0001410578-24-001239 | 10-Q | XBRL Viewer

BASIS OF PRESENTATION

6 Months Ended

Jun. 30, 2024

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-and six-months ended June 30, 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.

DISTRIBUTION AGREEMENTS

6 Months Ended

Jun. 30, 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 $10.0 million for both the three-months ended June 30, 2024 and 2023. Revenue recognized was $19.9 million for both the six-months ended June 30, 2024 and 2023.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Hedging designation (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Gain (loss) recognized in AOCI	$ 6,205	$ (2,131)	$ (1,266)	$ 4,074	$ (1,266)
Derivatives designated as hedging instruments \| Commodity derivatives \| Cash Flow Hedging
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Notional value	143,800			143,800		$ 98,300
Gain (loss) recognized in AOCI	$ 6,205		$ (1,266)	$ 8,483	$ (1,266)
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		Cost of Goods and Services Sold	Cost of Goods and Services Sold	Cost of Goods and Services Sold
Gain (loss) reclassified from AOCI into income	$ 0		$ 0	$ (966)	$ 0
Amount to be reclassified				$ 8,400

INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 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		—
Additions for tax positions related to the prior years		—
Decreases for tax positions related to the prior years		—
Balance at June 30, 2024	$	3,109

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 1,564,734	$ 2,297,675
Short-term investments	0	955,605
Accounts receivable, net	1,362,398	1,193,964
Inventories	834,404	971,406
Prepaid expenses and other current assets	129,303	116,195
Prepaid income taxes	63,458	54,151
Total current assets	3,954,297	5,588,996
INVESTMENTS	0	76,431
PROPERTY AND EQUIPMENT, net	960,962	890,796
DEFERRED INCOME TAXES, net	187,269	175,003
GOODWILL	1,417,941	1,417,941
OTHER INTANGIBLE ASSETS, net	1,433,326	1,427,139
OTHER ASSETS	107,109	110,216
Total Assets	8,060,904	9,686,522
CURRENT LIABILITIES:
Accounts payable	511,137	564,379
Accrued liabilities	213,905	183,988
Accrued promotional allowances	319,757	269,061
Deferred revenue	44,377	41,914
Accrued compensation	60,357	87,392
Income taxes payable	10,990	14,955
Total current liabilities	1,160,523	1,161,689
DEFERRED REVENUE	192,354	204,251
DEFERRED INCOME TAXES	28,896
OTHER LIABILITIES	64,068	91,838
LONG-TERM DEBT	748,740
COMMITMENTS AND CONTINGENCIES (Note 12)
STOCKHOLDERS' EQUITY:
Common stock - $0.005 par value; 5,000,000 shares authorized; 1,125,330 shares issued and 983,380 shares outstanding as of June 30, 2024; 1,122,592 shares issued and 1,041,571 shares outstanding as of December 31, 2023	5,627	5,613
Additional paid-in capital	5,068,291	4,975,115
Retained earnings	6,807,154	5,939,736
Accumulated other comprehensive loss	(182,304)	(125,337)
Common stock in treasury, at cost; 141,950 shares and 81,021 shares as of June 30, 2024 and December 31, 2023, respectively	(5,832,445)	(2,566,383)
Total stockholders' equity	5,866,323	8,228,744
Total Liabilities and Stockholders' Equity	$ 8,060,904	$ 9,686,522

