0001410578-24-000605 | 10-Q | XBRL Viewer

LEASES (Tables)

3 Months Ended

Mar. 31, 2024


	Three-Months Ended March 31,
	2024		2023
Operating lease cost	$	3,802	$	2,467
Short-term lease cost		2,670		979
Variable lease cost		213		215

Finance leases:
Amortization of right-of-use assets		595		123
Interest on lease liabilities		91		14
Finance lease cost		686		137

Total lease cost	$	7,371	$	3,798

Schedule of supplemental cash flow information related to leases


	Three-Months Ended March 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	3,607	$	2,391
Operating cash outflows from finance leases		91		14
Financing cash outflows from finance leases		2,897		598

Right-of-use assets obtained in exchange for lease obligations:
Finance leases		747		2,227
Operating leases		1,091		313

Schedule of ROU assets for operating and finance leases


		March 31,		December 31,
	Balance Sheet Location	2024		2023
Operating leases:
Right-of-use assets	Other assets	$	56,421	$	58,845

Current lease liabilities	Accrued liabilities	$	11,122	$	11,088
Noncurrent lease liabilities	Other liabilities		46,474		48,459
Total operating lease liabilities		$	57,596	$	59,547

Finance leases:
Right-of-use assets	Property and equipment, net	$	10,091	$	11,147

Current lease liabilities	Accrued liabilities	$	4,297	$	6,449
Noncurrent lease liabilities	Other liabilities		14		19
Total finance lease liabilities		$	4,311	$	6,468

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


	March 31, 2024		December 31, 2023
Weighted-average remaining lease term in years:
Operating leases	6.2		6.3
Finance leases	0.5		0.7

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

Schedule of outlines maturities of the Company's lease liabilities


	Undiscounted Future Lease Payments
	Operating Leases		Finance Leases
2024 (from April 1, 2024 to December 31, 2024)	$	10,213	$	4,275
2025		11,942		118
2026		9,824		2
2027		9,242		—
2028		7,709		—
2029 and thereafter		17,820		—
Total lease payments		66,750		4,395
Less imputed interest		(9,154)		(84)
Total	$	57,596	$	4,311

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

3 Months Ended

Mar. 31, 2024

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

6.	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
	March 31,		December 31,
Derivatives designated as hedging instruments	2024		2023		Balance Sheet location
Assets:
Commodity contracts	$	2,379	$	4,480	Accounts receivable, net
Commodity contracts	$	332	$	316	Other assets
Liabilities:
Commodity contracts	$	(432)	$	(386)	Accrued liabilities


	Fair value
	March 31,		December 31,
Derivatives not designated as hedging instruments	2024		2023		Balance Sheet location
Assets:
Foreign currency exchange contracts	$	602	$	138	Accounts receivable, net
Liabilities:
Foreign currency exchange contracts	$	(1,193)	$	(1,221)	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 condensed 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 $126.1 million and $98.3 million as of March 31, 2024 and December 31, 2023, respectively. 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:


Three-months ended March 31, 2024
Derivatives				Gain (loss)
designated as	Gain (loss) recognized		Location of gain (loss)	reclassified from
hedging instruments	in AOCI		recognized in income	AOCI into income
Commodity contracts	$	2,279	Cost of sales	$	(966)

As of March 31, 2024, the Company estimates that it will reclassify into earnings net gains (losses) of $1.9 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 three-months ended March 31, 2024 and 2023, 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 March 31, 2024 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 condensed 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 $230.5 million and $282.7 million as of March 31, 2024 and December 31, 2023, respectively.

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


		Gain (loss)
		recognized in income on
		derivatives
		Three-months ended
Derivatives not designated as	Location of gain (loss)	March 31,		March 31,
hedging instruments	recognized in income on derivatives	2024		2023
Foreign currency exchange contracts	Interest and other income, net	$	5,343	$	(7,852)

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 March 31, 2024, $0.6 million was posted as collateral.

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

3 Months Ended

Mar. 31, 2024

ACCUMULATED OTHER COMPREHENSIVE LOSS

Schedule of components of accumulated other comprehensive loss


	Accumulated
	Net Gains				Unrealized
	(Losses)		Currency		Gains (Losses)
	on Commodity		Translation		on Available-for-
	Derivatives		Gains (Losses)		Sale Securities		Total
Balance at December 31, 2023	$	4,410	$	(128,989)	$	(758)	$	(125,337)
Other comprehensive income (loss) before reclassifications		(2,131)		(30,695)		223		(32,603)
Net current-period other comprehensive income (loss)		(2,131)		(30,695)		223		(32,603)
Balance at March 31, 2024	$	2,279	$	(159,684)	$	(535)	$	(157,940)


	Accumulated
	Net Gains				Unrealized
	(Losses)		Currency		Gains (Losses)
	on Commodity		Translation		on Available-for-
	Derivatives		Gains (Losses)		Sale Securities		Total
Balance at December 31, 2022	$	—	$	(153,230)	$	(5,843)	$	(159,073)
Other comprehensive income (loss) before reclassifications		—		7,981		3,181		11,162
Net current-period other comprehensive income (loss)		—		7,981		3,181		11,162
Balance at March 31, 2023	$	—	$	(145,249)	$	(2,662)	$	(147,911)

STOCK-BASED COMPENSATION - Equity Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee Stock Option
STOCK-BASED COMPENSATION
Weighted-average grant-date fair value of options granted (in dollars per share)	$ 22.69	$ 18.23
Total intrinsic value of options exercised	$ 47.6	$ 131.0
Cash received from option exercises	$ 38.4	$ 36.3
Stock units expected to vest (in shares)	26,628
Total unrecognized compensation expense related to non-vested shares granted to employees	$ 174.7
Cost expected to be recognized over a weighted-average period	3 years 7 months 6 days
Restricted Stock Units, and Performance Share Units
STOCK-BASED COMPENSATION
Stock units expected to vest (in shares)	1,600
Total unrecognized compensation expense related to non-vested shares granted to employees	$ 49.6
Cost expected to be recognized over a weighted-average period	1 year 9 months 18 days
Number of Shares
Non-vested at the beginning of the period (in shares)	1,964
Granted (in shares)	502
Vested (in shares)	(821)
Forfeited/cancelled (in shares)	(1)
Non-vested at the end of the period (in shares)	1,644
Weighted Average Grant-Date Fair Value
Non-vested at the beginning of the period (in dollars per share)	$ 40.95
Granted (in dollars per share)	57.04
Vested (in dollars per share)	40.63
Forfeited/cancelled (in dollars per share)	30.36
Non-vested at the end of the period (in dollars per share)	46.03
Restricted Stock Units, and/or Performance Share Units
STOCK-BASED COMPENSATION
Weighted-average grant-date fair value of options granted (in dollars per share)	$ 60.27	$ 50.83
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	$ 0.8
Cost expected to be recognized over a weighted-average period	1 year 3 months 18 days

INCOME TAXES - Unrecognized Tax Benefit Rollforward (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
INCOME TAXES
Balance at the beginning of the period	$ 3,109
Additions for tax positions related to the current year	2,900
Additions for tax positions related to the prior year	0
Decreases for tax positions related to prior years	0
Balance at the end of the period	6,009
Accrued interest and penalties related to unrecognized tax benefits	$ 700

ACCUMULATED OTHER COMPREHENSIVE LOSS

3 Months Ended

Mar. 31, 2024

ACCUMULATED OTHER COMPREHENSIVE LOSS

ACCUMULATED OTHER COMPREHENSIVE LOSS

12.	ACCUMULATED OTHER COMPREHENSIVE LOSS

Changes in accumulated other comprehensive loss by component, after tax, for the three-months ended March 31, 2024 and 2023 are as follows:


	Accumulated
	Net Gains				Unrealized
	(Losses)		Currency		Gains (Losses)
	on Commodity		Translation		on Available-for-
	Derivatives		Gains (Losses)		Sale Securities		Total
Balance at December 31, 2023	$	4,410	$	(128,989)	$	(758)	$	(125,337)
Other comprehensive income (loss) before reclassifications		(2,131)		(30,695)		223		(32,603)
Net current-period other comprehensive income (loss)		(2,131)		(30,695)		223		(32,603)
Balance at March 31, 2024	$	2,279	$	(159,684)	$	(535)	$	(157,940)


	Accumulated
	Net Gains				Unrealized
	(Losses)		Currency		Gains (Losses)
	on Commodity		Translation		on Available-for-
	Derivatives		Gains (Losses)		Sale Securities		Total
Balance at December 31, 2022	$	—	$	(153,230)	$	(5,843)	$	(159,073)
Other comprehensive income (loss) before reclassifications		—		7,981		3,181		11,162
Net current-period other comprehensive income (loss)		—		7,981		3,181		11,162
Balance at March 31, 2023	$	—	$	(145,249)	$	(2,662)	$	(147,911)

REVENUE RECOGNITION (Tables)

3 Months Ended

Mar. 31, 2024

REVENUE RECOGNITION

Schedule of disaggregation of revenue by geographical markets


	Three-Months Ended March 31, 2024
							Latin
					Asia Pacific		America
	U.S. and				(including		and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	1,094,846	$	352,229	$	122,018	$	159,958	$	1,729,051
Strategic Brands		49,642		43,337		9,197		6,268		108,444
Alcohol Brands		56,070		—		—		—		56,070
Other		5,533		—		—		—		5,533
Total Net Sales	$	1,206,091	$	395,566	$	131,215	$	166,226	$	1,899,098


	Three-Months Ended March 31, 2023
							Latin
					Asia Pacific		America
	U.S. and				(including		and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	1,021,328	$	277,111	$	121,994	$	141,235	$	1,561,668
Strategic Brands		43,043		30,951		8,983		3,381		86,358
Alcohol Brands		46,290		—		—		—		46,290
Other		4,614		—		—		—		4,614
Total Net Sales	$	1,115,275	$	308,062	$	130,977	$	144,616	$	1,698,930

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

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2024

SEGMENT INFORMATION

Schedule of net revenues and other financial information by segment


	Three-Months Ended
	March 31,
	2024		2023
Net sales:
Monster Energy® Drinks¹	$	1,729,051	$	1,561,669
Strategic Brands		108,444		86,357
Alcohol Brands		56,070		46,290
Other		5,533		4,614
Corporate and unallocated		—		—
	$	1,899,098	$	1,698,930


	Three-Months Ended
	March 31,
	2024		2023
Operating Income:
Monster Energy® Drinks¹	$	628,122	$	560,819
Strategic Brands		62,019		51,771
Alcohol Brands		(6,017)		(6,883)
Other		1,001		(293)
Corporate and unallocated		(143,134)		(120,350)
	$	541,991	$	485,064


	Three-Months Ended
	March 31,
	2024		2023
Income before tax:
Monster Energy® Drinks¹	$	629,160	$	561,674
Strategic Brands		62,035		51,788
Alcohol Brands		(6,016)		(6,867)
Other		1,016		(293)
Corporate and unallocated		(108,450)		(108,742)
	$	577,745	$	497,560

(1)

Includes $9.9 million for both the three-months ended March 31, 2024 and 2023, related to the recognition of deferred revenue.


