUIVALENTS:
Basic (in shares)	1,044,887	1,053,558	1,057,526
Diluted (in shares)	1,057,981	1,066,442	1,071,278

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2023

INVESTMENTS

Summary of investments in available-for-sale


									Continuous		Continuous
			Gross		Gross				Unrealized		Unrealized
			Unrealized		Unrealized				Loss Position		Loss Position
	Amortized		Holding		Holding		Fair		less than 12		greater than
December 31, 2023	Cost		Gains		Losses		Value		Months		12 Months
Available-for-sale
Short-term:
Commercial paper	$	163,775	$	—	$	1	$	163,774	$	1	$	—
Certificates of deposit		15,590		—		—		15,590		—		—
Municipal securities		361		—		—		361		—		—
U.S. government agency securities		116,524		90		66		116,548		66		—
U.S. treasuries		412,936		205		1,084		412,057		1,084		—
Corporate bonds		247,340		89		154		247,275		154		—
Long-term:
U.S. government agency securities		23,485		51		5		23,531		5		—
U.S. treasuries		35,896		79		8		35,967		8		—
Corporate bonds		16,903		32		2		16,933		2		—
Total	$	1,032,810	$	546	$	1,320	$	1,032,036	$	1,320	$	—


									Continuous		Continuous
			Gross		Gross				Unrealized		Unrealized
			Unrealized		Unrealized				Loss Position		Loss Position
	Amortized		Holding		Holding		Fair		less than 12		greater than
December 31, 2022	Cost		Gains		Losses		Value		Months		12 Months
Available-for-sale
Short-term:
Commercial paper	$	197,712	$	1	$	4	$	197,709	$	4	$	—
Certificates of deposit		10,078		—		—		10,078		—		—
Municipal securities		211,791		60		612		211,239		612		—
U.S. government agency securities		109,697		3		715		108,985		715		—
U.S. treasuries		838,825		17		4,539		834,303		4,539		—
Long-term:
U.S. government agency securities		2,016		—		3		2,013		3		—
U.S. treasuries		53,215		20		71		53,164		71		—
Variable rate demand notes		6,266		—		—		6,266		—		—
Total	$	1,429,600	$	101	$	5,944	$	1,423,757	$	5,944	$	—

Summary of the underlying contractual maturities of investments


	December 31, 2023				December 31, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Less than 1 year:
Commercial paper	$	163,775	$	163,774	$	197,712	$	197,710
Municipal securities		361		361		211,791		211,239
U.S. government agency securities		116,524		116,548		109,697		108,985
Certificates of deposit		15,590		15,590		10,078		10,078
U.S. treasuries		412,936		412,057		838,825		834,302
Corporate bonds		247,340		247,275		—		—
Due 1 - 10 years:
U.S. treasuries		35,896		35,967		53,215		53,164
U.S. government agency securities		23,485		23,531		2,016		2,013
Variable rate demand notes		—		—		4,862		4,862
Corporate bonds		16,903		16,933		—		—
Due 11 - 20 years:
Variable rate demand notes		—		—		1,404		1,404
Total	$	1,032,810	$	1,032,036	$	1,429,600	$	1,423,757

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

13. COMMITMENTS AND CONTINGENCIES

Contractual Obligations – The Company had the following contractual obligations related primarily to sponsorships and other marketing activities as of December 31, 2023:


Year Ending December 31:

2024	$	328,200
2025		57,310
2026		27,972
2027		4,007
2028		24
2029 and thereafter		118
	$	417,631

Purchase Commitments – The Company had purchase commitments aggregating approximately $414.7 million at December 31, 2023, which represented commitments made by the Company and its subsidiaries to various suppliers of raw materials for the production of its products. These obligations vary in terms but are generally satisfied within one year.

The Company purchases various raw material items, including, but not limited to, flavors, ingredients, supplement ingredients, containers, milk, glucose, sucralose and cream, from a limited number of suppliers. An interruption in supply from any of such resources could result in the Company’s inability to produce certain products for limited or possibly extended periods of time. The aggregate value of purchases from suppliers of such limited resources described above for the years ended December 31, 2023, 2022 and 2021 was $590.5 million, $666.1 million and $698.0 million, respectively.

Guarantees – The Company from time to time enters into certain types of contracts that contingently require the Company to indemnify parties against third-party claims. These contracts primarily relate to: (i) certain agreements with the Company’s officers, directors and employees under which the Company may be required to indemnify such persons for liabilities arising out of their employment relationship, (ii) certain distribution or purchase agreements under which the Company may have to indemnify the Company’s customers from any claim, liability or loss arising out of any actual or alleged injury or damages suffered in connection with the consumption or purchase of the Company’s products or the use of Company trademarks, and (iii) certain real estate leases, under which the Company may be required to indemnify property owners for liabilities and other claims arising from the Company’s use of the applicable premises. The terms of such obligations vary and typically, a maximum obligation is not explicitly stated. Generally, the Company believes that its insurance coverage is adequate to cover any resulting liabilities or claims.

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. 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.

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. As of December 31, 2023, $0.3 million of loss contingencies were included in the Company's accompanying consolidated balance sheet. As of December 31, 2022, no loss contingencies were included in the Company’s accompanying consolidated balance sheet.

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Cash and cash equivalents	$ 2,297,675	$ 1,307,141
Short-term investments	955,605	1,362,314
Investments	76,431	61,443
Asset transfers between Level 1 and Level 2 measurements	0	0
Total fair value
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Cash	1,105,701	1,132,509
Assets measured at fair value	3,333,038	2,727,165
Fair value liabilities	(1,083)	(3,733)
Cash and cash equivalents	2,297,675	1,307,141
Short-term investments	955,605	1,362,314
Accounts receivable, net	4,618	965
Other assets	316
Investments	76,431	61,443
Accrued liabilities	(1,607)	(4,698)
Total fair value \| Money market funds
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	960,873	121,444
Total fair value \| Certificates of deposit
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	33,824	10,078
Total fair value \| Commercial paper
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	163,774	225,067
Total fair value \| Corporate bonds
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	264,208
Total fair value \| Municipal securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	361	213,798
Total fair value \| U.S. government agency securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	159,585	113,357
Total fair value \| U.S. treasuries
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	641,385	908,379
Total fair value \| Variable rate demand notes
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		6,266
Total fair value \| Commodity derivatives
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Fair value liabilities	4,410
Level 1
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Cash	1,105,701	1,132,509
Assets measured at fair value	2,066,574	1,253,953
Fair value liabilities	0	0
Cash and cash equivalents	2,066,574	1,253,953
Short-term investments	0	0
Accounts receivable, net	0	0
Other assets	0
Investments	0	0
Accrued liabilities	0	0
Level 1 \| Money market funds
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	960,873	121,444
Level 1 \| Certificates of deposit
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0	0
Level 1 \| Commercial paper
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0	0
Level 1 \| Corporate bonds
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0
Level 1 \| Municipal securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0	0
Level 1 \| U.S. government agency securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0	0
Level 1 \| U.S. treasuries
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0	0
Level 1 \| Variable rate demand notes
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		0
Level 1 \| Commodity derivatives
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Fair value liabilities	0
Level 2
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Cash	0	0
Assets measured at fair value	1,266,464	1,473,212
Fair value liabilities	(1,083)	(3,733)
Cash and cash equivalents	231,101	53,188
Short-term investments	955,605	1,362,314
Accounts receivable, net	4,618	965
Other assets	316
Investments	76,431	61,443
Accrued liabilities	(1,607)	(4,698)
Level 2 \| Money market funds
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0	0
Level 2 \| Certificates of deposit
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	33,824	10,078
Level 2 \| Commercial paper
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	163,774	225,067
Level 2 \| Corporate bonds
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	264,208
Level 2 \| Municipal securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	361	213,798
Level 2 \| U.S. government agency securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	159,585	113,357
Level 2 \| U.S. treasuries
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	641,385	908,379
Level 2 \| Variable rate demand notes
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		6,266
Level 2 \| Commodity derivatives
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Fair value liabilities	4,410
Level 3
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Cash	0	0
Assets measured at fair value	0	0
Fair value liabilities	0	0
Cash and cash equivalents	0	0
Short-term investments	0	0
Accounts receivable, net	0	0
Other assets	0
Investments	0	0
Accrued liabilities	0	0
Level 3 \| Money market funds
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0	0
Level 3 \| Certificates of deposit
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0	0
Level 3 \| Commercial paper
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0	0
Level 3 \| Corporate bonds
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0
Level 3 \| Municipal securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0	0
Level 3 \| U.S. government agency securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0	0
Level 3 \| U.S. treasuries
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	0	0
Level 3 \| Variable rate demand notes
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		$ 0
Level 3 \| Commodity derivatives
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Fair value liabilities	$ 0

ACQUISITIONS

12 Months Ended

Dec. 31, 2023

ACQUISITIONS

ACQUISITIONS

2. ACQUISITIONS

Bang Energy

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. and certain of its affiliates (collectively, “Bang Energy”) (the “Bang Transaction”). The acquired assets primarily include the Bang Energy® drinks business and a beverage production facility in Phoenix, AZ.

The Company accounted for the Bang Transaction in accordance with FASB ASC 805. 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. 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”). During the year ended December 31, 2023, the Company incurred $16.1 million of acquisition costs related to the Bang Transaction. Acquisition costs are included in operating expenses within the consolidated statements of income.