STOCK-BASED COMPENSATION - Stock Option Activity (Details) - Employee Stock Option - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Stock options, Number of Shares
Balance at the beginning of the period (in shares)		24,983	24,983
Granted (in shares)	62	4,332
Exercised (in shares)			(1,914)
Cancelled or forfeited (in shares)			(165)
Balance at the end of the period (in shares)	27,298		27,298	24,983
Vested and expected to vest in the future at the end of the period (in shares)	26,202		26,202
Exercisable at the end of the period (in shares)	15,087		15,087
Stock options, Weighted-Average Exercise Price Per Share
Balance at the beginning of the period (in dollars per share)		$ 33.64	$ 33.64
Granted (in dollars per share)	$ 51.89	$ 60.29
Exercised (in dollars per share)			27.22
Cancelled or forfeited (in dollars per share)			48.17
Balance at the end of the period (in dollars per share)	38.27		38.27	$ 33.64
Vested and expected to vest in the future at the end of the period (in dollars per share)	37.70		37.70
Exercisable at the end of the period (in dollars per share)	$ 29.21		$ 29.21
Weighted-Average Remaining Contractual Term (in years)
Weighted-Average Remaining Contractual Terms (in years)			6 years 1 month 6 days	5 years 9 months 18 days
Vested and expected to vest in the future at the end of the period			6 years
Exercisable at the end of the period			4 years 1 month 6 days
Aggregate Intrinsic Value
Balance at the beginning of the period		$ 598,866	$ 598,866
Balance at the end of the period	$ 366,872		366,872	$ 598,866
Vested and expected to vest in the future at the end of the period	363,597		363,597
Exercisable at the end of the period	$ 313,348		$ 313,348

PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	$ 1,247,451		$ 1,247,451		$ 1,152,031
Less: accumulated depreciation and amortization	(286,489)		(286,489)		(261,235)
Property and equipment, net	960,962		960,962		890,796
Total depreciation and amortization expense	17,800	$ 14,700	36,900	$ 29,500
Land
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	158,505		158,505		152,253
Leasehold improvements
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	33,264		33,264		37,946
Furniture and fixtures
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	11,390		11,390		11,422
Office and computer equipment
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	26,833		26,833		25,560
Computer software
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	6,636		6,636		5,344
Equipment
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	462,428		462,428		426,466
Buildings
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	217,214		217,214		211,951
Vehicles
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	69,902		69,902		69,527
Assets under construction
PROPERTY AND EQUIPMENT, NET
Property and equipment, gross	$ 261,279		$ 261,279		$ 211,562

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2024

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

12.	COMMITMENTS AND CONTINGENCIES

The Company had purchase commitments aggregating approximately $262.5 million at June 30, 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 $432.1 million at June 30, 2024, which related primarily to sponsorships and other marketing activities.

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 June 30, 2024 and December 31, 2023, $0.4 million and $0.3 million, respectively, of loss contingencies were included in the Company’s accompanying condensed consolidated balance sheets.

SEGMENT INFORMATION - Goodwill and other intangible assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
SEGMENT INFORMATION
Goodwill and other intangible assets	$ 2,851,267	$ 2,845,080
Monster Energy Drinks \| Operating segment
SEGMENT INFORMATION
Goodwill and other intangible assets	1,671,799	1,663,814
Strategic Brands \| Operating segment
SEGMENT INFORMATION
Goodwill and other intangible assets	982,435	982,471
Alcohol Brands \| Operating segment
SEGMENT INFORMATION
Goodwill and other intangible assets	$ 197,033	$ 198,795

DEBT - Narratives (Details) - USD ($) $ in Thousands	Jun. 30, 2024	May 31, 2024
Line of credit \| JPMorgan Chase Bank
DEBT
Maximum borrowing capacity		$ 1,500
Line of credit \| HSBC Bank (China) Company Limited
DEBT
Maximum borrowing capacity		15,000
Effective interest rate	5.50%
Outstanding borrowings	$ 0
Term loan \| JPMorgan Chase Bank
DEBT
Maximum borrowing capacity		750,000
Effective interest rate	6.30%
Revolving credit facility \| JPMorgan Chase Bank
DEBT
Maximum borrowing capacity		$ 750,000
Outstanding borrowings	$ 0

- 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.

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+ Details

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

REVENUE RECOGNITION

6 Months Ended

Jun. 30, 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 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.

The Company’s Alcohol Brands segment primarily generates operating revenues by selling kegged and ready-to-drink canned beers, hard seltzers and FMBs primarily to beer distributors in the United States.