	Three-Months Ended
	March 31,
	2024		2023
Depreciation and amortization:
Monster Energy® Drinks	$	12,608	$	8,989
Strategic Brands		229		221
Alcohol Brands		3,738		4,051
Other		40		1,123
Corporate and unallocated		3,860		2,424
	$	20,475	$	16,808

Schedule of goodwill and other intangible assets for the reportable segments


	March 31,		December 31,
	2024		2023
Goodwill and other intangible assets:
Monster Energy® Drinks	$	1,668,188	$	1,663,814
Strategic Brands		982,676		982,471
Alcohol Brands		197,839		198,795
Other		—		—
	$	2,848,703	$	2,845,080

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2024	Dec. 31, 2023
CONDENSED 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	1,124,870	1,122,592
Common stock, shares outstanding	1,041,698	1,041,571
Common stock in treasury, shares	83,172	81,021

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2024

SEGMENT INFORMATION

SEGMENT INFORMATION

17.	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.

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.

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 three-months ended March 31, 2024 and 2023 were as follows:


	Three-Months Ended
	March 31,
	2024		2023
Net sales:
Monster Energy® Drinks¹	$	1,729,051	$	1,561,669
Strategic Brands		108,444		86,357
Alcohol Brands		56,070		46,290
Other		5,533		4,614
Corporate and unallocated		—		—
	$	1,899,098	$	1,698,930


	Three-Months Ended
	March 31,
	2024		2023
Operating Income:
Monster Energy® Drinks¹	$	628,122	$	560,819
Strategic Brands		62,019		51,771
Alcohol Brands		(6,017)		(6,883)
Other		1,001		(293)
Corporate and unallocated		(143,134)		(120,350)
	$	541,991	$	485,064


	Three-Months Ended
	March 31,
	2024		2023
Income before tax:
Monster Energy® Drinks¹	$	629,160	$	561,674
Strategic Brands		62,035		51,788
Alcohol Brands		(6,016)		(6,867)
Other		1,016		(293)
Corporate and unallocated		(108,450)		(108,742)
	$	577,745	$	497,560

(1)

Includes $9.9 million for both the three-months ended March 31, 2024 and 2023, related to the recognition of deferred revenue.


	Three-Months Ended
	March 31,
	2024		2023
Depreciation and amortization:
Monster Energy® Drinks	$	12,608	$	8,989
Strategic Brands		229		221
Alcohol Brands		3,738		4,051
Other		40		1,123
Corporate and unallocated		3,860		2,424
	$	20,475	$	16,808

Corporate and unallocated expenses for the three-months ended March 31, 2024 include $98.6 million of payroll costs, of which $22.0 million was attributable to stock-based compensation expenses (see Note 14 “Stock-Based Compensation”), as well as $20.0 million attributable to professional service expenses, including accounting and legal costs, and $24.5 million of other operating expenses.

Corporate and unallocated expenses for the three-months ended March 31, 2023 include $80.3 million of payroll costs, of which $15.7 million was attributable to stock-based compensation expenses (see Note 14 “Stock-Based Compensation”), as well as $22.1 million attributable to professional service expenses, including accounting and legal costs, and $18.0 million of other operating expenses.

Coca-Cola Europacific Partners accounted for approximately 14% and 13% of the Company’s net sales for the three-months ended March 31, 2024 and 2023, respectively.

Coca-Cola Consolidated, Inc. accounted for approximately 10% of the Company’s net sales for both the three-months ended March 31, 2024 and 2023.

Reyes Holdings, LLC accounted for approximately 9% of the Company’s net sales for both the three-months ended March 31, 2024 and 2023.

Net sales to customers outside the United States amounted to $744.1 million and $622.9 million for the three-months ended March 31, 2024 and 2023, respectively. Such sales were approximately 39% and 37% of net sales for the three-months ended March 31, 2024 and 2023, respectively.

Goodwill and other intangible assets for the Company’s reportable segments were as follows at:


	March 31,		December 31,
	2024		2023
Goodwill and other intangible assets:
Monster Energy® Drinks	$	1,668,188	$	1,663,814
Strategic Brands		982,676		982,471
Alcohol Brands		197,839		198,795
Other		—		—
	$	2,848,703	$	2,845,080

- 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

INVESTMENTS

3 Months Ended

Mar. 31, 2024

INVESTMENTS

INVESTMENTS

4.	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 12
March 31, 2024	Cost		Gains		Losses		Value		Months		Months
Available-for-sale
Short-term:
Commercial paper	$	157,074	$	11	$	—	$	157,085	$	—	$	—
Certificates of deposit		24,831		—		—		24,831		—		—
U.S. government agency securities		101,893		16		54		101,855		54		—
U.S. treasuries		530,697		23		390		530,330		390		—
Corporate bonds		170,198		32		130		170,100		130		—
Long-term:
Corporate bonds		8,205		—		43		8,162		43		—
Total	$	992,898	$	82	$	617	$	992,363	$	617	$	—


									Continuous		Continuous
			Gross		Gross				Unrealized		Unrealized
			Unrealized		Unrealized				Loss Position		Loss Position
	Amortized		Holding		Holding		Fair		less than 12		greater than 12
December 31, 2023	Cost		Gains		Losses		Value		Months		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	$	—

During the three-months ended March 31, 2024 and 2023, realized gains or losses recognized on the sale of investments were not significant.

The Company’s investments at March 31, 2024 and December 31, 2023 carried investment grade credit ratings.

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


	March 31, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Less than 1 year:
Commercial paper	$	157,074	$	157,085	$	163,775	$	163,774
Municipal securities		—		—		361		361
U.S. government agency securities		101,893		101,855		116,524		116,548
Certificates of deposit		24,831		24,831		15,590		15,590
U.S. treasuries		530,697		530,330		412,936		412,057
Corporate bonds		170,198		170,100		247,340		247,275
Due 1 - 10 years:
U.S. treasuries		—		—		35,896		35,967
U.S. government agency securities		—		—		23,485		23,531
Corporate bonds		8,205		8,162		16,903		16,933
Total	$	992,898	$	992,363	$	1,032,810	$	1,032,036

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
Aggregate contractual obligations	$ 451.1
Loss contingencies	0.3	$ 0.3
HSBC Bank (China) Company Limited \| Line of credit
COMMITMENTS AND CONTINGENCIES
Maximum borrowing capacity	$ 15.0
Interest rate (as a percent)	5.50%
Amount outstanding	$ 0.0
Raw material items
COMMITMENTS AND CONTINGENCIES
Purchase commitments	$ 345.5
Obligation term ( in years)	1 year

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2024

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

14.	STOCK-BASED COMPENSATION

The Company has two stock-based compensation plans under which shares were available for grant at March 31, 2024: (i) the Monster Beverage Corporation 2020 Omnibus Incentive Plan, including the Monster Beverage Corporation Deferred Compensation Plan as a sub-plan thereunder, and (ii) the Monster Beverage Corporation 2017 Compensation Plan for Non-Employee Directors as

Amended and Restated on February 23, 2022, including the Monster Beverage Corporation Deferred Compensation Plan for Non-Employee Directors as a sub-plan thereunder.

The Company recorded $22.5 million and $16.1 million of compensation expense relating to outstanding options, restricted stock units, performance share units and other share-based awards during the three-months ended March 31, 2024 and 2023, 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 three-months ended March 31, 2024 and 2023 was $7.5 million and $25.9 million, respectively.

Stock Options

Under the Company’s stock-based compensation plans, all stock options granted as of March 31, 2024 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 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 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:


	Three-Months Ended March 31,
	2024		2023
Dividend yield	0.0	%	0.0	%
Expected volatility	27.5	%	27.6	%
Risk-free interest rate	4.3	%	3.7	%
Expected term	6.4	years	6.3	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 the expected time to post-vesting exercise of options by employees. The Company uses historical exercise patterns of previously granted options to derive employee behavioral patterns used to forecast expected exercise patterns.

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, 2024	24,983	$	33.64	5.8	$	598,866
Granted 01/01/24 - 03/31/24	4,332	$	60.29
Exercised	(1,457)	$	26.35
Cancelled or forfeited	(14)	$	40.13
Outstanding at March 31, 2024	27,844	$	38.17	6.3	$	592,303
Vested and expected to vest in the future at March 31, 2024	26,628	$	37.55	6.2	$	582,560
Exercisable at March 31, 2024	15,538	$	29.22	4.3	$	467,020

The weighted-average grant-date fair value of options granted during the three-months ended March 31, 2024 and 2023 was $22.69 per share and $18.23 per share, respectively.