The following table summarizes the final fair value allocations of the Bang Transaction:


	Identifiable
	Assets
	Acquired and
	(Liabilities)			Consideration
	Assumed		Transferred
Intangibles - trademarks (non-amortizing)	$	209,000	$	—
Intangibles - customer relationships (amortizing)		23,000		—
Property and equipment, net		143,200		—
Inventory		30,496		—
Right-of-use assets		12,523		—
Operating lease liabilities		(12,523)		—
Working capital (excluding inventory)		2,871		—
Other		200		—
Cash		—		363,385
Bang Transaction Gain		—		45,382
Total	$	408,767	$	408,767

The Company determined the fair values as follows:

●Trademarks – relief-from-royalty method of the income approach

●Customer relationships – multi-period excess earnings method of the income approach

●Property and equipment – cost approach and market approach

●Inventory – comparative sales method and replacement cost method

●Bang Transaction Gain – residual of net assets acquired less cash consideration transferred

The book value of the working capital (excluding inventory) approximates fair value due to the short-term nature of the accounts.

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.

CANarchy Craft Brewery Collective LLC

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”). The Company accounted for the CANarchy Transaction in accordance with FASB ASC 805. Effective January 31, 2024, CANarchy began operating under the name Monster Brewing Company.

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.

COMMITMENTS AND CONTINGENCIES - Purchase Commitments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES
Aggregate value of raw material purchases	$ 590.5	$ 666.1	$ 698.0
Raw material items
COMMITMENTS AND CONTINGENCIES
Purchase commitments	$ 414.7
Obligation term ( in years)	1 year

LEASES - Weighted-average remaining lease term and weighted-average discount rate (Details)	Dec. 31, 2023	Dec. 31, 2022
LEASES
Weighted-average remaining lease term (years), Operating leases	6 years 3 months 18 days	6 years 8 months 12 days
Weighted-average remaining lease term (years), Finance leases	8 months 12 days	9 months 18 days
Weighted-average discount rate, Operating leases	4.70%	3.40%
Weighted-average discount rate, Finance leases	6.30%	3.60%

DISTRIBUTION AGREEMENTS

12 Months Ended

Dec. 31, 2023

DISTRIBUTION AGREEMENTS

DISTRIBUTION AGREEMENTS

11. DISTRIBUTION AGREEMENTS

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. The Company incurred termination costs of $0.2 million and $5.3 million for the years ended December 31, 2023 and 2021, respectively. The Company incurred no termination costs for the year ended December 31, 2022. 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.

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, $21.4 million and $21.5 million for the years ended December 31, 2023, 2022 and 2021, respectively.

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2023

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

16. STOCK-BASED COMPENSATION

The Company has two stock-based compensation plans under which shares were available for grant as of December 31, 2023: (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. 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”).

The 2020 Omnibus Incentive Plan provides for the granting of stock options, stock appreciation rights, restricted stock, restricted stock units, performance awards, and other share-based awards up to an aggregate of 92,338,734 shares of the Company’s common stock, comprised of 64,000,000 new shares of common stock reserved under the 2020 Omnibus Incentive Plan, which were authorized on the Effective Date, and 28,338,734 shares of common stock that were available for grant under the 2011 Omnibus Incentive Plan as of December 31, 2019 and prior to the Effective Date. Shares authorized under the 2020 Omnibus Incentive Plan are reduced by one (1) share for options or stock appreciation rights granted under the 2020 Omnibus Incentive Plan and for any grants after December 31, 2019 under the 2011 Omnibus Incentive Plan, and by 2.6 shares for each share granted or issued with respect to a Full Value Award under either the 2020 Omnibus Incentive Plan or for any shares granted after December 31, 2019 under the 2011 Omnibus Incentive Plan. A “Full Value Award” is an award other than an incentive stock option, a non-qualified stock option, or a stock appreciation right, which is settled by the issuance of shares. Options granted under the 2020 Omnibus Incentive Plan may be incentive stock options under Section 422 of the Internal Revenue Code, as amended (the “Code”), or non-qualified stock options.

Shares previously granted under the 2011 Omnibus Incentive Plan after December 31, 2019 and prior to the Effective Date of the 2020 Omnibus Incentive Plan reduced the number of shares available for grant under the 2020 Omnibus Incentive Plan. As of December 31, 2023, 15,547,318 shares of the Company’s common stock have been granted, net of cancellations, and 72,849,815 shares (as adjusted for Full Value Awards) of the Company’s common stock remain available for grant under the 2020 Omnibus Incentive Plan.

The Compensation Committee of the Board of Directors (the “Compensation Committee”) has sole and exclusive authority to grant stock awards to all employees who are not new hires and to all new hires who are subject to Section 16 of the Exchange Act (“Section 16”). Each of the Compensation Committee and the Executive Committee of the Board of Directors (the “Executive Committee”) independently has the authority to grant stock awards to (i) new hires and (ii) employees receiving a promotion, in each case, who are not Section 16 employees. Awards granted by the Executive Committee are not subject to approval or ratification by the Board of Directors or the Compensation Committee. Options granted under the 2020 Omnibus Incentive Plan generally vest over a three- to five-year period from the grant date and are generally exercisable up to 10 years after the grant date. Restricted stock units granted under the 2020 Omnibus Incentive Plan generally vest over a three- or five-year period from the grant date. 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.

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. Deferrals under the Deferred Compensation Plan are unfunded and unsecured. 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.

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. The 2017 Directors Plan permits the granting of stock options, stock appreciation rights, restricted shares or restricted stock units, deferred awards, dividend equivalents, and other share based awards up to an aggregate of 2,500,000 shares of common stock of the Company to non-employee directors of the Company.

Each calendar year, a non-employee director will receive an annual retainer and annual equity award, as provided for in the 2017 Directors Plan, which may be modified from time to time. In February 2022, the Board of Directors amended and restated the 2017 Directors Plan to provide for increases to the annual cash retainer and annual equity retainer that non-employee directors are entitled to receive. Currently, non-employee directors receive an annual equity retainer of approximately $175,000 in the form of restricted stock units at each annual meeting of the Company’s stockholders or promptly thereafter. A non-employee director’s annual award of restricted stock units will generally vest on the earliest to occur of: (a) the last business day immediately preceding the annual meeting of the Company’s stockholders in the calendar year following the calendar year in which the grant date occurs, (b) a Change of Control (as defined in the 2017 Directors Plan), (c) the non-employee director’s death, or (d) the date of the non-employee director’s separation from service due to disability, so long as the non-employee director remains a non-employee director through such date. The Board of Directors may in its discretion award non-employee directors stock options, stock appreciation rights, restricted stock and other share-based awards in lieu of or in addition to restricted stock units. The Board of Directors may amend or terminate the 2017 Directors Plan at any time, subject to certain limitations set forth in the 2017 Directors Plan. As of December 31, 2023, 260,428 shares of the Company’s common stock had been granted under the 2017 Directors Plan, and 2,239,572 shares of the Company’s common stock remain available for grant.

In 2017, the Company adopted the Deferred Compensation Plan for Non-Employee Directors (as a sub plan to the 2017 Directors Plan), pursuant to which the Board of Directors may permit non-employee directors to elect, at such times and in accordance with rules and procedures (or sub-plan) adopted by the Board of Directors (which are intended to comply with Section 409A of the Code, as applicable), to receive all or any portion of such non-employee director’s compensation, whether payable in cash or in equity, on a deferred basis. Deferrals under the Deferred Compensation Plan for Non-Employee Directors are unfunded and unsecured. As of December 31, 2023, deferrals under the Deferred Compensation Plan for Non-Employee Directors are solely comprised of cash compensation and equity compensation and are not material in the aggregate. The 2017 Directors Plan was adopted to effectuate any such deferrals. The 2017 Directors Plan is administered by the Board of Directors. Each award granted under the 2017 Directors Plan will be evidenced by a written agreement and will contain the terms and conditions that the Board of Directors deems appropriate.

In February 2022, as part of the Board of Directors’ amendment and restatement of the 2017 Directors Plan, such amendment and restatement also introduced the requirement for each non-employee director to satisfy the share ownership guidelines set forth below, as may be modified by the Board of Directors from time to time. The current share ownership guidelines provide that non-employee directors of the Company must:

●

Hold shares of Company common stock having a total value of five times the annual retainer payable to a non-employee director (excluding any portion of the annual retainer attributable to a non-employee director’s service as a member of a subcommittee, as a chair of a subcommittee or as the lead independent director, as applicable). For this purpose, deferred shares or deferred restricted stock units will be deemed held, to the extent vested.

●

The minimum stock ownership level must be achieved by each non-employee director by the fifth anniversary of such non-employee director’s initial appointment to the Board of Directors.

●

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.

●

There may be rare instances where these guidelines would place a hardship on a non-employee director. 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 $68.8 million, $64.1 million and $70.5 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, 2023, 2022 and 2021, respectively.

The tax benefit for tax deductions from non-qualified stock option exercises, disqualifying dispositions of incentive stock options and vesting of restricted stock units and performance share units for the years ended December 31, 2023, 2022 and 2021 was $62.2 million, $9.1 million and $6.8 million, respectively.

Stock Options

Under the Company’s stock-based compensation plans, all stock options granted through December 31, 2023 were granted at prices based on the fair value of the Company’s common stock on the date of grant. 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. 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. The Company uses historical data to determine the exercise behavior, volatility and forfeiture rate of the options.

The following weighted-average assumptions were used to estimate the fair value of options granted during:


	2023		2022		2021
Dividend yield	0.0	%	0.0	%	0.0	%
Expected volatility	27.6	%	27.7	%	28.9	%
Risk-free interest rate	3.75	%	2.15	%	0.85	%
Expected term	6.3 Years		6.1 Years		5.8 Years

Expected Volatility: The Company uses historical volatility as it provides a reasonable estimate of the expected volatility. Historical volatility is based on the most recent volatility of the stock price over a period of time equivalent to the expected term of the option.

Risk-Free Interest Rate: The risk-free interest rate is based on the U.S. treasury zero-coupon yield curve in effect at the time of grant for the expected term of the option.

Expected Term: The Company’s expected term represents the weighted-average period that the Company’s stock options are expected to be outstanding. The expected term is based on 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.