The majority of the Company’s revenue is recognized when it satisfies a single performance obligation by transferring control of its products to a customer. Control is generally transferred when the Company’s products are either shipped or delivered based on the terms contained within the underlying contracts or agreements. Certain of the Company’s bottlers/distributors may also perform a separate function as a co-packer on the Company’s behalf. In such cases, control of the Company’s products passes to such bottlers/distributors when they notify the Company that they have taken possession or transferred the relevant portion of the Company’s finished goods. The Company’s general payment terms are short-term in duration. The Company does not have significant financing components or payment terms. The Company did not have any material unsatisfied performance obligations as of June 30, 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 June 30, 2024
					Asia Pacific		Latin
	U.S. and				(including		America and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	1,100,063	$	351,985	$	132,078	$	158,682	$	1,742,808
Strategic Brands		49,579		41,938		13,010		4,695		109,222
Alcohol Brands		41,564		—		—		—		41,564
Other		7,003		—		—		—		7,003
Total Net Sales	$	1,198,209	$	393,923	$	145,088	$	163,377	$	1,900,597


	Three-Months Ended June 30, 2023
					Asia Pacific		Latin
	U.S. and				(including		America and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	1,068,887	$	339,522	$	138,478	$	140,000	$	1,686,887
Strategic Brands		47,226		42,050		7,828		2,586		99,690
Alcohol Brands		61,076		—		—		—		61,076
Other		7,308		—		—		—		7,308
Total Net Sales	$	1,184,497	$	381,572	$	146,306	$	142,586	$	1,854,961

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


	Six-Months Ended June 30, 2024
					Asia Pacific		Latin
	U.S. and				(including		America and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	2,194,909	$	704,214	$	254,096	$	318,640	$	3,471,859
Strategic Brands		99,221		85,275		22,207		10,963		217,666
Alcohol Brands		97,634		—		—		—		97,634
Other		12,536		—		—		—		12,536
Total Net Sales	$	2,404,300	$	789,489	$	276,303	$	329,603	$	3,799,695


	Six-Months Ended June 30, 2023
					Asia Pacific		Latin
	U.S. and				(including		America and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	2,090,215	$	616,633	$	260,472	$	281,235	$	3,248,555
Strategic Brands		90,269		73,001		16,811		5,967		186,048
Alcohol Brands		107,366		—		—		—		107,366
Other		11,922		—		—		—		11,922
Total Net Sales	$	2,299,772	$	689,634	$	277,283	$	287,202	$	3,553,891

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 June 30, 2024 and December 31, 2023, the Company had $236.7 million and $246.2 million, respectively, of deferred revenue, which is included in current and long-term deferred revenue in the Company’s condensed consolidated balance sheets. During both the three-months ended June 30, 2024 and 2023, $10.0 million of deferred revenue was recognized in net sales. During both the six-months ended June 30, 2024 and 2023, $19.9 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

TREASURY STOCK

6 Months Ended

Jun. 30, 2024

TREASURY STOCK

TREASURY STOCK

14.	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 June 30, 2024, the Company repurchased approximately 2.2 million shares of its common stock at an average purchase price of $49.55 per share, for a total amount of approximately $107.7 million (excluding broker commissions), under the November 2022 Repurchase Plan. Subsequent to June 30, 2024, the Company repurchased approximately 0.7 million shares of its common stock at an average purchase price of $49.82 per share, for a total amount of approximately $34.7 million (excluding broker commissions), under the November 2022 Repurchase Plan. As of August 6, 2024, no amount 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 June 30, 2024, no shares were repurchased under the November 2023 Repurchase Plan. Subsequent to June 30, 2024, the Company repurchased approximately 3.2 million shares of its common stock at an average purchase price of $49.54 per share, for a total

amount of approximately $157.6 million (excluding broker commissions), under the November 2023 Repurchase Plan. As of August 6, 2024, $342.4 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 $342.4 million as of August 6, 2024.