The total intrinsic value of options exercised during the three-months ended March 31, 2024 and 2023 was $47.6 million and $131.0 million, respectively.

Cash received from option exercises under all plans for the three-months ended March 31, 2024 and 2023 was $38.4 million and $36.3 million, respectively.

At March 31, 2024, there was $174.7 million of total unrecognized compensation expense related to non-vested options granted to employees under the Company’s stock-based compensation plans. That cost is expected to be recognized over a weighted-average period of 3.6 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, 2024	1,964	$	40.95
Granted 01/01/24 - 03/31/24¹	502	$	57.04
Vested	(821)	$	40.63
Forfeited/cancelled	(1)	$	30.36
Non-vested at March 31, 2024	1,644	$	46.03

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 three-months ended March 31, 2024 and 2023 was $60.27 and $50.83 per share, respectively.

As of March 31, 2024, 1.6 million of restricted stock units and performance share units are expected to vest over their respective terms.

At March 31, 2024, total unrecognized compensation expense relating to non-vested restricted stock units and performance share units was $49.6 million, which is expected to be recognized over a weighted-average period of 1.8 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 March 31, 2024, other share-based awards outstanding included grants that vest over three years payable in the first quarters of 2025, 2026 and 2027.

At March 31, 2024, there was $0.8 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 1.3 years.

INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2024

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 12
March 31, 2024	Cost		Gains		Losses		Value		Months		Months
Available-for-sale
Short-term:
Commercial paper	$	157,074	$	11	$	—	$	157,085	$	—	$	—
Certificates of deposit		24,831		—		—		24,831		—		—
U.S. government agency securities		101,893		16		54		101,855		54		—
U.S. treasuries		530,697		23		390		530,330		390		—
Corporate bonds		170,198		32		130		170,100		130		—
Long-term:
Corporate bonds		8,205		—		43		8,162		43		—
Total	$	992,898	$	82	$	617	$	992,363	$	617	$	—


									Continuous		Continuous
			Gross		Gross				Unrealized		Unrealized
			Unrealized		Unrealized				Loss Position		Loss Position
	Amortized		Holding		Holding		Fair		less than 12		greater than 12
December 31, 2023	Cost		Gains		Losses		Value		Months		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	$	—

Summary of the underlying contractual maturities of investments


	March 31, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Less than 1 year:
Commercial paper	$	157,074	$	157,085	$	163,775	$	163,774
Municipal securities		—		—		361		361
U.S. government agency securities		101,893		101,855		116,524		116,548
Certificates of deposit		24,831		24,831		15,590		15,590
U.S. treasuries		530,697		530,330		412,936		412,057
Corporate bonds		170,198		170,100		247,340		247,275
Due 1 - 10 years:
U.S. treasuries		—		—		35,896		35,967
U.S. government agency securities		—		—		23,485		23,531
Corporate bonds		8,205		8,162		16,903		16,933
Total	$	992,898	$	992,363	$	1,032,810	$	1,032,036

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Hedging designation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Gain (loss) recognized in AOCI	$ (2,131)	$ 0
Derivatives designated as hedging instruments \| Commodity derivatives \| Cash Flow Hedging
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Notional value	126,100		$ 98,300
Gain (loss) recognized in AOCI	$ 2,279
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	$ (966)
Amount to be reclassified	$ 1,900

REVENUE RECOGNITION

3 Months Ended

Mar. 31, 2024

REVENUE RECOGNITION

REVENUE RECOGNITION

2.	REVENUE RECOGNITION

Revenues are accounted for in accordance with FASB Accounting Standards Codification (“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 flavored malt beverages (“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 drinks primarily to bottlers and full service beverage distributors (“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 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 March 31, 2024 and December 31, 2023.

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 expenses 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 for its energy drink products 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 tables disaggregate the Company’s revenue by geographical markets and reportable segments:


	Three-Months Ended March 31, 2024
							Latin
					Asia Pacific		America
	U.S. and				(including		and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	1,094,846	$	352,229	$	122,018	$	159,958	$	1,729,051
Strategic Brands		49,642		43,337		9,197		6,268		108,444
Alcohol Brands		56,070		—		—		—		56,070
Other		5,533		—		—		—		5,533
Total Net Sales	$	1,206,091	$	395,566	$	131,215	$	166,226	$	1,899,098


	Three-Months Ended March 31, 2023
							Latin
					Asia Pacific		America
	U.S. and				(including		and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	1,021,328	$	277,111	$	121,994	$	141,235	$	1,561,668
Strategic Brands		43,043		30,951		8,983		3,381		86,358
Alcohol Brands		46,290		—		—		—		46,290
Other		4,614		—		—		—		4,614
Total Net Sales	$	1,115,275	$	308,062	$	130,977	$	144,616	$	1,698,930

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

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 March 31, 2024, the Company had $242.5 million of deferred revenue, which is included in current and long-term deferred revenue in the Company’s condensed consolidated balance sheet. As of December 31, 2023, the Company had $246.2 million of deferred revenue, which is included in current and long-term deferred revenue in the Company’s condensed consolidated balance sheet. During both the three-months ended March 31, 2024 and 2023, $9.9 million of deferred revenue was recognized in net sales. See Note 10.

- 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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 442,049	$ 397,444
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	20,475	16,808
Non-cash lease expense	3,185	2,160
Gain on disposal of property and equipment	(177)	(385)
Stock-based compensation	22,472	16,051
Deferred income taxes	9	0
Effect on cash of changes in operating assets and liabilities:
Accounts receivable	(195,081)	(167,512)
Inventories	22,708	35,495
Prepaid expenses and other assets	(9,507)	1,273
Prepaid income taxes	11,840	3,986
Accounts payable	(9,062)	51,124
Accrued liabilities	28,259	14,207
Accrued promotional allowances	52,814	48,265
Accrued compensation	(35,653)	(30,261)
Income taxes payable	60,512	41,617
Other liabilities	335	(751)
Deferred revenue	(3,036)	(5,046)
Net cash provided by operating activities	412,142	424,475
CASH FLOWS FROM INVESTING ACTIVITIES:
Sales of available-for-sale investments	382,125	522,501
Purchases of available-for-sale investments	(342,228)	(518,751)
Purchases of property and equipment	(66,044)	(40,100)
Proceeds from sale of property and equipment	422	564
Additions to intangibles	(8,612)	(3,952)
Increase in other assets	(985)	(13,028)
Net cash used in investing activities	(35,322)	(52,766)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on debt	(2,896)	(7,271)
Issuance of common stock	38,392	36,348
Purchases of common stock held in treasury	(120,245)	(35,126)
Net cash used in financing activities	(84,749)	(6,049)
Effect of exchange rate changes on cash and cash equivalents	(13,222)	(141)
NET INCREASE IN CASH AND CASH EQUIVALENTS	278,849	365,519
CASH AND CASH EQUIVALENTS, beginning of period	2,297,675	1,307,141
CASH AND CASH EQUIVALENTS, end of period	2,576,524	1,672,660
Cash paid during the period for:
Interest	91	96
Income taxes	$ 63,634	$ 56,985

SEGMENT INFORMATION - Goodwill and other intangible assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
SEGMENT INFORMATION
Goodwill and other intangible assets	$ 2,848,703	$ 2,845,080
Monster Energy Drinks \| Operating segment
SEGMENT INFORMATION
Goodwill and other intangible assets	1,668,188	1,663,814
Strategic Brands \| Operating segment
SEGMENT INFORMATION
Goodwill and other intangible assets	982,676	982,471
Alcohol Brands \| Operating segment
SEGMENT INFORMATION
Goodwill and other intangible assets	$ 197,839	$ 198,795

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2024

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Schedule of fair value of derivative instruments


	Fair value
	March 31,		December 31,
Derivatives designated as hedging instruments	2024		2023		Balance Sheet location
Assets:
Commodity contracts	$	2,379	$	4,480	Accounts receivable, net
Commodity contracts	$	332	$	316	Other assets
Liabilities:
Commodity contracts	$	(432)	$	(386)	Accrued liabilities


	Fair value
	March 31,		December 31,
Derivatives not designated as hedging instruments	2024		2023		Balance Sheet location
Assets:
Foreign currency exchange contracts	$	602	$	138	Accounts receivable, net
Liabilities:
Foreign currency exchange contracts	$	(1,193)	$	(1,221)	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


Three-months ended March 31, 2024
Derivatives				Gain (loss)
designated as	Gain (loss) recognized		Location of gain (loss)	reclassified from
hedging instruments	in AOCI		recognized in income	AOCI into income
Commodity contracts	$	2,279	Cost of sales	$	(966)

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


		Gain (loss)
		recognized in income on
		derivatives
		Three-months ended
Derivatives not designated as	Location of gain (loss)	March 31,		March 31,
hedging instruments	recognized in income on derivatives	2024		2023
Foreign currency exchange contracts	Interest and other income, net	$	5,343	$	(7,852)

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill, beginning balance	$ 1,417,941	$ 1,417,941
Acquisitions	0	0
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	86,298
Acquisitions	0	0
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
-SubTopic 20
-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
-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 4: http://www.xbrl.org/2003/role/disclosureRef
-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 5: http://www.xbrl.org/2003/role/disclosureRef
-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 6: http://www.xbrl.org/2003/role/disclosureRef
-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 7: http://www.xbrl.org/2003/role/disclosureRef
-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 8: http://www.xbrl.org/2003/role/disclosureRef
-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 9: http://www.xbrl.org/2003/role/disclosureRef
-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 10: http://www.xbrl.org/2003/role/disclosureRef
-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 11: http://www.xbrl.org/2003/role/disclosureRef
-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/2003/role/disclosureRef
-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