The following table summarizes the Company’s activities with respect to its stock option plans as follows:


				Weighted-
		Weighted-		Average
		Average		Remaining
	Number of	Exercise		Contractual
	Shares (in	Price Per		Term (in	Aggregate
Options	thousands)	Share		years)	Intrinsic Value
Outstanding at January 1, 2023	29,710	$	26.38	5.0	$	724,651
Granted 01/01/23 - 03/31/23	3,962	$	50.82
Granted 04/01/23 - 06/30/23	31	$	59.36
Granted 07/01/23 - 09/30/23	25	$	57.71
Granted 10/01/23 - 12/31/23	25	$	52.54
Exercised	(8,310)	$	15.67
Cancelled or forfeited	(460)	$	40.96
Outstanding at December 31, 2023	24,983	$	33.64	5.8	$	598,866
Vested and expected to vest in the future at December 31, 2023	24,215	$	33.30	5.7	$	588,750
Exercisable at December 31, 2023	14,481	$	27.25	4.0	$	439,669

The following table summarizes information about stock options outstanding and exercisable at December 31, 2023:


					Options Outstanding				Options Exercisable
						Weighted
						Average	Weighted		Number	Weighted
					Number	Remaining	Average		Exercisable	Average
Range of Exercise					Outstanding	Contractual	Exercise		(In	Exercise
Prices ($)					(In Thousands)	Term (Years)	Price ($)		Thousands)	Price ($)
$	11.50	-	$	21.99	3,218	2.2	$	21.36	3,218	$	21.36
$	22.46	-	$	23.14	3,085	2.5	$	22.87	3,085	$	22.87
$	24.38	-	$	28.98	833	4.6	$	26.69	773	$	26.59
$	29.37	-	$	29.37	3,017	4.2	$	29.37	3,017	$	29.37
$	29.84	-	$	31.20	4,208	5.6	$	30.41	3,137	$	30.34
$	31.46	-	$	33.71	69	5.2	$	32.25	45	$	32.00
$	36.62	-	$	36.62	4,305	8.2	$	36.62	520	$	36.62
$	38.96	-	$	48.90	2,307	7.4	$	44.18	686	$	44.42
$	50.82	-	$	50.82	3,873	9.2	$	50.82	—	$	—
$	52.02	-	$	59.36	68	9.5	$	55.56	—	$	—
					24,983	5.8	$	33.64	14,481	$	27.25

The weighted-average grant-date fair value of options granted during the years ended December 31, 2023, 2022 and 2021 was $18.28 per share, $11.74 per share and $12.90 per share, respectively. The total intrinsic value of options exercised during the years ended December 31, 2023, 2022 and 2021 was $333.5 million, $68.2 million and $51.2 million, respectively.

Cash received from option exercises under all plans for the years ended December 31, 2023, 2022 and 2021 was $130.3 million, $64.0 million and $45.7 million, respectively.

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. That cost is expected to be recognized over a weighted-average period of 3.0 years.

Restricted Stock Units and Performance Share Units

The cost of stock-based compensation for restricted stock units and performance share units is measured based on the closing fair market value of the Company’s common stock at the date of grant. 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.

The following table summarizes the Company’s activities with respect to non-vested restricted stock units and performance share units as follows:


		Weighted
	Number of	Average
	Shares (in	Grant-Date
	thousands)	Fair Value
Non-vested at January 1, 2023	2,026	$	36.27
Granted 01/01/23 - 03/31/23¹	523	$	48.49
Granted 04/01/23 - 06/30/23	22	$	59.70
Granted 07/01/23 - 09/30/23	2	$	56.38
Granted 10/01/23 - 12/31/23	8	$	51.99
Vested	(595)	$	32.84
Forfeited/cancelled	(22)	$	32.49
Non-vested at December 31, 2023	1,964	$	40.95

¹The grant activity for performance share units is recorded based on the target performance level earning 100% of target performance share units. The actual number of performance share units earned could range from 0% to 200% of target depending on the achievement of pre-established performance goals.

The weighted-average grant-date fair value of restricted stock units and/or performance share units granted during the years ended December 31, 2023, 2022 and 2021 was $51.24, $37.13 and $44.56 per share, respectively. As of December 31, 2023, 1.9 million of restricted stock units and performance share units are expected to vest.

At December 31, 2023, total unrecognized compensation expense relating to non-vested restricted stock units and performance share units was $32.0 million, which is expected to be recognized over a weighted-average period of 1.2 years.

Other Share-Based Awards

The Company has granted other share-based awards to certain employees that are payable in cash. These awards are classified as liabilities and are valued based on the fair value of the award at the grant date and are remeasured at each reporting date until settlement, with compensation expense being recognized in proportion to the completed requisite service period up until date of settlement. At December 31, 2023, other share-based awards outstanding included grants that vest over three years payable in the first quarters of 2024, 2025 and 2026.

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. That cost is expected to be recognized over a weighted-average period of 1.0 years.

Employee and Non-Employee Share-Based Compensation Expense

The table below shows the amounts recognized in the consolidated financial statements for the years ended December 31, 2023, 2022 and 2021 for share-based compensation related to employees and non-employees.

Employee and non-employee share-based compensation expense of $68.8 million for the year ended December 31, 2023 is comprised of $10.3 million relating to incentive stock options, $1.2 million relating to other share-based awards and $57.3 million relating to non-qualified stock options, restricted stock units and performance share units.

Employee and non-employee share-based compensation expense of $64.1 million for the year ended December 31, 2022 is comprised of $9.4 million relating to incentive stock options, $0.7 million relating to other share-based awards and $54.0 million relating to non-qualified stock options, restricted stock units and performance share units.

Employee and non-employee share-based compensation expense of $70.5 million for the year ended December 31, 2021 is comprised of $8.3 million relating to incentive stock options, $1.6 million relating to other share-based awards and $60.6 million relating to non-qualified stock options, restricted stock units and performance share units.


	2023		2022		2021
Operating expenses	$	68,836	$	64,109	$	70,483
Total employee and non-employee share-based compensation expense included in income, before income tax		68,836		64,109		70,483
Less: Amount of income tax benefit recognized in earnings		(64,401)		(13,175)		(14,228)
Amount charged against net income	$	4,435	$	50,934	$	56,255

SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2023

SEGMENT INFORMATION

Schedule of net revenues and other financial information by segment


	2023		2022		2021
Net sales:
Monster Energy® Drinks¹	$	6,555,089	$	5,833,211	$	5,220,673
Strategic Brands		376,589		353,490		294,762
Alcohol Brands²		184,855		101,405		—
Other		23,494		22,944		25,917
Corporate and unallocated		—		—		—
	$	7,140,027	$	6,311,050	$	5,541,352


	2023		2022		2021
Operating Income:
Monster Energy® Drinks¹	$	2,338,744	$	1,850,053	$	1,990,785
Strategic Brands		207,146		197,709		173,660
Alcohol Brands²		(81,124)		(31,502)		—
Other		3,564		3,040		6,935
Corporate and unallocated		(514,975)		(434,579)		(373,913)
	$	1,953,355	$	1,584,721	$	1,797,467


	2023		2022		2021
Income before tax:
Monster Energy® Drinks¹	$	2,342,355	$	1,853,011	$	1,992,185
Strategic Brands		207,202		197,843		173,739
Alcohol Brands²		(81,405)		(31,772)		—
Other		3,610		3,041		6,935
Corporate and unallocated		(403,280)		(450,159)		(371,440)
	$	2,068,482	$	1,571,964	$	1,801,419

(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.

(2)	For the year ended December 31, 2022, effectively from February 17, 2022 to December 31, 2022.


	2023		2022		2021
Depreciation and amortization:
Monster Energy® Drinks	$	37,606	$	31,957	$	34,532
Strategic Brands		793		924		1,085
Alcohol Brands		15,745		13,440		—
Other		1,264		4,461		4,485
Corporate and unallocated		13,490		10,459		10,053
	$	68,898	$	61,241	$	50,155

Schedule of goodwill and other intangible assets for the reportable segments


	2023		2022
Goodwill and other intangible assets:
Monster Energy® Drinks	$	1,663,814	$	1,424,212
Strategic Brands		982,471		979,896
Alcohol Brands		198,795		233,140
Other		—		1,103
Corporate and unallocated		—		—
	$	2,845,080	$	2,638,351

LEASES - Supplemental cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 10,634	$ 8,164	$ 4,123
Operating cash flows from finance leases	255	24	19
Financing cash flows from finance leases	6,346	2,091	2,698
ROU assets obtained in exchange for lease obligations:
Finance leases	12,010	1,897	2,878
Operating leases	$ 30,342	$ 22,962	$ 4,313

INVENTORIES

12 Months Ended

Dec. 31, 2023

INVENTORIES

INVENTORIES

8. INVENTORIES

Inventories consist of the following at December 31:


	2023		2022
Raw materials	$	330,021	$	467,392
Work in process		1,403		1,688
Finished goods		639,982		466,551
	$	971,406	$	935,631

GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization expense (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Future estimated amortization expense related to amortizing intangibles
2024	$ 5,948
2025	5,947
2026	5,947
2027	5,946
2028	5,945
2029 and thereafter	40,150
Amortizing intangibles, net	$ 69,883	$ 52,588

REVENUE RECOGNITION - (Details)	12 Months Ended
REVENUE RECOGNITION - (Details)	Dec. 31, 2023 segment
REVENUE RECOGNITION
Number of operating segments	4
Number of reportable segments	4
Distribution agreement, revenue recognition period	20 years