On May 1, 2024, the Board of Directors authorized the Company to execute a modified “Dutch auction” tender offer to repurchase up to $3.0 billion of its outstanding shares of common stock. On May 8, 2024, the Company commenced the tender offer, with such offer expiring on June 5, 2024. On June 10, 2024, the Company accepted for purchase a total of approximately 56.6 million shares of common stock at a purchase price of $53.00 per share, for an aggregate purchase price of approximately $3.0 billion. The repurchase was funded with approximately $2.25 billion of cash on hand and approximately $750 million in borrowings. The cost of these shares and the fees relating to the tender offer are included in common stock in treasury in the accompanying condensed consolidated balance sheet at June 30, 2024.

DEBT (Details) $ in Thousands	Jun. 30, 2024 USD ($)
DEBT
Total debt	$ 750,000
Less: unamortized debt issuance costs	(1,260)
Total debt, net of unamortized debt issuance costs	748,740
Long-term debt	748,740
Term loan
DEBT
Total debt	$ 750,000

- 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

+ Details

- Definition

Amount of unamortized debt discount (premium) and debt issuance costs.

+ References + Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 867,418	$ 811,315
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	39,913	32,384
Non-cash lease expense	6,599	2,828
Loss (gain) on disposal of property and equipment	1,849	(767)
Loss on impairment of intangibles	0	2,800
Loss on impairment of property and equipment	6,067
Stock-based compensation	41,262	34,603
Deferred income taxes	(13,294)	0
Effect on cash of changes in operating assets and liabilities:
Accounts receivable	(197,227)	(317,808)
Inventories	123,484	93,077
Prepaid expenses and other assets	(13,993)	(36,779)
Prepaid income taxes	(12,297)	(3,345)
Accounts payable	(33,505)	132,173
Accrued liabilities	2,715	20,491
Accrued promotional allowances	54,242	23,643
Accrued compensation	(26,954)	(17,616)
Income taxes payable	11,348	(1,219)
Other liabilities	(1,463)	(257)
Deferred revenue	(7,731)	(12,361)
Net cash provided by operating activities	848,433	763,162
CASH FLOWS FROM INVESTING ACTIVITIES:
Sales of available-for-sale investments	1,377,915	1,037,803
Purchases of available-for-sale investments	(342,121)	(1,091,126)
Purchases of property and equipment	(125,812)	(82,425)
Proceeds from sale of property and equipment	1,052	1,035
Additions to intangibles	(6,364)	(5,926)
Increase in other assets	(1,366)	(17,570)
Net cash provided by (used in) investing activities	903,304	(158,209)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments on short-term debt	(5,269)	(6,661)
Borrowings on credit facilities	750,000
Payments for debt issuance costs	(2,776)
Issuance of common stock	52,093	59,666
Purchases of common stock held in treasury	(3,234,523)	(90,825)
Net cash used in financing activities	(2,440,475)	(37,820)
Effect of exchange rate changes on cash and cash equivalents	(44,203)	(4,500)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(732,941)	562,633
CASH AND CASH EQUIVALENTS, beginning of period	2,297,675	1,307,141
CASH AND CASH EQUIVALENTS, end of period	1,564,734	1,869,774
Cash paid during the period for:
Interest	1,460	147
Income taxes	$ 276,359	$ 232,896

INVESTMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
INVESTMENTS
Short-term investments	$ 0	$ 955,605
Investments	$ 0	76,431
Available-for-sale
Amortized Cost		1,032,810
Gross Unrealized Holding Gains		546
Gross Unrealized Holding Losses		1,320
Fair Value		1,032,036
Continuous Unrealized Loss Position less than 12 Months		1,320
Continuous Unrealized Loss Position greater than 12 Months		0
Short-term \| Commercial paper
Available-for-sale
Amortized Cost		163,775
Gross Unrealized Holding Gains		0
Gross Unrealized Holding Losses		1
Fair Value		163,774
Continuous Unrealized Loss Position less than 12 Months		1
Continuous Unrealized Loss Position greater than 12 Months		0
Short-term \| Certificates of deposit
Available-for-sale
Amortized Cost		15,590
Gross Unrealized Holding Gains		0
Gross Unrealized Holding Losses		0
Fair Value		15,590
Continuous Unrealized Loss Position less than 12 Months		0
Continuous Unrealized Loss Position greater than 12 Months		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		116,524
Gross Unrealized Holding Gains		90
Gross Unrealized Holding Losses		66
Fair Value		116,548
Continuous Unrealized Loss Position less than 12 Months		66
Continuous Unrealized Loss Position greater than 12 Months		0
Short-term \| U.S. treasuries
Available-for-sale
Amortized Cost		412,936
Gross Unrealized Holding Gains		205
Gross Unrealized Holding Losses		1,084
Fair Value		412,057
Continuous Unrealized Loss Position less than 12 Months		1,084
Continuous Unrealized Loss Position greater than 12 Months		0
Short-term \| Corporate bonds
Available-for-sale
Amortized Cost		247,340
Gross Unrealized Holding Gains		89
Gross Unrealized Holding Losses		154
Fair Value		247,275
Continuous Unrealized Loss Position less than 12 Months		154
Continuous Unrealized Loss Position greater than 12 Months		0
Long-term \| U.S. government agency securities
Available-for-sale
Amortized Cost		23,485
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		16,903
Gross Unrealized Holding Gains		32
Gross Unrealized Holding Losses		2
Fair Value		16,933
Continuous Unrealized Loss Position less than 12 Months		2
Continuous Unrealized Loss Position greater than 12 Months		$ 0

INVESTMENTS

6 Months Ended

Jun. 30, 2024

INVESTMENTS.

INVESTMENTS

4.	INVESTMENTS

The following table summarizes the Company’s investments at December 31, 2023. The Company held no short-term or long-term investments at June 30, 2024 as all investments were liquidated during the three-months ended June 30, 2024 to fund a modified “Dutch auction” tender offer. See Note 14.


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

During the three-and six-months ended June 30, 2024 and 2023, realized gains or losses recognized on the sale of investments were not significant.

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

The following table summarizes the underlying contractual maturities of the Company’s investments at December 31, 2023. The Company held no short-term or long-term investments at June 30, 2024.


	December 31, 2023
	Amortized Cost		Fair Value
Less than 1 year:
Commercial paper	$	163,775	$	163,774
Municipal securities		361		361
U.S. government agency securities		116,524		116,548
Certificates of deposit		15,590		15,590
U.S. treasuries		412,936		412,057
Corporate bonds		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		16,903		16,933
Total	$	1,032,810	$	1,032,036

EARNINGS PER SHARE (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
EARNINGS PER SHARE (Details) - shares shares in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Weighted-average shares outstanding:
Basic	1,029,268	1,047,065	1,035,175	1,045,993
Dilutive	8,110	13,028	9,188	13,674
Diluted	1,037,378	1,060,093	1,044,363	1,059,667
Totaling options and awards outstanding (in shares)	8,800	4,100	6,900	2,600

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
INVENTORIES
Raw materials	$ 271,341	$ 330,021
Work in process	1,526	1,403
Finished goods	561,537	639,982
Inventories	$ 834,404	$ 971,406

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
LEASES - Lease Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
LEASES
Operating lease cost	$ 3,888	$ 2,616	$ 7,690	$ 5,083
Short-term lease cost	2,151	1,070	4,821	2,049
Variable lease cost	228	226	441	441
Finance leases:
Amortization of right-of-use assets	489	202	1,084	325
Interest on lease liabilities	57	44	148	58
Finance lease cost	546	246	1,232	383
Total lease cost	$ 6,813	$ 4,158	$ 14,184	$ 7,956

GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 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 asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 55
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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/exampleRef
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+ Details

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

6 Months Ended

Jun. 30, 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
Derivatives designated as	June 30,		December 31,
hedging instruments	2024		2023		Balance Sheet location
Assets:
Commodity contracts	$	7,450	$	4,480	Accounts receivable, net
Commodity contracts	$	—	$	316	Other assets
Liabilities:
Commodity contracts	$	(1,491)	$	(386)	Accrued liabilities
Commodity contracts	$	(359)	$	—	Other liabilities


	Fair value
Derivatives not designated as	June 30,		December 31,
hedging instruments	2024		2023		Balance Sheet location
Assets:
Foreign currency exchange contracts	$	1,210	$	138	Accounts receivable, net
Liabilities:
Foreign currency exchange contracts	$	(1,424)	$	(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 $143.8 million and $98.3 million as of June 30, 2024 and December 31, 2023, respectively.