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 2,576,524	$ 2,297,675
Short-term investments	984,201	955,605
Accounts receivable, net	1,370,239	1,193,964
Inventories	939,630	971,406
Prepaid expenses and other current assets	124,580	116,195
Prepaid income taxes	40,340	54,151
Total current assets	6,035,514	5,588,996
INVESTMENTS	8,162	76,431
PROPERTY AND EQUIPMENT, net	923,290	890,796
DEFERRED INCOME TAXES, net	175,271	175,003
GOODWILL	1,417,941	1,417,941
OTHER INTANGIBLE ASSETS, net	1,430,762	1,427,139
OTHER ASSETS	107,126	110,216
Total Assets	10,098,066	9,686,522
CURRENT LIABILITIES:
Accounts payable	533,729	564,379
Accrued liabilities	204,679	183,988
Accrued promotional allowances	318,895	269,061
Deferred revenue	43,776	41,914
Accrued compensation	52,638	87,392
Income taxes payable	75,111	14,955
Total current liabilities	1,228,828	1,161,689
DEFERRED REVENUE	198,759	204,251
OTHER LIABILITIES	92,690	91,838
COMMITMENTS AND CONTINGENCIES (Note 11)
STOCKHOLDERS' EQUITY:
Common stock - $0.005 par value; 5,000,000 shares authorized; 1,124,870 shares issued and 1,041,698 shares outstanding as of March 31, 2024; 1,122,592 shares issued and 1,041,571 shares outstanding as of December 31, 2023	5,624	5,613
Additional paid-in capital	5,034,948	4,975,115
Retained earnings	6,381,785	5,939,736
Accumulated other comprehensive loss	(157,940)	(125,337)
Common stock in treasury, at cost; 83,172 shares and 81,021 shares as of March 31, 2024 and December 31, 2023, respectively	(2,686,628)	(2,566,383)
Total stockholders' equity	8,577,789	8,228,744
Total Liabilities and Stockholders' Equity	$ 10,098,066	$ 9,686,522

STOCK-BASED COMPENSATION (Details) $ in Millions	3 Months Ended
STOCK-BASED COMPENSATION (Details) $ in Millions	Mar. 31, 2024 USD ($) plan	Mar. 31, 2023 USD ($)
STOCK-BASED COMPENSATION
Stock-based compensation plans \| plan	2
Compensation expense on share-based plans	$ 22.5	$ 16.1
Excess tax benefit realized for tax deductions from non-qualified stock option exercises and disqualifying dispositions of incentive stock options	$ 7.5	$ 25.9

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
NET SALES	$ 1,899,098	$ 1,698,930
COST OF SALES	871,969	801,081
GROSS PROFIT	1,027,129	897,849
OPERATING EXPENSES	485,138	412,785
OPERATING INCOME	541,991	485,064
INTEREST and OTHER INCOME, net	35,754	12,496
INCOME BEFORE PROVISION FOR INCOME TAXES	577,745	497,560
PROVISION FOR INCOME TAXES	135,696	100,116
NET INCOME	$ 442,049	$ 397,444
NET INCOME PER COMMON SHARE:
Basic (in dollar per share)	$ 0.42	$ 0.38
Diluted (in dollar per share)	$ 0.42	$ 0.38
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK AND COMMON STOCK EQUIVALENTS:
Basic (in shares)	1,041,081	1,044,909
Diluted (in shares)	1,051,282	1,059,069

INVESTMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Available-for-sale
Amortized Cost	$ 992,898	$ 1,032,810
Gross Unrealized Holding Gains	82	546
Gross Unrealized Holding Losses	617	1,320
Fair Value	992,363	1,032,036
Continuous Unrealized Loss Position less than 12 Months	617	1,320
Continuous Unrealized Loss Position greater than 12 Months	0	0
Short-term \| Commercial paper
Available-for-sale
Amortized Cost	157,074	163,775
Gross Unrealized Holding Gains	11	0
Gross Unrealized Holding Losses	0	1
Fair Value	157,085	163,774
Continuous Unrealized Loss Position less than 12 Months	0	1
Continuous Unrealized Loss Position greater than 12 Months	0	0
Short-term \| Certificates of deposit
Available-for-sale
Amortized Cost	24,831	15,590
Gross Unrealized Holding Gains	0	0
Gross Unrealized Holding Losses	0	0
Fair Value	24,831	15,590
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
Gross Unrealized Holding Gains		0
Gross Unrealized Holding Losses		0
Fair Value		361
Continuous Unrealized Loss Position less than 12 Months		0
Continuous Unrealized Loss Position greater than 12 Months		0
Short-term \| U.S. government agency securities
Available-for-sale
Amortized Cost	101,893	116,524
Gross Unrealized Holding Gains	16	90
Gross Unrealized Holding Losses	54	66
Fair Value	101,855	116,548
Continuous Unrealized Loss Position less than 12 Months	54	66
Continuous Unrealized Loss Position greater than 12 Months	0	0
Short-term \| U.S. treasuries
Available-for-sale
Amortized Cost	530,697	412,936
Gross Unrealized Holding Gains	23	205
Gross Unrealized Holding Losses	390	1,084
Fair Value	530,330	412,057
Continuous Unrealized Loss Position less than 12 Months	390	1,084
Continuous Unrealized Loss Position greater than 12 Months	0	0
Short-term \| Corporate bonds
Available-for-sale
Amortized Cost	170,198	247,340
Gross Unrealized Holding Gains	32	89
Gross Unrealized Holding Losses	130	154
Fair Value	170,100	247,275
Continuous Unrealized Loss Position less than 12 Months	130	154
Continuous Unrealized Loss Position greater than 12 Months	0	0
Long-term \| U.S. government agency securities
Available-for-sale
Amortized Cost		23,485
Gross Unrealized Holding Gains		51
Gross Unrealized Holding Losses		5
Fair Value		23,531
Continuous Unrealized Loss Position less than 12 Months		5
Continuous Unrealized Loss Position greater than 12 Months		0
Long-term \| U.S. treasuries
Available-for-sale
Amortized Cost		35,896
Gross Unrealized Holding Gains		79
Gross Unrealized Holding Losses		8
Fair Value		35,967
Continuous Unrealized Loss Position less than 12 Months		8
Continuous Unrealized Loss Position greater than 12 Months		0
Long-term \| Corporate bonds
Available-for-sale
Amortized Cost	8,205	16,903
Gross Unrealized Holding Gains	0	32
Gross Unrealized Holding Losses	43	2
Fair Value	8,162	16,933
Continuous Unrealized Loss Position less than 12 Months	43	2
Continuous Unrealized Loss Position greater than 12 Months	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2024

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

11.	COMMITMENTS AND CONTINGENCIES

The Company had purchase commitments aggregating approximately $345.5 million at March 31, 2024, 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 had contractual obligations aggregating approximately $451.1 million at March 31, 2024, which related primarily to sponsorships and other marketing activities.

The Company has a credit facility with HSBC Bank (China) Company Limited, Shanghai Branch, of $15.0 million. At March 31, 2024, the interest rate on borrowings under the line of credit was 5.5%. As of March 31, 2024, no amount was outstanding on this line of credit.

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 March 31, 2024 and December 31, 2023, $0.3 million of loss contingencies were included in the Company’s accompanying condensed consolidated balance sheet.

RELATED PARTY TRANSACTIONS (Details) $ in Thousands	3 Months Ended
RELATED PARTY TRANSACTIONS (Details) $ in Thousands	Mar. 31, 2024 USD ($) director	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
RELATED PARTY TRANSACTIONS
Net Sales	$ 1,899,098	$ 1,698,930
Expenses incurred in connection with materials or services provided by a related party	485,138	412,785
Monster Energy Drinks
RELATED PARTY TRANSACTIONS
Net Sales	1,729,051	1,561,668
Related Party \| Coca Cola Company
RELATED PARTY TRANSACTIONS
Net Sales	41,700	35,100
Purchases from related party	$ 8,000	6,500
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	$ 22,500	15,700
Related Party \| TCCC Subsidiaries and TCCC Related parties \| Monster Energy Drinks
RELATED PARTY TRANSACTIONS
Contract manufacturing expenses	9,000	7,400
Related Party \| TCCC Related Parties and TCCC Independent Bottlers \| Operating expense
RELATED PARTY TRANSACTIONS
Commission expenses	9,700	8,800
Related Party \| TCCC Subsidiaries
RELATED PARTY TRANSACTIONS
Accounts receivable, net	139,825		$ 135,246
Accounts payable	(35,923)		(68,386)
Accrued promotional allowances	(15,260)		(13,794)
Accrued liabilities	$ (25,325)		$ (19,745)
Principal Owners
RELATED PARTY TRANSACTIONS
Number of directors \| director	1
Expenses incurred in connection with materials or services provided by a related party	$ 1,900	$ 1,100

INVESTMENTS - Maturity Period (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
INVESTMENTS
Amortized Cost	$ 992,898	$ 1,032,810
Fair Value	992,363	1,032,036
Commercial paper \| Less than 1 year
INVESTMENTS
Amortized Cost	157,074	163,775
Fair Value	157,085	163,774
Municipal securities \| Less than 1 year
INVESTMENTS
Amortized Cost	0	361
Fair Value	0	361
U.S. government agency securities \| Less than 1 year
INVESTMENTS
Amortized Cost	101,893	116,524
Fair Value	101,855	116,548
U.S. government agency securities \| Due 1 - 10 years
INVESTMENTS
Amortized Cost	0	23,485
Fair Value	0	23,531
Certificates of deposit \| Less than 1 year
INVESTMENTS
Amortized Cost	24,831	15,590
Fair Value	24,831	15,590
U.S. treasuries \| Less than 1 year
INVESTMENTS
Amortized Cost	530,697	412,936
Fair Value	530,330	412,057
U.S. treasuries \| Due 1 - 10 years
INVESTMENTS
Amortized Cost	0	35,896
Fair Value	0	35,967
Corporate bonds \| Less than 1 year
INVESTMENTS
Amortized Cost	170,198	247,340
Fair Value	170,100	247,275
Corporate bonds \| Due 1 - 10 years
INVESTMENTS
Amortized Cost	8,205	16,903
Fair Value	$ 8,162	$ 16,933

BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2024

BASIS OF PRESENTATION

BASIS OF PRESENTATION

1.	BASIS OF PRESENTATION

Reference is made to the Notes to Consolidated Financial Statements, in Monster Beverage Corporation and Subsidiaries (the “Company”) Annual Report on Form 10-K for the year ended December 31, 2023 for a summary of significant accounting policies utilized by the Company and its consolidated subsidiaries and other disclosures, which should be read in conjunction with this Quarterly Report on Form 10-Q (“Form 10-Q”).