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Fair value (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Derivatives designated as hedging instruments \| Accounts receivables, net \| Commodity contracts
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Fair value assets	$ 4,480	$ 0
Derivatives designated as hedging instruments \| Other assets \| Commodity contracts
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Fair value assets	316	0
Derivatives designated as hedging instruments \| Accrued liabilities \| Commodity contracts
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Fair value assets		0
Fair value liabilities	(386)
Derivatives not designated as hedging instruments \| Accounts receivables, net \| Foreign currency exchange contracts
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Fair value assets	138	965
Derivatives not designated as hedging instruments \| Accrued liabilities \| Foreign currency exchange contracts
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Fair value liabilities	$ (1,221)	$ (4,698)

DEBT (Details) - USD ($) $ in Millions	1 Months Ended
DEBT (Details) - USD ($) $ in Millions	Apr. 30, 2020	Dec. 31, 2023
Comerica Bank \| Line of credit
DEBT
Maximum borrowing capacity	$ 10.0
Outstanding borrowings		$ 0.0
Comerica Bank \| Line of credit \| Base (prime) rate \| Minimum
DEBT
Percentage to be subtracted to compute the variable rate on the debt instrument	1.00%
Comerica Bank \| Line of credit \| Base (prime) rate \| Maximum
DEBT
Percentage to be subtracted to compute the variable rate on the debt instrument	1.50%
Comerica Bank \| Standby letters of credit
DEBT
Maximum borrowing capacity	$ 4.0
Amount outstanding		0.0
Comerica Bank \| Standby letters of credit \| Minimum
DEBT
Fee (as a percent)	1.00%
Comerica Bank \| Standby letters of credit \| Maximum
DEBT
Fee (as a percent)	1.50%
HSBC Bank (China) Company Limited \| Line of credit
DEBT
Maximum borrowing capacity		15.0
Amount outstanding		$ 0.0
Interest rate (as a percent)		5.50%

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

Schedule of financial assets and liabilities recorded at fair value on a recurring basis


December 31, 2023	Level 1		Level 2		Level 3		Total
Cash	$	1,105,701	$	—	$	—	$	1,105,701
Money market funds		960,873		—		—		960,873
Certificates of deposit		—		33,824		—		33,824
Commercial paper		—		163,774		—		163,774
Corporate bonds		—		264,208		—		264,208
Municipal securities		—		361		—		361
U.S. government agency securities		—		159,585		—		159,585
U.S. treasuries		—		641,385		—		641,385
Foreign currency derivatives		—		(1,083)		—		(1,083)
Commodity derivatives		—		4,410		—		4,410
Total	$	2,066,574	$	1,266,464	$	—	$	3,333,038

Amounts included in:
Cash and cash equivalents	$	2,066,574	$	231,101	$	—	$	2,297,675
Short-term investments		—		955,605		—		955,605
Accounts receivable, net		—		4,618		—		4,618
Other assets		—		316		—		316
Investments		—		76,431		—		76,431
Accrued liabilities		—		(1,607)		—		(1,607)
Total	$	2,066,574	$	1,266,464	$	—	$	3,333,038


December 31, 2022	Level 1		Level 2		Level 3		Total
Cash	$	1,132,509	$	—	$	—	$	1,132,509
Money market funds		121,444		—		—		121,444
Certificates of deposit		—		10,078		—		10,078
Commercial paper		—		225,067		—		225,067
Variable rate demand notes		—		6,266		—		6,266
Municipal securities		—		213,798		—		213,798
U.S. government agency securities		—		113,357		—		113,357
U.S. treasuries		—		908,379		—		908,379
Foreign currency derivatives		—		(3,733)		—		(3,733)
Total	$	1,253,953	$	1,473,212	$	—	$	2,727,165

Amounts included in:
Cash and cash equivalents	$	1,253,953	$	53,188	$	—	$	1,307,141
Short-term investments		—		1,362,314		—		1,362,314
Accounts receivable, net		—		965		—		965
Investments		—		61,443		—		61,443
Accrued liabilities		—		(4,698)		—		(4,698)
Total	$	1,253,953	$	1,473,212	$	—	$	2,727,165

ACQUISITIONS (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
ACQUISITIONS (Details) - USD ($) $ in Thousands	Feb. 17, 2022	Jul. 31, 2023	Dec. 31, 2023
ACQUISITIONS
Settlement of a pre-existing relationship			$ 45,382
Bang Energy
ACQUISITIONS
Total		$ 408,767
Cash		363,385
Settlement of a pre-existing relationship		$ 45,382	45,400
Bang Energy \| Operating Expense [Member]
ACQUISITIONS
Acquisition costs incurred			$ 16,100
CANarchy
ACQUISITIONS
Business combination consideration including adjustments transferred	$ 329,500

TREASURY STOCK

12 Months Ended

Dec. 31, 2023

TREASURY STOCK

TREASURY STOCK

15. TREASURY STOCK

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”). 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.

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”). 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. As of February 27, 2024, $142.4 million remained available for repurchase 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”). During the year ended December 31, 2023, no shares were repurchased under the November 2023 Repurchase Plan. As of February 27, 2024, $500.0 million remained available for repurchase under the November 2023 Repurchase Plan.

The aggregate amount of the Company’s outstanding common stock that remains available for repurchase under all previously authorized repurchase plans is $642.4 million as of February 27, 2024.

During the year ended December 31, 2023, 3.8 million shares of common stock were purchased from employees in lieu of cash payments for options exercised or withholding taxes due for a total amount of $214.2 million. While such purchases are considered common stock repurchases, they are not counted as purchases against the Company’s authorized share repurchase programs. Such shares are included in common stock in treasury in the accompanying consolidated balance sheet at December 31, 2023.

STOCK-BASED COMPENSATION - Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Compensation cost charged against income
Operating expenses	$ 68,836	$ 64,109	$ 70,483
Total employee and non-employee share-based compensation expense included in income, before income tax	68,836	64,109	70,483
Less: Amount of income tax benefit recognized in earnings	(64,401)	(13,175)	(14,228)
Amount charged against net income	4,435	50,934	56,255
Incentive Stock Options
Compensation cost charged against income
Total employee and non-employee share-based compensation expense included in income, before income tax	10,300	9,400	8,300
Other Share-Based Awards
Compensation cost charged against income
Total employee and non-employee share-based compensation expense included in income, before income tax	1,200	700	1,600
Non-Qualified Stock Options
Compensation cost charged against income
Total employee and non-employee share-based compensation expense included in income, before income tax	57,300	54,000	60,600
Operating expense
Compensation cost charged against income
Total employee and non-employee share-based compensation expense included in income, before income tax	$ 68,800	$ 64,100	$ 70,500

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.005	$ 0.005
Common stock, shares authorized	5,000,000	5,000,000
Common stock, shares issued	1,122,592	1,283,688
Common stock, shares outstanding	1,041,571	1,044,600
Common stock in treasury, shares	81,021	239,088

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Feb. 15, 2024	Jun. 30, 2023
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Entity File Number	001-18761
Entity Registrant Name	MONSTER BEVERAGE CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-1809393
Entity Address, Address Line One	1 Monster Way
Entity Address, City or Town	Corona
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92879
City Area Code	951
Local Phone Number	739 - 6200
Title of 12(b) Security	Common Stock, $0.005 par value per share
Trading Symbol	MNST
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float				$ 55,372,401,420
Entity Common Stock, Shares Outstanding			1,040,636,235
Entity Central Index Key	0000865752
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Ernst & Young LLP	DELOITTE & TOUCHE LLP
Auditor Firm ID	42	34
Auditor Location	Irvine, California	Costa Mesa, California

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2023

INVENTORIES

Schedule of inventories


	2023		2022
Raw materials	$	330,021	$	467,392
Work in process		1,403		1,688
Finished goods		639,982		466,551
	$	971,406	$	935,631

TREASURY STOCK (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		12 Months Ended
	Aug. 04, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Feb. 27, 2024	Nov. 07, 2023	Nov. 02, 2022	Jun. 14, 2022
TREASURY STOCK
Amount of shares purchased		$ 658,952	$ 771,028	$ 13,830
Number of shares repurchased of common stock from employees in lieu of cash or withholding taxes due		3.8
Cash payment for repurchase of common stock from employees in lieu of cash or withholding taxes due		$ 214,200
Subsequent event
TREASURY STOCK
Share repurchase program, authorized remaining amount					$ 642,400
June 2022 Repurchase Plan
TREASURY STOCK
Repurchase price of stock		$ 182,800
Average purchase price (in dollars per share)	$ 55.52
June 2022 Repurchase Plan \| Common stock
TREASURY STOCK
Common stock repurchased (in shares)		3.3
June 2022 Repurchase Plan \| Maximum
TREASURY STOCK
Share repurchase program, authorized amount								$ 500,000
November 2022 Repurchase Plan
TREASURY STOCK
Repurchase price of stock		$ 260,300
Share repurchase program, authorized amount							$ 500,000
Average purchase price (in dollars per share)		$ 54.31
November 2022 Repurchase Plan \| Common stock
TREASURY STOCK
Common stock repurchased (in shares)		4.8
November 2022 Repurchase Plan \| Subsequent event
TREASURY STOCK
Share repurchase program, authorized remaining amount					142,400
November 2023 Repurchase Plan
TREASURY STOCK
Common stock repurchased (in shares)		0.0
Share repurchase program, authorized amount						$ 500,000
November 2023 Repurchase Plan \| Subsequent event
TREASURY STOCK
Share repurchase program, authorized remaining amount					$ 500,000

INVESTMENTS

12 Months Ended

Dec. 31, 2023

INVESTMENTS

INVESTMENTS

5. INVESTMENTS

The following table summarizes the Company’s investments at:


									Continuous		Continuous
			Gross		Gross				Unrealized		Unrealized
			Unrealized		Unrealized				Loss Position		Loss Position
	Amortized		Holding		Holding		Fair		less than 12		greater than
December 31, 2023	Cost		Gains		Losses		Value		Months		12 Months
Available-for-sale
Short-term:
Commercial paper	$	163,775	$	—	$	1	$	163,774	$	1	$	—
Certificates of deposit		15,590		—		—		15,590		—		—
Municipal securities		361		—		—		361		—		—
U.S. government agency securities		116,524		90		66		116,548		66		—
U.S. treasuries		412,936		205		1,084		412,057		1,084		—
Corporate bonds		247,340		89		154		247,275		154		—
Long-term:
U.S. government agency securities		23,485		51		5		23,531		5		—
U.S. treasuries		35,896		79		8		35,967		8		—
Corporate bonds		16,903		32		2		16,933		2		—
Total	$	1,032,810	$	546	$	1,320	$	1,032,036	$	1,320	$	—


									Continuous		Continuous
			Gross		Gross				Unrealized		Unrealized
			Unrealized		Unrealized				Loss Position		Loss Position
	Amortized		Holding		Holding		Fair		less than 12		greater than
December 31, 2022	Cost		Gains		Losses		Value		Months		12 Months
Available-for-sale
Short-term:
Commercial paper	$	197,712	$	1	$	4	$	197,709	$	4	$	—
Certificates of deposit		10,078		—		—		10,078		—		—
Municipal securities		211,791		60		612		211,239		612		—
U.S. government agency securities		109,697		3		715		108,985		715		—
U.S. treasuries		838,825		17		4,539		834,303		4,539		—
Long-term:
U.S. government agency securities		2,016		—		3		2,013		3		—
U.S. treasuries		53,215		20		71		53,164		71		—
Variable rate demand notes		6,266		—		—		6,266		—		—
Total	$	1,429,600	$	101	$	5,944	$	1,423,757	$	5,944	$	—

During the years ended December 31, 2023, 2022 and 2021, realized gains or losses recognized on the sale of investments were not significant.

The Company’s investments at December 31, 2023 and 2022 carried investment grade credit ratings. 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. All of the put options are secured by a pledged liquidity source. 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.

The following table summarizes the underlying contractual maturities of the Company’s investments at:


	December 31, 2023				December 31, 2022
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Less than 1 year:
Commercial paper	$	163,775	$	163,774	$	197,712	$	197,710
Municipal securities		361		361		211,791		211,239
U.S. government agency securities		116,524		116,548		109,697		108,985
Certificates of deposit		15,590		15,590		10,078		10,078
U.S. treasuries		412,936		412,057		838,825		834,302
Corporate bonds		247,340		247,275		—		—
Due 1 - 10 years:
U.S. treasuries		35,896		35,967		53,215		53,164
U.S. government agency securities		23,485		23,531		2,016		2,013
Variable rate demand notes		—		—		4,862		4,862
Corporate bonds		16,903		16,933		—		—
Due 11 - 20 years:
Variable rate demand notes		—		—		1,404		1,404
Total	$	1,032,810	$	1,032,036	$	1,429,600	$	1,423,757

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Advertising and Promotional Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Advertising and promotional expenses	$ 528.9	$ 460.7	$ 417.6

SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2023

SEGMENT INFORMATION

SEGMENT INFORMATION

20. SEGMENT INFORMATION

The Company has four operating and reportable segments: (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.

The Company’s Monster Energy® Drinks segment primarily generates net operating revenues by selling ready-to-drink packaged drinks primarily to bottlers/distributors. 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. Such bottlers generally combine the concentrates and/or beverage bases with sweeteners, water and other ingredients to produce ready-to-drink packaged energy drinks. 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. To a lesser extent, the Strategic Brands segment generates net operating revenues by selling certain ready-to-drink packaged energy drinks to bottlers/distributors.

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.

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.

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:


	2023		2022		2021
Net sales:
Monster Energy® Drinks¹	$	6,555,089	$	5,833,211	$	5,220,673
Strategic Brands		376,589		353,490		294,762
Alcohol Brands²		184,855		101,405		—
Other		23,494		22,944		25,917
Corporate and unallocated		—		—		—
	$	7,140,027	$	6,311,050	$	5,541,352


	2023		2022		2021
Operating Income:
Monster Energy® Drinks¹	$	2,338,744	$	1,850,053	$	1,990,785
Strategic Brands		207,146		197,709		173,660
Alcohol Brands²		(81,124)		(31,502)		—
Other		3,564		3,040		6,935
Corporate and unallocated		(514,975)		(434,579)		(373,913)
	$	1,953,355	$	1,584,721	$	1,797,467


	2023		2022		2021
Income before tax:
Monster Energy® Drinks¹	$	2,342,355	$	1,853,011	$	1,992,185
Strategic Brands		207,202		197,843		173,739
Alcohol Brands²		(81,405)		(31,772)		—
Other		3,610		3,041		6,935
Corporate and unallocated		(403,280)		(450,159)		(371,440)
	$	2,068,482	$	1,571,964	$	1,801,419

(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.

(2)	For the year ended December 31, 2022, effectively from February 17, 2022 to December 31, 2022.


	2023		2022		2021
Depreciation and amortization:
Monster Energy® Drinks	$	37,606	$	31,957	$	34,532
Strategic Brands		793		924		1,085
Alcohol Brands		15,745		13,440		—
Other		1,264		4,461		4,485
Corporate and unallocated		13,490		10,459		10,053
	$	68,898	$	61,241	$	50,155

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.

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.

Corporate and unallocated expenses were $373.9 million for the year ended December 31, 2021 and included $258.6 million of payroll costs, of which $70.3 million was attributable to stock-based compensation expense (See Note 16, “Stock-Based Compensation”), $77.9 million of professional service expenses, including accounting and legal costs, $9.3 million of insurance costs and $28.1 million of other operating expenses.

Coca-Cola Consolidated, Inc. accounted for approximately 10%, 11% and 12% of the Company’s net sales for the years ended December 31, 2023, 2022 and 2021, respectively.

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.

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.

Net sales to customers outside the United States amounted to $2.71 billion, $2.36 billion and $2.04 billion for the years ended December 31, 2023, 2022 and 2021, respectively. Such sales were approximately 38%, 37% and 37% of net sales for the years ended December 31, 2023, 2022 and 2021, respectively.

Goodwill and other intangible assets for the Company’s reportable segments as of December 31, 2023 and 2022 are as follows:


	2023		2022
Goodwill and other intangible assets:
Monster Energy® Drinks	$	1,663,814	$	1,424,212
Strategic Brands		982,471		979,896
Alcohol Brands		198,795		233,140
Other		—		1,103
Corporate and unallocated		—		—
	$	2,845,080	$	2,638,351

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

COMMITMENTS AND CONTINGENCIES - Litigation (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
Loss contingencies	$ 0.3	$ 0.0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 1,630,988	$ 1,191,624	$ 1,377,475
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	68,898	61,241	50,155
Non-cash lease expense	9,043	7,337	4,107
Loss (gain) on disposal of property and equipment	166	(185)	(1,013)
Gain on Bang Transaction	(45,382)
Loss on impairment of intangibles	38,700	2,200	0
Loss on impairment of property and equipment	4,336	0	0
Stock-based compensation	68,836	64,109	70,483
Deferred income taxes	2,040	48,182	16,429
Effect on cash of changes in operating assets and liabilities net of acquisitions:
Accounts receivable	(163,158)	(128,981)	(254,228)
Inventories	7,898	(347,712)	(277,793)
Prepaid expenses and other assets	(10,215)	(38,268)	(29,341)
Prepaid income taxes	(18,833)	(4,439)	(10,919)
Accounts payable	112,786	49,765	114,297
Accrued liabilities	(10,393)	(30,419)	71,586
Accrued promotional allowances	8,418	50,821	31,498
Accrued compensation	13,398	3,729	7,950
Income taxes payable	1,748	(16,860)	7,221
Other liabilities	22,951	(4,540)	492
Deferred revenue	(24,472)	(19,905)	(22,658)
Net cash provided by operating activities	1,717,753	887,699	1,155,741
CASH FLOWS FROM INVESTING ACTIVITIES:
Sales of available-for-sale investments	2,029,737	2,252,355	1,488,599
Purchases of available-for-sale investments	(1,620,718)	(1,847,067)	(2,413,143)
Purchases of property and equipment	(221,428)	(188,726)	(43,868)
Proceeds from sale of property and equipment	2,520	1,313	1,328
Additions to intangibles	(13,296)	(23,427)	(13,585)
Increase in other assets	(6,825)	(26,343)	(11,353)
Net cash used in investing activities	(193,395)	(161,367)	(992,022)
CASH FLOWS FROM FINANCING ACTIVITIES:
(Payments) borrowings on debt	(13,914)	75	2,928
Issuance of common stock	130,267	64,015	45,723
Purchases of common stock held in treasury	(658,952)	(771,028)	(13,830)
Net cash (used in) provided by financing activities	(542,599)	(706,938)	34,821
Effect of exchange rate changes on cash and cash equivalents	8,775	(38,715)	(52,491)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	990,534	(19,321)	146,049
CASH AND CASH EQUIVALENTS, beginning of year	1,307,141	1,326,462	1,180,413
CASH AND CASH EQUIVALENTS, end of year	2,297,675	1,307,141	1,326,462
Cash paid during the year for:
Interest	363	431	134
Income taxes	423,224	379,998	$ 420,521
Bang Energy
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on Bang Transaction	(45,400)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition, net of cash	$ (363,385)
CANarchy
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition, net of cash		$ (329,472)

LEASES

12 Months Ended

Dec. 31, 2023

LEASES

LEASES

4. LEASES

The Company leases identified assets consisting primarily of office and warehouse space, warehouse equipment and vehicles. Leases are classified as either finance leases or operating leases based on criteria in FASB ASC 842. 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.