The Company’s condensed consolidated financial statements included in this Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and Securities and Exchange Commission (“SEC”) rules and regulations applicable to interim financial reporting. They do not include all the information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP. The information set forth in these interim condensed consolidated financial statements for the three-months ended March 31, 2024 and 2023, respectively, is unaudited and reflects all adjustments, which include only normal recurring adjustments and which in the opinion of management are necessary to make the interim condensed consolidated financial statements not misleading. Results of operations for periods covered by this report may not necessarily be indicative of results of operations for the full year.

The preparation of financial statements in conformity with GAAP necessarily 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 periods. Actual results could differ from these estimates.

Recent Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“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.

BASIS OF PRESENTATION (Policies)

3 Months Ended

Mar. 31, 2024

BASIS OF PRESENTATION

Recent Accounting Pronouncements

Recent Accounting Pronouncements

DISTRIBUTION AGREEMENTS

3 Months Ended

Mar. 31, 2024

DISTRIBUTION AGREEMENTS

DISTRIBUTION AGREEMENTS

10.	DISTRIBUTION AGREEMENTS

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, or at the inception of certain sales/marketing programs are accounted for as deferred revenue and are recognized as revenue ratably over the anticipated life of the respective agreement, generally 20 years or program duration, as the case may be. Revenue recognized was $9.9 million for both the three-months ended March 31, 2024 and 2023.

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2024

STOCK-BASED COMPENSATION

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


	Three-Months Ended March 31,
	2024		2023
Dividend yield	0.0	%	0.0	%
Expected volatility	27.5	%	27.6	%
Risk-free interest rate	4.3	%	3.7	%
Expected term	6.4	years	6.3	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, 2024	24,983	$	33.64	5.8	$	598,866
Granted 01/01/24 - 03/31/24	4,332	$	60.29
Exercised	(1,457)	$	26.35
Cancelled or forfeited	(14)	$	40.13
Outstanding at March 31, 2024	27,844	$	38.17	6.3	$	592,303
Vested and expected to vest in the future at March 31, 2024	26,628	$	37.55	6.2	$	582,560
Exercisable at March 31, 2024	15,538	$	29.22	4.3	$	467,020

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, 2024	1,964	$	40.95
Granted 01/01/24 - 03/31/24¹	502	$	57.04
Vested	(821)	$	40.63
Forfeited/cancelled	(1)	$	30.36
Non-vested at March 31, 2024	1,644	$	46.03

GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Future estimated amortization expense related to amortizing intangibles
2024 (from April 1, 2024 to December 31, 2024)	$ 4,461
2025	5,947
2026	5,947
2027	5,946
2028	5,945
2029 and thereafter	40,150
Amortizing intangibles, net	$ 68,396	$ 69,883

EARNINGS PER SHARE (Details) - shares shares in Thousands	3 Months Ended
EARNINGS PER SHARE (Details) - shares shares in Thousands	Mar. 31, 2024	Mar. 31, 2023
Weighted-average shares outstanding:
Basic	1,041,081	1,044,909
Dilutive	10,201	14,160
Diluted	1,051,282	1,059,069
Totaling options and awards outstanding (in shares)	5,000	2,600

LEASES - Supplemental cash flow information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 3,607	$ 2,391
Operating cash outflows from finance leases	91	14
Financing cash outflows from finance leases	2,897	598
Right-of-use assets obtained in exchange for lease obligations:
Finance leases	747	2,227
Operating leases	$ 1,091	$ 313

INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2024

INCOME TAXES

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


	Gross Unrecognized
	Tax Benefits
Balance at December 31, 2023	$	3,109
Additions for tax positions related to the current year		2,900
Additions for tax positions related to the prior years		—
Decreases for tax positions related to the prior years		—
Balance at March 31, 2024	$	6,009

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2024

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

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


March 31, 2024	Level 1		Level 2		Level 3		Total
Cash	$	973,260	$	—	$	—	$	973,260
Money market funds		1,026,552		—		—		1,026,552
Certificates of deposit		—		74,208		—		74,208
Commercial paper		—		193,959		—		193,959
Corporate bonds		—		205,924		—		205,924
U.S. government agency securities		—		146,214		—		146,214
U.S. treasuries		—		948,770		—		948,770
Foreign currency derivatives		—		(591)		—		(591)
Commodity derivatives		—		2,279		—		2,279
Total	$	1,999,812	$	1,570,763	$	—	$	3,570,575

Amounts included in:
Cash and cash equivalents	$	1,999,812	$	576,712	$	—	$	2,576,524
Short-term investments		—		984,201		—		984,201
Accounts receivable, net		—		2,981		—		2,981
Other assets		—		332		—		332
Investments		—		8,162		—		8,162
Accrued liabilities		—		(1,625)		—		(1,625)
Total	$	1,999,812	$	1,570,763	$	—	$	3,570,575


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

RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2024

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

18.	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, were $22.5 million and $15.7 million for the three-months ended March 31, 2024 and 2023, respectively, and are included as a reduction to net sales.

TCCC commissions, based on sales to TCCC independent bottlers, were $9.7 million and $8.8 million for the three-months ended March 31, 2024 and 2023, respectively, and are included in operating expenses.

Net sales to the TCCC Subsidiaries for the three-months ended March 31, 2024 and 2023 were $41.7 million and $35.1 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 $8.0 million and $6.5 million for the three-months ended March 31, 2024 and 2023, respectively.

Certain TCCC Subsidiaries also contract manufacture certain of the Company’s energy drinks. Such contract manufacturing expenses were $9.0 million and $7.4 million for the three-months ended March 31, 2024 and 2023, respectively.

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


	March 31,		December 31,
	2024		2023
Accounts receivable, net	$	139,825	$	135,246
Accounts payable	$	(35,923)	$	(68,386)
Accrued promotional allowances	$	(15,260)	$	(13,794)
Accrued liabilities	$	(25,325)	$	(19,745)

One director of the Company through certain trusts, and a family member of one director are the 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 three-months ended March 31, 2024 and 2023 were $1.9 million and $1.1 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 three-months ended March 31, 2024 and 2023, the Company incurred no costs in relation to the aircraft.

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
-SubTopic 20
-Name Accounting Standards Codification
-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
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-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
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

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
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

SEGMENT INFORMATION - Net Revenues (Details) $ in Thousands	3 Months Ended
SEGMENT INFORMATION - Net Revenues (Details) $ in Thousands	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
SEGMENT INFORMATION
Number of reportable segments \| segment	4
Number of operating segments \| segment	4
Net Sales	$ 1,899,098	$ 1,698,930
Operating Income	541,991	485,064
Income before tax	577,745	497,560
Depreciation and amortization	20,475	16,808
Recognition of deferred revenue	9,900	9,900
Corporate and unallocated
SEGMENT INFORMATION
Net Sales	0	0
Operating Income	(143,134)	(120,350)
Income before tax	(108,450)	(108,742)
Depreciation and amortization	3,860	2,424
Monster Energy Drinks
SEGMENT INFORMATION
Net Sales	1,729,051	1,561,668
Monster Energy Drinks \| Operating segment
SEGMENT INFORMATION
Net Sales	1,729,051	1,561,669
Operating Income	628,122	560,819
Income before tax	629,160	561,674
Depreciation and amortization	12,608	8,989
Recognition of deferred revenue	9,900	9,900
Strategic Brands
SEGMENT INFORMATION
Net Sales	108,444	86,358
Strategic Brands \| Operating segment
SEGMENT INFORMATION
Net Sales	108,444	86,357
Operating Income	62,019	51,771
Income before tax	62,035	51,788
Depreciation and amortization	229	221
Alcohol Brands
SEGMENT INFORMATION
Net Sales	56,070	46,290
Alcohol Brands \| Operating segment
SEGMENT INFORMATION
Net Sales	56,070	46,290
Operating Income	(6,017)	(6,883)
Income before tax	(6,016)	(6,867)
Depreciation and amortization	3,738	4,051
Other
SEGMENT INFORMATION
Net Sales	5,533	4,614
Other \| Operating segment
SEGMENT INFORMATION
Net Sales	5,533	4,614
Operating Income	1,001	(293)
Income before tax	1,016	(293)
Depreciation and amortization	$ 40	$ 1,123

TREASURY STOCK (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	May 07, 2024	Nov. 07, 2023	Nov. 02, 2022
TREASURY STOCK
Number of shares repurchased of common stock from employees in lieu of cash or withholding taxes due	0.4
Cash payment for repurchase of common stock from employees in lieu of cash or withholding taxes due	$ 23.0
Subsequent event
TREASURY STOCK
Share repurchase program, authorized remaining amount		$ 642.4
November 2022 Repurchase Plan
TREASURY STOCK
Common stock repurchased (in shares)	1.8
Repurchase price of stock	$ 97.2
Share repurchase program, authorized amount				$ 500.0
Average purchase price (in dollars per share)	$ 54.96
November 2022 Repurchase Plan \| Subsequent event
TREASURY STOCK
Share repurchase program, authorized remaining amount		142.4
November 2023 Repurchase Plan
TREASURY STOCK
Common stock repurchased (in shares)	0.0
Share repurchase program, authorized amount			$ 500.0
November 2023 Repurchase Plan \| Subsequent event
TREASURY STOCK
Share repurchase program, authorized remaining amount		$ 500.0

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
LEASES - Lease Cost (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
LEASES
Operating lease cost	$ 3,802	$ 2,467
Short-term lease cost	2,670	979
Variable lease cost	213	215
Finance leases:
Amortization of right-of-use assets	595	123
Interest on lease liabilities	91	14
Finance lease cost	686	137
Total lease cost	$ 7,371	$ 3,798

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2024

EARNINGS PER SHARE

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

A reconciliation of the weighted-average shares used in the basic and diluted earnings per common share computations is presented below (in thousands):


	Three-Months Ended
	March 31,
	2024	2023
Weighted-average shares outstanding:
Basic	1,041,081	1,044,909
Dilutive	10,201	14,160
Diluted	1,051,282	1,059,069

INVENTORIES

3 Months Ended

Mar. 31, 2024

INVENTORIES

INVENTORIES

7.	INVENTORIES

Inventories consist of the following at:


	March 31,		December 31,
	2024		2023
Raw materials	$	285,966	$	330,021
Work in process		1,601		1,403
Finished goods		652,063		639,982
	$	939,630	$	971,406

PROPERTY AND EQUIPMENT, NET (Tables)

3 Months Ended

Mar. 31, 2024

PROPERTY AND EQUIPMENT, NET

Schedule of property and equipment


	March 31,		December 31,
	2024		2023
Land	$	153,340	$	152,253
Leasehold improvements		38,159		37,946
Furniture and fixtures		11,401		11,422
Office and computer equipment		26,421		25,560
Computer software		5,053		5,344
Equipment		449,321		426,466
Buildings		212,359		211,951
Vehicles		69,937		69,527
Assets under construction		234,627		211,562
		1,200,618		1,152,031
Less: accumulated depreciation and amortization		(277,328)		(261,235)
	$	923,290	$	890,796

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	$ 1,200,618		$ 1,152,031
Less: accumulated depreciation and amortization	(277,328)		(261,235)
Property and equipment, net	923,290		890,796
Total depreciation and amortization expense	19,200	$ 14,800
Land
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	153,340		152,253
Leasehold improvements
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	38,159		37,946
Furniture and fixtures
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	11,401		11,422
Office and computer equipment
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	26,421		25,560
Computer software
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	5,053		5,344
Equipment
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	449,321		426,466
Buildings
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	212,359		211,951
Vehicles
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	69,937		69,527
Assets under construction
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	$ 234,627		$ 211,562

INCOME TAXES

3 Months Ended

Mar. 31, 2024

INCOME TAXES

INCOME TAXES

15.	INCOME TAXES

The following is a roll-forward of the Company’s total gross unrecognized tax benefits, not including interest and penalties, for the three-months ended March 31, 2024:


	Gross Unrecognized
	Tax Benefits
Balance at December 31, 2023	$	3,109
Additions for tax positions related to the current year		2,900
Additions for tax positions related to the prior years		—
Decreases for tax positions related to the prior years		—
Balance at March 31, 2024	$	6,009

The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Company’s condensed consolidated financial statements. As of March 31, 2024, the Company had approximately $0.7 million in accrued interest and penalties related to unrecognized tax benefits. If the Company were to prevail on all uncertain tax positions, the resultant impact on the Company’s effective tax rate would not be significant. It is expected that any change in the amount of unrecognized tax benefits 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 2023 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 2023 tax years. The United Kingdom and Ireland income tax returns are subject to examination for the 2019 through 2023 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

RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2024

RELATED PARTY TRANSACTIONS

Schedule of related party transactions


	March 31,		December 31,
	2024		2023
Accounts receivable, net	$	139,825	$	135,246
Accounts payable	$	(35,923)	$	(68,386)
Accrued promotional allowances	$	(15,260)	$	(13,794)
Accrued liabilities	$	(25,325)	$	(19,745)

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
	Mar. 31, 2024	Dec. 31, 2023
Stock options, Number of Shares
Balance at the beginning of the period (in shares)	24,983
Granted (in shares)	4,332
Exercised (in shares)	(1,457)
Cancelled or forfeited (in shares)	(14)
Balance at the end of the period (in shares)	27,844	24,983
Vested and expected to vest in the future at the end of the period (in shares)	26,628
Exercisable at the end of the period (in shares)	15,538
Stock options, Weighted-Average Exercise Price Per Share
Balance at the beginning of the period (in dollars per share)	$ 33.64
Granted (in dollars per share)	60.29
Exercised (in dollars per share)	26.35
Cancelled or forfeited (in dollars per share)	40.13
Balance at the end of the period (in dollars per share)	38.17	$ 33.64
Vested and expected to vest in the future at the end of the period (in dollars per share)	37.55
Exercisable at the end of the period (in dollars per share)	$ 29.22
Weighted-Average Remaining Contractual Term (in years)
Weighted-Average Remaining Contractual Terms (in years)	6 years 3 months 18 days	5 years 9 months 18 days
Vested and expected to vest in the future at the end of the period	6 years 2 months 12 days
Exercisable at the end of the period	4 years 3 months 18 days
Aggregate Intrinsic Value
Balance at the beginning of the period	$ 598,866
Balance at the end of the period	592,303	$ 598,866
Vested and expected to vest in the future at the end of the period	582,560
Exercisable at the end of the period	$ 467,020

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2024

GOODWILL AND OTHER INTANGIBLE ASSETS

Schedule of goodwill


	Monster
	Energy®		Strategic		Alcohol
	Drinks		Brands		Brands		Other		Total
Balance at December 31, 2023	$	693,644	$	637,999	$	86,298	$	—	$	1,417,941
Acquisitions		—		—		—		—		—
Balance at March 31, 2024	$	693,644	$	637,999	$	86,298	$	—	$	1,417,941


	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 March 31, 2023	$	693,644	$	637,999	$	86,298	$	—	$	1,417,941

Schedule of intangible assets


	March 31,		December 31,
	2024		2023
Amortizing intangibles	$	144,378	$	144,582
Accumulated amortization		(75,982)		(74,699)
		68,396		69,883
Non-amortizing intangibles		1,362,366		1,357,256
	$	1,430,762	$	1,427,139

Schedule of future estimated amortization expense related to amortizing intangibles


2024 (from April 1, 2024 to December 31, 2024)	$	4,461
2025		5,947
2026		5,947
2027		5,946
2028		5,945
2029 and thereafter		40,150
	$	68,396

- Definition

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

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL DISCLOSURE OF NON-CASH ITEMS (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL DISCLOSURE OF NON-CASH ITEMS
Accrued liabilities for intangible assets	$ 11.7	$ 9.6
Accounts payable for purchases of equipment	3.2	$ 2.5
Accounts receivable related to available-for-sale short-term investment sales	3.0
Accured liabilities purchased from employees	$ 55.3

DISTRIBUTION AGREEMENTS (Details) - USD ($) $ in Millions	3 Months Ended
DISTRIBUTION AGREEMENTS (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
DISTRIBUTION AGREEMENTS
Distribution agreement (in years)	20 years
Revenue recognized	$ 9.9	$ 9.9

ACCUMULATED OTHER COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Components of accumulated other comprehensive loss:
Balance at the beginning of the period	$ (125,337)	$ (159,073)
Other comprehensive income (loss) before reclassifications	(32,603)	11,162
Net current-period other comprehensive income (loss)	(32,603)	11,162
Balance at the end of the period	(157,940)	(147,911)
Accumulated Net Gains (Losses) on Commodity Derivatives
Components of accumulated other comprehensive loss:
Balance at the beginning of the period	4,410	0
Other comprehensive income (loss) before reclassifications	(2,131)	0
Net current-period other comprehensive income (loss)	(2,131)	0
Balance at the end of the period	2,279	0
Currency Translation Gains (Losses)
Components of accumulated other comprehensive loss:
Balance at the beginning of the period	(128,989)	(153,230)
Other comprehensive income (loss) before reclassifications	(30,695)	7,981
Net current-period other comprehensive income (loss)	(30,695)	7,981
Balance at the end of the period	(159,684)	(145,249)
Unrealized Gains (Losses) on Available-for-Sale Securities
Components of accumulated other comprehensive loss:
Balance at the beginning of the period	(758)	(5,843)
Other comprehensive income (loss) before reclassifications	223	3,181
Net current-period other comprehensive income (loss)	223	3,181
Balance at the end of the period	$ (535)	$ (2,662)

- Definition

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

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
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
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

LEASES - Weighted-average remaining lease term and weighted-average discount rate (Details)	Mar. 31, 2024	Dec. 31, 2023
LEASES
Weighted-average remaining lease term (years), Operating leases	6 years 2 months 12 days	6 years 3 months 18 days
Weighted-average remaining lease term (years), Finance leases	6 months	8 months 12 days
Weighted-average discount rate, Operating leases	4.70%	4.70%
Weighted-average discount rate, Finance leases	6.30%	6.30%