The components of lease cost for the years ended December 31, 2023, 2022 and 2021 were as follows:


	2023		2022		2021
Operating lease cost	$	12,060	$	8,641	$	4,614
Short-term lease cost		5,545		3,705		5,218
Variable lease cost		861		773		710

Finance leases:
Amortization of right-of-use assets		1,259		545		546
Interest on lease liabilities		255		24		19
Finance lease cost		1,514		569		565

Total lease cost	$	19,980	$	13,688	$	11,107

Supplemental cash flow information related to leases for the years ended December 31, 2023, 2022 and 2021 were as follows:

	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	10,634	$	8,164	$	4,123
Operating cash flows from finance leases		255		24		19
Financing cash flows from finance leases		6,346		2,091		2,698

ROU assets obtained in exchange for lease obligations:
Finance leases		12,010		1,897		2,878
Operating leases		30,342		22,962		4,313

Supplemental balance sheet information related to leases was as follows:


		December 31,		December 31,
	Balance Sheet Location	2023		2022
Operating leases:
Right-of-use assets	Other assets	$	58,845	$	38,012

Current lease liabilities	Accrued liabilities	$	11,088	$	7,747
Noncurrent lease liabilities	Other liabilities		48,459		29,586
Total operating lease liabilities		$	59,547	$	37,333

Finance leases:
Right-of-use assets	Property and equipment, net	$	11,147	$	1,598

Current lease liabilities	Accrued liabilities	$	6,449	$	757
Noncurrent lease liabilities	Other liabilities		19		41
Total finance lease liabilities		$	6,468	$	798

Weighted-average remaining lease term and weighted-average discount rate for the Company’s leases were as follows:


	December 31,		December 31,
	2023		2022
Weighted-average remaining lease term in years:
Operating leases	6.3		6.7
Finance leases	0.7		0.8

Weighted-average discount rate:
Operating leases	4.7	%	3.4	%
Finance leases	6.3	%	3.6	%

The following table outlines maturities of the Company’s lease liabilities as of December 31, 2023:


	Undiscounted Future Lease Payments
	Operating Leases		Finance Leases
2024	$	13,490	$	6,601
2025		11,555		17
2026		9,522		2
2027		9,216		—
2028		7,706		—
2029 and thereafter		17,822		—
Total lease payments		69,311		6,620
Less imputed interest		(9,764)		(152)
Total	$	59,547	$	6,468

As of December 31, 2023, the Company did not have any significant leases that had not yet commenced.

EMPLOYEE BENEFIT PLAN

12 Months Ended

Dec. 31, 2023

EMPLOYEE BENEFIT PLAN

EMPLOYEE BENEFIT PLAN

19. EMPLOYEE BENEFIT PLAN

Employees of the Company may participate in the Monster Beverage Corporation 401(k) Plan, a defined contribution plan, which qualifies under Section 401(k) of the Internal Revenue Code. Participating employees may contribute into a traditional plan with pretax salary or into a Roth plan with after tax salary up to statutory limits. The Company contributes 50% of the employee contribution, up to 8% of each employee’s earnings, which vest over four years (2 years of service = 50%, 3 years of service = 75%, 4 years of service = 100%). Matching contributions were $8.5 million, $6.9 million and $5.5 million for the years ended December 31, 2023, 2022 and 2021, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (o)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Hedging designation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Gain (loss) recognized in AOCI	$ 4,410
Derivatives designated as hedging instruments \| Commodity derivatives \| Cash Flow Hedging
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Notional value	98,300
Gain (loss) recognized in AOCI	$ 4,410
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Goods and Services Sold
Gain (loss) reclassified from AOCI into income	$ (317)
Amount to be reclassified	$ 4,100

LEASES - Supplemental balance sheet information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating leases:
Right-of-use assets	$ 58,845	$ 38,012
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Current lease liabilities	$ 11,088	$ 7,747
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current	Accrued Liabilities, Current
Noncurrent lease liabilities	$ 48,459	$ 29,586
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total operating lease liabilities	$ 59,547	$ 37,333
Finance leases:
Right-of-use assets	$ 11,147	$ 1,598
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Current lease liabilities	$ 6,449	$ 757
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Noncurrent lease liabilities	$ 19	$ 41
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total finance lease liabilities	$ 6,468	$ 798

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2023

RELATED PARTY TRANSACTIONS

Schedule of related party transactions


	December 31,		December 31,
	2023		2022
Accounts receivable, net	$	135,246	$	88,169
Accounts payable	$	(68,386)	$	(35,467)
Accrued promotional allowances	$	(13,794)	$	(11,222)
Accrued liabilities	$	(19,745)	$	(14,733)

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2023

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

21. RELATED PARTY TRANSACTIONS

TCCC controls approximately 19.6% of the voting interests of the Company. The TCCC Subsidiaries, the TCCC Related Parties and certain TCCC independent bottlers, purchase and distribute the Company’s products in domestic and certain international markets. The Company also pays TCCC a commission based on certain sales within the TCCC distribution network.

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. TCCC commissions, based on sales to the TCCC Independent Bottlers for the year ended December 31, 2023 were $32.0 million, and are included in operating expenses in the consolidated statements of income.

TCCC commissions, based on sales to the TCCC Subsidiaries and the TCCC Related Parties, for the year ended December 31, 2022 were $49.3 million, and are included as a reduction to net sales. TCCC commissions, based on sales to the TCCC Independent Bottlers for the year ended December 31, 2022 were $30.7 million, and are included in operating expenses in the consolidated statements of income.

TCCC commissions, based on sales to the TCCC Subsidiaries and the TCCC Related Parties, for the year ended December 31, 2021 were $77.5 million, and are included as a reduction to net sales. TCCC commissions, based on sales to the TCCC Independent Bottlers for the year ended December 31, 2021 were $28.7 million, and are included in operating expenses in the consolidated statements of income.

Net sales to the TCCC Subsidiaries for the years ended December 31, 2023, 2022 and 2021 were $137.9 million, $129.4 million and $120.4 million, respectively.

The Company also purchases concentrates from TCCC which are then sold to certain of the Company’s bottlers/distributors. Concentrate purchases from TCCC were $29.1 million, $27.1 million and $27.2 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Certain TCCC Subsidiaries also contract manufacture certain of the Company’s energy drinks. Such contract manufacturing expenses were $35.4 million, $30.6 million and $31.5 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Accounts receivable, accounts payable, accrued promotional allowances and accrued liabilities related to the TCCC Subsidiaries are as follows at:


	December 31,		December 31,
	2023		2022
Accounts receivable, net	$	135,246	$	88,169
Accounts payable	$	(68,386)	$	(35,467)
Accrued promotional allowances	$	(13,794)	$	(11,222)
Accrued liabilities	$	(19,745)	$	(14,733)

One director of the Company through certain trusts, and a family member of one director are principal owners of a company that provides promotional materials to the Company. Expenses incurred with such company in connection with promotional materials purchased during the years ended December 31, 2023, 2022 and 2021 were $4.0 million, $6.0 million and $3.6 million, respectively.

The Company occasionally charters a private aircraft that is indirectly owned by Mr. Rodney C. Sacks, Co-Chief Executive Officer and Chairman of the Board of Directors. On certain occasions, Mr. Sacks is accompanied by guests and other Company personnel when using such aircraft for business travel. During the years ended December 31, 2023 and 2022, the Company incurred costs of $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. In October 2023, the partnership made a special, one-time distribution to each of the partners, reflecting the amount of their initial capital contributions. This partnership meets the definition of a Variable Interest Entity (“VIE”) for which the Company has determined that it is the primary beneficiary. Therefore, the Company consolidates the VIE in the accompanying consolidated financial statements. The aggregate carrying values of the VIE’s assets and liabilities, after elimination of any intercompany transactions and balances, as well as the results of operations for all periods presented, are not material to the Company’s consolidated financial statements.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

DEBT

12 Months Ended

Dec. 31, 2023

DEBT

DEBT

12. DEBT

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. The revolving line of credit is effective through June 1, 2025. 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. The Company had no outstanding borrowings on this line of credit at December 31, 2023. 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. The fee on the standby Letters of Credit ranges from 1.00% to 1.50% depending upon certain financial ratios maintained by the Company. The Company had no outstanding standby Letters of Credit at December 31, 2023.

The Company has a credit facility with HSBC Bank (China) Company Limited, Shanghai Branch, of $15.0 million. At December 31, 2023, the interest rate on borrowings under the line of credit was 5.5%. As of December 31, 2023, no balance was outstanding on this line of credit.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Publisher FASB
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+ Details

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands, shares in Millions				12 Months Ended
	Mar. 11, 2023 USD ($)	Mar. 10, 2023 shares	Feb. 28, 2023	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Stock split ratio			2
Stock dividend (in percent)			100.00%
Loss on impairment of property and equipment				$ 4,336	$ 0	$ 0
Minimum
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of registered trademarks held \| item				21,300
Minimum \| Property and Equipment
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives (in years)				3 years
Maximum \| Property and Equipment
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Estimated useful lives (in years)				30 years
Treasury stock
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Number of shares retired \| shares		170.0
Carrying value of shares retired	$ 4,690

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Other Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Impairment charges	$ 38,700	$ 2,200	$ 0

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2023

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS


	Balance at		Charged to				Balance at
	beginning		cost and				end of
Description	of period		expenses		Deductions		period
Allowance for doubtful accounts, sales returns and cash discounts:

2023	$	10,460	$	20,991	$	(23,813)	$	7,638
2022	$	4,676	$	23,177	$	(17,393)	$	10,460
2021	$	1,878	$	14,799	$	(12,001)	$	4,676

Allowance on Deferred Tax Assets and Unrecognized Tax Benefits:

2023	$	33,166	$	526	$	—	$	33,692
2022	$	27,013	$	6,153	$	—	$	33,166
2021	$	35,993	$	(8,980)	$	—	$	27,013

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2023

COMMITMENTS AND CONTINGENCIES

Schedule of contractual obligations related primarily to sponsorships and other commitments