SEGMENT INFORMATION - Concentration Risk (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SEGMENT INFORMATION
Net Sales	$ 1,899,098	$ 1,698,930
Sales \| Outside United States
SEGMENT INFORMATION
Net Sales	$ 744,100	$ 622,900
Sales \| Customer concentration \| Outside United States
SEGMENT INFORMATION
Percentage of net sales	39.00%	37.00%
Coca-Cola Europacific Partners \| Sales \| Customer concentration
SEGMENT INFORMATION
Percentage of net sales	14.00%	13.00%
Coca-Cola Consolidated, Inc \| Sales \| Customer concentration
SEGMENT INFORMATION
Percentage of net sales	10.00%
Reyes Holdings, LLC \| Sales \| Customer concentration
SEGMENT INFORMATION
Percentage of net sales	9.00%

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Non hedging designation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Collateral amount	$ 600
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	$ 230,500		$ 282,700
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Amount of loss recognized in income on derivatives	$ 5,343	$ (7,852)

CONDENSED 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, 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		15,743				15,743
Stock options/awards	$ 19	36,329				36,348
Stock options/awards (in shares)	3,704
Unrealized gain (loss), net on available-for-sale securities				3,181		3,181
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					$ (90,378)	(90,378)
Repurchase of common stock (in shares)					(1,688)
Foreign currency translation				7,981		7,981
Change in net gain (loss) on commodity derivatives						0
Net income			397,444			397,444
Balance at Mar. 31, 2023	$ 5,587	4,829,301	4,706,192	(147,911)	$ (1,997,809)	7,395,360
Balance (in shares) at Mar. 31, 2023	1,117,392				(70,776)
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)
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Stock-based compensation		21,452				21,452
Stock options/awards	$ 11	38,381				38,392
Stock options/awards (in shares)	2,278
Unrealized gain (loss), net on available-for-sale securities				223		223
Repurchase of common stock					$ (120,245)	(120,245)
Repurchase of common stock (in shares)					(2,151)
Foreign currency translation				(30,695)		(30,695)
Change in net gain (loss) on commodity derivatives				(2,131)		(2,131)
Net income			442,049			442,049
Balance at Mar. 31, 2024	$ 5,624	$ 5,034,948	$ 6,381,785	$ (157,940)	$ (2,686,628)	$ 8,577,789
Balance (in shares) at Mar. 31, 2024	1,124,870				(83,172)

LEASES - Supplemental balance sheet information (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
LEASES
Right-of-use assets	$ 56,421	$ 58,845
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Current lease liabilities	$ 11,122	$ 11,088
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current	Accrued Liabilities, Current
Noncurrent lease liabilities	$ 46,474	$ 48,459
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total operating lease liabilities	$ 57,596	$ 59,547
Finance leases:
Right-of-use assets	$ 10,091	$ 11,147
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	$ 4,297	$ 6,449
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Noncurrent lease liabilities	$ 14	$ 19
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total finance lease liabilities	$ 4,311	$ 6,468

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2024

EARNINGS PER SHARE

EARNINGS PER SHARE

16.	EARNINGS PER SHARE

A reconciliation of the weighted-average shares used in the basic and diluted earnings per common share computations is presented below (in thousands):


	Three-Months Ended
	March 31,
	2024	2023
Weighted-average shares outstanding:
Basic	1,041,081	1,044,909
Dilutive	10,201	14,160
Diluted	1,051,282	1,059,069

For the three-months ended March 31, 2024 and 2023, options and awards outstanding totaling 5.0 million shares and 2.6 million shares, respectively, were excluded from the calculations as their effect would have been antidilutive.

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
INVENTORIES
Raw materials	$ 285,966	$ 330,021
Work in process	1,601	1,403
Finished goods	652,063	639,982
Inventories	$ 939,630	$ 971,406

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income, as reported	$ 442,049	$ 397,444
Other comprehensive income (loss):
Change in foreign currency translation adjustment	(30,695)	7,981
Available-for-sale investments:
Change in net unrealized gain (loss) on available-for-sale investments	223	3,181
Change in net gain (loss) on commodity derivatives	(2,131)	0
Other comprehensive income (loss)	(32,603)	11,162
Comprehensive income	$ 409,446	$ 408,606

- Definition

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

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-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-11

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

+ Details

SUBSEQUENT EVENTS (Details) - Subsequent event - Dutch auction tender offer $ in Billions	May 01, 2024 USD ($)
Maximum
SUBSEQUENT EVENTS
Repurchase price of stock	$ 3.0
Forecast
SUBSEQUENT EVENTS
Cash on hand	2.0
Combined borrowings	$ 1.0

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

REVENUE RECOGNITION - (Details)	3 Months Ended
REVENUE RECOGNITION - (Details)	Mar. 31, 2024 segment
REVENUE RECOGNITION
Number of operating segments	4
Number of reportable segments	4
Distribution agreement, revenue recognition period	20 years

LEASES

3 Months Ended

Mar. 31, 2024

LEASES

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 ASC 842, “Leases”. 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 were as follows:


	Three-Months Ended March 31,
	2024		2023
Operating lease cost	$	3,802	$	2,467
Short-term lease cost		2,670		979
Variable lease cost		213		215

Finance leases:
Amortization of right-of-use assets		595		123
Interest on lease liabilities		91		14
Finance lease cost		686		137

Total lease cost	$	7,371	$	3,798

Supplemental cash flow information was as follows:


	Three-Months Ended March 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	3,607	$	2,391
Operating cash outflows from finance leases		91		14
Financing cash outflows from finance leases		2,897		598

Right-of-use assets obtained in exchange for lease obligations:
Finance leases		747		2,227
Operating leases		1,091		313

Supplemental balance sheet information was as follows:


		March 31,		December 31,
	Balance Sheet Location	2024		2023
Operating leases:
Right-of-use assets	Other assets	$	56,421	$	58,845

Current lease liabilities	Accrued liabilities	$	11,122	$	11,088
Noncurrent lease liabilities	Other liabilities		46,474		48,459
Total operating lease liabilities		$	57,596	$	59,547

Finance leases:
Right-of-use assets	Property and equipment, net	$	10,091	$	11,147

Current lease liabilities	Accrued liabilities	$	4,297	$	6,449
Noncurrent lease liabilities	Other liabilities		14		19
Total finance lease liabilities		$	4,311	$	6,468

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


	March 31, 2024		December 31, 2023
Weighted-average remaining lease term in years:
Operating leases	6.2		6.3
Finance leases	0.5		0.7

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

The following table outlines maturities of the Company’s lease liabilities as of March 31, 2024:


	Undiscounted Future Lease Payments
	Operating Leases		Finance Leases
2024 (from April 1, 2024 to December 31, 2024)	$	10,213	$	4,275
2025		11,942		118
2026		9,824		2
2027		9,242		—
2028		7,709		—
2029 and thereafter		17,820		—
Total lease payments		66,750		4,395
Less imputed interest		(9,154)		(84)
Total	$	57,596	$	4,311

As of March 31, 2024, the Company did not have any significant leases that had not yet commenced.

PROPERTY AND EQUIPMENT, NET

3 Months Ended

Mar. 31, 2024

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

8.	PROPERTY AND EQUIPMENT, NET

Property and equipment consist of the following at:


	March 31,		December 31,
	2024		2023
Land	$	153,340	$	152,253
Leasehold improvements		38,159		37,946
Furniture and fixtures		11,401		11,422
Office and computer equipment		26,421		25,560
Computer software		5,053		5,344
Equipment		449,321		426,466
Buildings		212,359		211,951
Vehicles		69,937		69,527
Assets under construction		234,627		211,562
		1,200,618		1,152,031
Less: accumulated depreciation and amortization		(277,328)		(261,235)
	$	923,290	$	890,796

Total depreciation and amortization expense was $19.2 million and $14.8 million for the three-months ended March 31, 2024 and 2023, respectively.

REVENUE RECOGNITION - Contract Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Contract Liabilities
Deferred revenue	$ 242.5		$ 246.2
Deferred revenue recognized in net sales	$ 9.9	$ 9.9

LEASES - Lease Terms (Details)	3 Months Ended
LEASES - Lease Terms (Details)	Mar. 31, 2024
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)	11 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

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Fair value (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Derivatives designated as hedging instruments \| Accounts receivables, net \| Commodity contracts
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Fair value assets	$ 2,379	$ 4,480
Derivatives designated as hedging instruments \| Other assets \| Commodity contracts
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Fair value assets	332	316
Derivatives designated as hedging instruments \| Accrued liabilities \| Commodity contracts
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Fair value liabilities	(432)	(386)
Derivatives not designated as hedging instruments \| Accounts receivables, net \| Foreign currency exchange contracts
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Fair value assets	602	138
Derivatives not designated as hedging instruments \| Accrued liabilities \| Foreign currency exchange contracts
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Fair value liabilities	$ (1,193)	$ (1,221)

SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2024

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

19.	SUBSEQUENT EVENTS

On May 1, 2024, the Board of Directors authorized the Company to commence a modified “Dutch auction” tender offer to repurchase up to $3.0 billion of its outstanding shares of common stock. The Company anticipates commencing the tender offer in May 2024. Details of the tender offer, including the offer price, conditions, potential participation by management and other terms, will be set forth in the offering materials to be distributed to shareholders upon commencement of the tender offer.

The Company expects to fund the tender offer with approximately $2.0 billion of cash on hand and approximately $1.0 billion in combined borrowings, consisting of a new revolving credit facility and a new delayed draw term loan facility, each expected to be consummated prior to the completion of the tender offer. The tender offer will be made outside of the Company’s previously authorized repurchase programs and will allow the Company to retain the ability to purchase additional shares through the previously authorized repurchase programs in the future.

LEASES - Undiscounted future lease payments for operating and finance leases (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Operating Leases
2024 (from April 1, 2024 to December 31, 2024)	$ 10,213
2025	11,942
2026	9,824
2027	9,242
2028	7,709
2029 and thereafter	17,820
Total lease payments	66,750
Less imputed interest	(9,154)
Total operating lease liabilities	57,596	$ 59,547
Finance Leases
2024 (from April 1, 2024 to December 31, 2024)	4,275
2025	118
2026	2
2028	0
2029 and thereafter	0
Total lease payments	4,395
Less imputed interest	(84)
Total finance lease liabilities	$ 4,311	$ 6,468

TREASURY STOCK

3 Months Ended

Mar. 31, 2024

TREASURY STOCK

TREASURY STOCK

13.	TREASURY STOCK

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 three-months ended March 31, 2024, the Company purchased approximately 1.8 million shares of common stock at an average purchase price of $54.96 per share, for a total amount of approximately $97.2 million (excluding broker commissions), under the November 2022 Repurchase Plan. As of May 7, 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 three-months ended March 31, 2024, no shares were repurchased under the November 2023 Repurchase Plan. As of May 7, 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 May 7, 2024.

During the three-months ended March 31, 2024, 0.4 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 $23.0 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 March 31, 2024.

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUE RECOGNITION
Total net sales	$ 1,899,098	$ 1,698,930
U.S. and Canada
REVENUE RECOGNITION
Total net sales	1,206,091	1,115,275
EMEA
REVENUE RECOGNITION
Total net sales	395,566	308,062
Asia Pacific (including Oceania)
REVENUE RECOGNITION
Total net sales	131,215	130,977
Latin America and Caribbean
REVENUE RECOGNITION
Total net sales	166,226	144,616
Monster Energy Drinks
REVENUE RECOGNITION
Total net sales	1,729,051	1,561,668
Monster Energy Drinks \| U.S. and Canada
REVENUE RECOGNITION
Total net sales	1,094,846	1,021,328
Monster Energy Drinks \| EMEA
REVENUE RECOGNITION
Total net sales	352,229	277,111
Monster Energy Drinks \| Asia Pacific (including Oceania)
REVENUE RECOGNITION
Total net sales	122,018	121,994
Monster Energy Drinks \| Latin America and Caribbean
REVENUE RECOGNITION
Total net sales	159,958	141,235
Strategic Brands
REVENUE RECOGNITION
Total net sales	108,444	86,358
Strategic Brands \| U.S. and Canada
REVENUE RECOGNITION
Total net sales	49,642	43,043
Strategic Brands \| EMEA
REVENUE RECOGNITION
Total net sales	43,337	30,951
Strategic Brands \| Asia Pacific (including Oceania)
REVENUE RECOGNITION
Total net sales	9,197	8,983
Strategic Brands \| Latin America and Caribbean
REVENUE RECOGNITION
Total net sales	6,268	3,381
Alcohol Brands
REVENUE RECOGNITION
Total net sales	56,070	46,290
Alcohol Brands \| U.S. and Canada
REVENUE RECOGNITION
Total net sales	56,070	46,290
Alcohol Brands \| EMEA
REVENUE RECOGNITION
Total net sales	0	0
Alcohol Brands \| Asia Pacific (including Oceania)
REVENUE RECOGNITION
Total net sales	0	0
Alcohol Brands \| Latin America and Caribbean
REVENUE RECOGNITION
Total net sales	0	0
Other
REVENUE RECOGNITION
Total net sales	5,533	4,614
Other \| U.S. and Canada
REVENUE RECOGNITION
Total net sales	5,533	4,614
Other \| EMEA
REVENUE RECOGNITION
Total net sales	0	0
Other \| Asia Pacific (including Oceania)
REVENUE RECOGNITION
Total net sales	0	0
Other \| Latin America and Caribbean
REVENUE RECOGNITION
Total net sales	$ 0	$ 0

GOODWILL AND OTHER INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2024

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

9.GOODWILL AND OTHER INTANGIBLE ASSETS

The following is a roll-forward of goodwill for the three-months ended March 31, 2024 and 2023 by reportable segment:


	Monster
	Energy®		Strategic		Alcohol
	Drinks		Brands		Brands		Other		Total
Balance at December 31, 2023	$	693,644	$	637,999	$	86,298	$	—	$	1,417,941
Acquisitions		—		—		—		—		—
Balance at March 31, 2024	$	693,644	$	637,999	$	86,298	$	—	$	1,417,941


	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 March 31, 2023	$	693,644	$	637,999	$	86,298	$	—	$	1,417,941

Intangible assets consist of the following at:


	March 31,		December 31,
	2024		2023
Amortizing intangibles	$	144,378	$	144,582
Accumulated amortization		(75,982)		(74,699)
		68,396		69,883
Non-amortizing intangibles		1,362,366		1,357,256
	$	1,430,762	$	1,427,139

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 was $1.3 million and $2.0 million for the three-months ended March 31, 2024 and 2023, respectively.

The following is the future estimated amortization expense related to amortizing intangibles as of March 31, 2024:


2024 (from April 1, 2024 to December 31, 2024)	$	4,461
2025		5,947
2026		5,947
2027		5,946
2028		5,945
2029 and thereafter		40,150
	$	68,396

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2024

INVENTORIES

Schedule of inventories


	March 31,		December 31,
	2024		2023
Raw materials	$	285,966	$	330,021
Work in process		1,601		1,403
Finished goods		652,063		639,982
	$	939,630	$	971,406

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2024

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

5.	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 the Company’s financial assets and liabilities that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy at:


March 31, 2024	Level 1		Level 2		Level 3		Total
Cash	$	973,260	$	—	$	—	$	973,260
Money market funds		1,026,552		—		—		1,026,552
Certificates of deposit		—		74,208		—		74,208
Commercial paper		—		193,959		—		193,959
Corporate bonds		—		205,924		—		205,924
U.S. government agency securities		—		146,214		—		146,214
U.S. treasuries		—		948,770		—		948,770
Foreign currency derivatives		—		(591)		—		(591)
Commodity derivatives		—		2,279		—		2,279
Total	$	1,999,812	$	1,570,763	$	—	$	3,570,575

Amounts included in:
Cash and cash equivalents	$	1,999,812	$	576,712	$	—	$	2,576,524
Short-term investments		—		984,201		—		984,201
Accounts receivable, net		—		2,981		—		2,981
Other assets		—		332		—		332
Investments		—		8,162		—		8,162
Accrued liabilities		—		(1,625)		—		(1,625)
Total	$	1,999,812	$	1,570,763	$	—	$	3,570,575


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

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 three-months ended March 31, 2024, or during the year-ended December 31, 2023, 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

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2024	Apr. 26, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
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
Trading Symbol	MNST
Security Exchange Name	NASDAQ
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,041,728,228
Entity Central Index Key	0000865752
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Amendment Flag	false

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Cash and cash equivalents	$ 2,576,524	$ 2,297,675
Short-term investments	984,201	955,605
Investments	8,162	76,431
Asset transfers between Level 1 and Level 2 measurements	0	0
Total fair value
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Cash	973,260	1,105,701
Assets measured at fair value	3,570,575	3,333,038
Fair value liabilities	(591)	(1,083)
Cash and cash equivalents	2,576,524	2,297,675
Short-term investments	984,201	955,605
Accounts receivable, net	2,981	4,618
Other assets	332	316
Investments	8,162	76,431
Accrued liabilities	(1,625)	(1,607)
Total fair value \| Money market funds
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	1,026,552	960,873
Total fair value \| Certificates of deposit
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	74,208	33,824
Total fair value \| Commercial paper
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	193,959	163,774
Total fair value \| Corporate bonds
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	205,924	264,208
Total fair value \| Municipal securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		361
Total fair value \| U.S. government agency securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	146,214	159,585
Total fair value \| U.S. treasuries
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	948,770	641,385
Total fair value \| Commodity derivatives
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Fair value liabilities	2,279	4,410
Level 1
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Cash	973,260	1,105,701
Assets measured at fair value	1,999,812	2,066,574
Fair value liabilities	0	0
Cash and cash equivalents	1,999,812	2,066,574
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	1,026,552	960,873
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	0
Level 1 \| Municipal securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		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 2
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Cash	0	0
Assets measured at fair value	1,570,763	1,266,464
Fair value liabilities	(591)	(1,083)
Cash and cash equivalents	576,712	231,101
Short-term investments	984,201	955,605
Accounts receivable, net	2,981	4,618
Other assets	332	316
Investments	8,162	76,431
Accrued liabilities	(1,625)	(1,607)
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	74,208	33,824
Level 2 \| Commercial paper
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	193,959	163,774
Level 2 \| Corporate bonds
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	205,924	264,208
Level 2 \| Municipal securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		361
Level 2 \| U.S. government agency securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	146,214	159,585
Level 2 \| U.S. treasuries
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	948,770	641,385
Level 2 \| Commodity derivatives
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Fair value liabilities	2,279	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	0
Level 3 \| Municipal securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		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

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
Amortizing intangibles	$ 144,378		$ 144,582
Accumulated amortization	(75,982)		(74,699)
Amortizing intangibles, net	68,396		69,883
Non-amortizing intangibles	1,362,366		1,357,256
Intangibles, net	1,430,762		$ 1,427,139
Amortization expense	$ 1,300	$ 2,000
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

SEGMENT INFORMATION - Expenses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
SEGMENT INFORMATION
Stock-based compensation expense	$ 22.5	$ 16.1
Corporate and unallocated
SEGMENT INFORMATION
Payroll costs	98.6	80.3
Stock-based compensation expense	22.0	15.7
Professional service expenses	20.0	22.1
Other operating expenses	$ 24.5	$ 18.0

STOCK-BASED COMPENSATION - Fair Value Assumptions (Details) - Employee Stock Option	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Weighted-average assumptions used to estimate the fair value of options granted
Dividend yield (as a percent)	0.00%	0.00%
Expected volatility (as a percent)	27.50%	27.60%
Risk-free interest rate (as a percent)	4.30%	3.70%
Expected term	6 years 4 months 24 days	6 years 3 months 18 days