Year Ending December 31:

2024	$	328,200
2025		57,310
2026		27,972
2027		4,007
2028		24
2029 and thereafter		118
	$	417,631

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	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. Treasury Stock Retirement – On March 10, 2023, the Company retired 170.0 million shares (stock split adjusted) of treasury stock owned by the Company. The retired treasury stock had a carrying value of approximately $4.69 billion. 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. The common stock dividend was issued on March 27, 2023 (the “Stock Split”) and the Company’s common stock began trading at the split adjusted price on March 28, 2023. Accordingly, all per share amounts, average common stock outstanding, common stock outstanding, common stock repurchased and equity-based compensation disclosure presented in the consolidated financial statements and notes have been adjusted retroactively, where applicable, to reflect the Stock Split. Stockholders’ equity has been retroactively adjusted, where applicable, to give effect to the Stock Split for all periods presented by reclassifying the par value of the additional shares issued in connection with the Stock Split to common stock from additional paid-in capital.
Principles of Consolidation	Principles of Consolidation – The Company consolidates all entities that it controls by ownership of a majority voting interest. All intercompany balances and transactions have been eliminated in consolidation.
Business Combinations	Business Combinations – Business acquisitions are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805 “Business Combinations”. FASB ASC 805 requires the reporting entity to identify the acquirer, determine the acquisition date, recognize and measure the identifiable tangible and intangible assets acquired, the liabilities assumed and any non-controlling interest in the acquired entity, and recognize and measure goodwill or a gain from the purchase. The acquiree’s results are included in the Company’s consolidated financial statements from the date of acquisition. 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. 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.
Cash and Cash Equivalents	Cash and Cash Equivalents – The Company considers all highly liquid investments with an original maturity of three months or less from date of purchase to be cash equivalents. Throughout the year, the Company has had amounts on deposit at financial institutions that exceed the federally insured limits. The Company has not experienced any loss as a result of these deposits and does not expect to incur any losses in the future.
Investments	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. Held-to-maturity securities are those securities that the Company has the positive intent and ability to hold until maturity. Trading securities are those securities that the Company intends to sell in the near term. All other securities not included in the held-to-maturity or trading category are classified as available-for-sale. Held-to-maturity securities are recorded at amortized cost which approximates fair market value. Trading securities are carried at fair value with unrealized gains and losses charged to earnings. Available-for-sale securities are carried at fair value with unrealized gains and losses recorded within accumulated other comprehensive income (loss) as a separate component of stockholders’ equity. FASB ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. FASB ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs, where available. Under FASB ASC 326-30-35, a security is considered to be impaired if the fair value of the security is less than its amortized cost basis. Where the decline in fair value below the amortized cost basis has resulted from a credit loss, the Company will record an impairment relating to credit losses through an allowance for credit losses. The allowance is limited by the amount that the fair value is less than the amortized cost basis. Impairment that has not been recorded through an allowance for credit losses is recorded through other comprehensive income (loss), net of applicable taxes. The Company evaluates whether the decline in fair value of its investments has resulted from credit loss or other factors at each quarter-end. This evaluation consists of a review by management, and includes market pricing information and maturity dates for the securities held, market and economic trends in the industry and information on the issuer’s financial condition and, if applicable, information on the guarantors’ financial condition. Factors considered in determining whether an impairment has resulted from credit loss or other factors include the length of time and extent to which the investment’s fair value has been less than its cost basis, the financial condition and near-term prospects of the issuer and guarantors, including any specific events which may influence the operations of the issuer and the Company’s intent and ability to retain the investment for a reasonable period of time sufficient to allow for any anticipated recovery of fair value.
Accounts Receivable	Accounts Receivable – The Company evaluates the collectability of its trade accounts receivable based on a number of factors. In circumstances where the Company becomes aware of a specific customer’s inability to meet its financial obligations to the Company, a specific reserve for bad debts is estimated and recorded, which reduces the recognized receivable to the estimated amount the Company believes will ultimately be collected. In addition to specific customer identification of potential bad debts, bad debt charges are recorded based on the Company’s recent loss history and an overall assessment of past due trade accounts receivable outstanding. In accordance with FASB ASC 210-20-45, in its consolidated balance sheets, the Company has presented accounts receivable, net of promotional allowances, only for those customers that it allows net settlement. All other accounts receivable and related promotional allowances are shown on a gross basis.
Inventories	Inventories – Inventories are valued at the lower of first-in, first-out, cost or market value (net realizable value).
Property and Equipment	Property and Equipment – Property and equipment are stated at cost. 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. 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. Normal repairs and maintenance costs are expensed as incurred. Expenditures that materially increase values or extend useful lives are capitalized. The related costs and accumulated depreciation of disposed assets are eliminated and any resulting gain or loss on disposition is included in net income.
Goodwill	Goodwill – The Company records goodwill when the consideration paid for an acquisition exceeds the fair value of net tangible and intangible assets acquired, including related tax effects. Goodwill is not amortized; instead, goodwill is tested for impairment on an annual basis, or more frequently if the Company believes indicators of impairment exist. The Company first assesses qualitative factors to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value. If the Company reasonably determines that it is more-likely-than-not that the fair value is less than the carrying value, the Company performs its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. The Company will recognize an impairment for the amount by which the carrying amount exceeds a reporting unit’s fair value. For the years ended December 31, 2023, 2022 and 2021 there were no goodwill impairments recorded and there are no accumulated impairment balances.
Other Intangibles	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. 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. In accordance with FASB ASC 350, intangible assets with indefinite lives are not amortized but instead are measured for impairment at least annually, or when events indicate that an impairment exists. The Company calculates impairment as the excess of the carrying value of its indefinite-lived assets over their estimated fair value. If the carrying value exceeds the estimate of fair value a write-down is recorded. The Company amortizes its trademarks with finite useful lives over their respective useful lives. External legal costs incurred in the defense of the Company's trademarks are capitalized when the future economic benefit of the intangible asset will be increased, and a successful defense is probable. In the event of a successful defense, the settlements received are netted against the external legal costs that were capitalized. The external legal costs incurred and settlements received may not occur in the same period. 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. For the year ended December 31, 2021, no impairments were recorded. The Company presently has more than 21,300 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. 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 Unleashed® and Nasty Beast^TM 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.
Leases	Leases – The Company leases identified assets comprised of real estate and equipment. Real estate leases consist primarily of office and warehouse space and equipment leases consist of vehicles and warehouse equipment. At the inception of a contract, the Company assesses whether the contract is, or contains, a lease. The Company’s assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the term, and (3) whether the Company has the right to direct the use of the asset. At inception of a lease, the Company allocates the consideration in the contract to each lease and non-lease component based on the component’s relative stand-alone price to determine the lease payments. Lease and non-lease components are accounted for separately. Leases are classified as either finance leases or operating leases based on criteria in FASB ASC 842, “Leases”. The Company’s operating leases are comprised of real estate and warehouse equipment, and the Company’s finance leases are comprised of vehicles. Right-of-use (“ROU”) assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As the Company’s leases generally do not provide an implicit rate, the Company uses its incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at the commencement date. ROU assets also include any lease payments made and exclude lease incentives. Lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company has elected not to recognize ROU assets and lease liabilities for short-term operating leases that have a term of 12 months or less. Certain of the Company’s real estate leases contain variable lease payments, including payments based on an index or rate. Variable lease payments based on an index or rate are initially measured using the index or rate in effect at the lease commencement date. 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. 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. Lease expense for finance leases consists of the amortization of the ROU asset on a straight-line basis over the asset’s estimated useful life and is included in operating expenses in the consolidated statement of income. Interest expense on finance leases is calculated using the amortized cost basis and is included in interest and other income (expense), net in the consolidated statements of income.
Long-Lived Assets	Long-Lived Assets – Management regularly reviews property and equipment and other long-lived assets, including certain definite-lived intangible assets, for possible impairment. This review occurs annually, or more frequently if events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. If there is indication of impairment, management then prepares an estimate of future cash flows (undiscounted and without interest charges) expected to result from the use of the asset and its eventual disposition. If these cash flows are less than the carrying amount of the asset, an impairment loss is recognized to write down the asset to its estimated fair value. The fair value is estimated using the present value of the future cash flows discounted at a rate commensurate with management’s estimates of the business risks. Preparation of estimated expected future cash flows is inherently subjective and is based on management’s best estimate of assumptions concerning expected future conditions. 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. For the years ended December 31, 2022 and 2021 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.
Derivative Financial Instruments	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. The Company’s derivative instruments are recorded in the consolidated balance sheets at fair value. The Company values each derivative financial instrument by obtaining valuation information from a reliable and observable market source. For a derivative designated as a cash flow hedge, the derivative's mark to fair value is initially recorded as a component of accumulated other comprehensive income (loss) and subsequently reclassified into earnings when the hedged item affects earnings, unless it is no longer probable that the forecasted transaction will occur. Derivatives that do not qualify for hedge accounting are marked to fair value with gains and losses immediately recorded in earnings. In the consolidated statements of cash flows, derivative activities are classified based on the cash flows of the items being hedged. Upon the dedesignation of an effective derivative contract, the gains or losses are deferred in accumulated other comprehensive income (loss) until the originally hedged item affects earnings, unless it is probable the hedged item will not occur, at which time it is recognized immediately. Any gains or losses incurred after the dedesignation date are recorded in earnings immediately.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions – The accounts of the Company’s foreign subsidiaries are translated in accordance with FASB ASC 830. Foreign currency transaction gains and losses are recognized in other 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. dollar are recorded as a part of accumulated other comprehensive income (loss) in stockholders’ equity. Unrealized foreign currency exchange gains and losses on certain intercompany transactions that are of a long-term investment nature (i.e., settlement is not planned or anticipated in the foreseeable future) are also recorded in accumulated other comprehensive income (loss) in stockholders’ equity. During the years ended December 31, 2023, 2022 and 2021, the Company entered into forward currency exchange contracts with financial institutions to create an economic hedge to specifically manage a portion of the foreign exchange risk exposure associated with certain consolidated subsidiaries non-functional currency denominated assets and liabilities. All foreign currency exchange contracts outstanding as of December 31, 2023 have terms of three months or less. The Company does not enter into forward currency exchange contracts for speculation or trading purposes. The Company has not designated its foreign currency exchange contracts as hedge transactions under FASB ASC 815. Therefore, gains and losses on the Company’s foreign currency exchange contracts are recognized in interest and other income (expense), net, in the consolidated statements of income, and are largely offset by the changes in the fair value of the underlying economically hedged item. For the years ended December 31, 2023, 2022 and 2021, aggregate foreign currency transaction gains (losses), including the gains or losses on forward currency exchange contracts, amounted to ($60.2) million, ($37.9) million and $0.3 million, respectively, and have been recorded in interest and other income(expense), net, in the accompanying consolidated statements of income.
Revenue Recognition	Revenue Recognition – See Note 3.
Cost of Sales	Cost of Sales – Cost of sales consists of the costs of flavors, concentrates, supplement ingredients and/or beverage bases, the costs of raw materials utilized in the manufacture of beverages, co-packing fees, repacking fees, in-bound freight charges, as well as internal transfer costs, warehouse expenses incurred prior to the manufacture of the Company’s finished products and certain quality control costs. In addition, the Company includes in costs of sales certain costs such as depreciation, amortization and payroll costs that relate to the direct manufacture by the Company of certain flavors and concentrates. Raw materials account for the largest portion of cost of sales. Raw materials include cans, bottles, other containers, flavors, ingredients and packaging materials.
Operating Expenses	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. 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.
Freight-Out Costs	Freight-Out Costs – For the years ended December 31, 2023, 2022 and 2021, freight-out costs amounted to $223.6 million, $249.2 million and $213.9 million, respectively, and have been recorded in operating expenses in the accompanying consolidated statements of income.
Advertising and Promotional Expenses	Advertising and Promotional Expenses – The Company accounts for advertising production costs by expensing such production costs the first time the related advertising takes place. A significant amount of the Company’s promotional expenses result from payments under sponsorship and endorsement contracts. Accounting for sponsorship and endorsement payments is based upon specific contract provisions. Generally, sponsorship and endorsement payments are expensed on a straight-line basis over the term of the contract after giving recognition to the periodic performance compliance provisions of the contracts. Advertising and promotional expenses, including, but not limited to, production costs amounted to $528.9 million, $460.7 million and $417.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. Advertising and promotional expenses that are not subject to FASB ASC 606 are included in operating expenses in the accompanying consolidated statements of income.
Income Taxes	Income Taxes – The Company utilizes the liability method of accounting for income taxes as set forth in FASB ASC 740. Under the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. In determining the need for valuation allowances the Company considers projected future taxable income and the availability of tax planning strategies. If in the future the Company determines that it would not be able to realize its recorded deferred tax assets, an increase in the valuation allowance would be recorded, decreasing earnings in the period in which such determination is made. The Company assesses its income tax positions and records tax benefits for all years subject to examination based upon the Company’s evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where there is a greater than 50% likelihood that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit that may potentially be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. 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.
Stock-Based Compensation	Stock-Based Compensation – The Company accounts for stock-based compensation under the provisions of FASB ASC 718. 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. 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. Stock-based compensation cost for restricted stock units and performance share units is measured based on the closing fair market value of the Company’s common stock at the date of grant. 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. See Note 16.
Net Income Per Common Share	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. Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during each period. Diluted net income per share is computed by dividing net income by the weighted average number of common and dilutive common equivalent shares outstanding. The calculation of common equivalent shares assumes the exercise of dilutive stock options, net of assumed treasury share repurchases at average market prices, as applicable.
Concentration of Risk	Concentration of Risk – Certain of the Company’s products utilize components (raw materials and/or co-packing services) from a limited number of sources. A disruption in the supply of such components could significantly affect the Company’s revenues from those products, as alternative sources of such components may not be available at commercially reasonable rates or within a reasonably short time period. The Company continues to endeavor to secure the availability of alternative sources for such components and minimize the risk of any disruption in production. 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. Coca-Cola Consolidated, Inc. accounted for approximately 10%, 11% and 12% of the Company’s net sales for the years ended December 31, 2023, 2022 and 2021, respectively. 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. 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.
Credit Risk	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. The Company performs ongoing credit evaluations of its customers and generally does not require collateral. The Company maintains reserves for estimated credit losses, and historically, such losses have been within management’s expectations.
Fair Value of Financial Instruments	Fair Value of Financial Instruments – The carrying value of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to the relatively short maturity of the respective instruments.
Use of Estimates	Use of Estimates – The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements – In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in ASU No. 2023-07 are effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The Company is currently evaluating the impact ASU No. 2023-07 will have on its consolidated financial statements. In December 2023, the FASB issued ASU No. 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. The amendments in ASU No. 2023-09 are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact ASU No. 2023-09 will have on its consolidated financial statements.

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Impairment of Goodwill	$ 0	$ 0	$ 0

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

GOODWILL AND OTHER INTANGIBLE ASSETS

Schedule of goodwill


	Monster
	Energy®		Strategic		Alcohol
	Drinks		Brands		Brands		Other		Total
Balance at December 31, 2022	$	693,644	$	637,999	$	86,298	$	—	$	1,417,941
Acquisitions		—		—		—		—		—
Balance at December 31, 2023	$	693,644	$	637,999	$	86,298	$	—	$	1,417,941


	Monster
	Energy®		Strategic		Alcohol
	Drinks		Brands		Brands		Other		Total
Balance at December 31, 2021	$	693,644	$	637,999	$	—	$	—	$	1,331,643
Acquisitions		—		—		86,298		—		86,298
Balance at December 31, 2022	$	693,644	$	637,999	$	86,298	$	—	$	1,417,941

Schedule of intangible assets


	December 31,		December 31,
	2023		2022
Amortizing intangibles	$	144,582	$	121,378
Accumulated amortization		(74,699)		(68,790)
		69,883		52,588
Non-amortizing intangibles		1,357,256		1,167,822
	$	1,427,139	$	1,220,410

Schedule of future estimated amortization expense related to amortizing intangibles


Year Ending December 31:

2024	$	5,948
2025		5,947
2026		5,947
2027		5,946
2028		5,945
2029 and thereafter		40,150
	$	69,883

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

SEGMENT INFORMATION - Net Revenues (Details) $ in Thousands	12 Months Ended
SEGMENT INFORMATION - Net Revenues (Details) $ in Thousands	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
SEGMENT INFORMATION
Number of reportable segments \| segment	4
Number of operating segments \| segment	4
Net Sales	$ 7,140,027	$ 6,311,050	$ 5,541,352
Operating Income	1,953,355	1,584,721	1,797,467
Income before tax	2,068,482	1,571,964	1,801,419
Recognition of deferred revenue	21,500	21,400	21,500
Corporate and unallocated
SEGMENT INFORMATION
Operating Income	(514,975)	(434,579)	(373,913)
Income before tax	(403,280)	(450,159)	(371,440)
Monster Energy Drinks
SEGMENT INFORMATION
Net Sales	6,555,089	5,833,211	5,220,673
Monster Energy Drinks \| Operating segment
SEGMENT INFORMATION
Net Sales	6,555,089	5,833,211	5,220,673
Operating Income	2,338,744	1,850,053	1,990,785
Income before tax	2,342,355	1,853,011	1,992,185
Recognition of deferred revenue	40,000	40,000	41,500
Strategic Brands
SEGMENT INFORMATION
Net Sales	376,589	353,490	294,762
Strategic Brands \| Operating segment
SEGMENT INFORMATION
Net Sales	376,589	353,490	294,762
Operating Income	207,146	197,709	173,660
Income before tax	207,202	197,843	173,739
Alcohol Brands
SEGMENT INFORMATION
Net Sales	184,855	101,405
Alcohol Brands \| Operating segment
SEGMENT INFORMATION
Net Sales	184,855	101,405
Operating Income	(81,124)	(31,502)
Income before tax	(81,405)	(31,772)
Other
SEGMENT INFORMATION
Net Sales	23,494	22,944	25,917
Other \| Operating segment
SEGMENT INFORMATION
Net Sales	23,494	22,944	25,917
Operating Income	3,564	3,040	6,935
Income before tax	$ 3,610	$ 3,041	$ 6,935

LEASES - Undiscounted future lease payments for operating and finance leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2024	$ 13,490
2025	11,555
2026	9,522
2027	9,216
2028	7,706
2029 and thereafter	17,822
Total lease payments	69,311
Less imputed interest	(9,764)
Total operating lease liabilities	59,547	$ 37,333
Finance Leases
2024	6,601
2025	17
2026	2
Total lease payments	6,620
Less imputed interest	(152)
Total finance lease liabilities	$ 6,468	$ 798
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current	Accrued Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
GOODWILL AND OTHER INTANGIBLE ASSETS
Amortizing intangibles	$ 144,582	$ 121,378
Accumulated amortization	(74,699)	(68,790)
Amortizing intangibles, net	69,883	52,588
Non-amortizing intangibles	1,357,256	1,167,822
Intangibles, net	1,427,139	1,220,410
Amortization expense	5,900	7,600	$ 4,400
Impairment charges	$ 38,700	$ 2,200	$ 0
Minimum
GOODWILL AND OTHER INTANGIBLE ASSETS
Useful life of intangible assets	10 years
Maximum
GOODWILL AND OTHER INTANGIBLE ASSETS
Useful life of intangible assets	15 years