The following table presents the impact that changes in the fair values of derivatives designated as cash flow hedges had on other comprehensive income, AOCI and earnings:


Three-Months Ended June 30, 2024
				Gain (loss)
Derivatives designated as	Gain (loss)		Location of gain (loss)	reclassified from
hedging instruments	recognized in AOCI		recognized in income	AOCI into income
Commodity contracts	$	6,205	Cost of sales	$	—


Three-Months Ended June 30, 2023
				Gain (loss)
Derivatives designated as		Gain (loss) recognized	Location of gain (loss)	reclassified from
hedging instruments	in AOCI		recognized in income	AOCI into income
Commodity contracts	$	(1,266)	Cost of sales	$	—


Six-Months Ended June 30, 2024
				Gain (loss)
Derivatives designated as	Gain (loss)		Location of gain (loss)	reclassified from
hedging instruments	recognized in AOCI		recognized in income	AOCI into income
Commodity contracts	$	8,483	Cost of sales	$	(966)


Six-Months Ended June 30, 2023
				Gain (loss)
Derivatives designated as	Gain (loss)		Location of gain (loss)	reclassified from
hedging instruments	recognized in AOCI		recognized in income	AOCI into income
Commodity contracts	$	(1,266)	Cost of sales	$	—

As of June 30, 2024, the Company estimates that it will reclassify into earnings net gains (losses) of $8.4 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- and six-months ended June 30, 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 June 30, 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, 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 $239.3 million and $282.7 million as of June 30, 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)	June 30,		June 30,
hedging instruments	recognized in income on derivatives	2024		2023
Foreign currency exchange contracts	Interest and other income, net	$	(2,633)	$	(1,924)


		Gain (loss) recognized
		in income on derivatives
		Six-Months Ended
Derivatives not designated as	Location of gain (loss)	June 30,		June 30,
hedging instruments	recognized in income on derivatives	2024		2023
Foreign currency exchange contracts	Interest and other income, net	$	2,711	$	(9,775)

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 June 30, 2024, $7.4 million was held as collateral and $1.2 million was posted as collateral.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Jul. 31, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Securities Act File Number	001-18761
Entity Registrant Name	Monster Beverage Corp
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		979,543,967
Entity Central Index Key	0000865752
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Amendment Flag	false

REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUE RECOGNITION
Total net sales	$ 1,900,597	$ 1,854,961	$ 3,799,695	$ 3,553,891
U.S. and Canada
REVENUE RECOGNITION
Total net sales	1,198,209	1,184,497	2,404,300	2,299,772
EMEA
REVENUE RECOGNITION
Total net sales	393,923	381,572	789,489	689,634
Asia Pacific (including Oceania)
REVENUE RECOGNITION
Total net sales	145,088	146,306	276,303	277,283
Latin America and Caribbean
REVENUE RECOGNITION
Total net sales	163,377	142,586	329,603	287,202
Monster Energy Drinks
REVENUE RECOGNITION
Total net sales	1,742,808	1,686,887	3,471,859	3,248,555
Monster Energy Drinks \| U.S. and Canada
REVENUE RECOGNITION
Total net sales	1,100,063	1,068,887	2,194,909	2,090,215
Monster Energy Drinks \| EMEA
REVENUE RECOGNITION
Total net sales	351,985	339,522	704,214	616,633
Monster Energy Drinks \| Asia Pacific (including Oceania)
REVENUE RECOGNITION
Total net sales	132,078	138,478	254,096	260,472
Monster Energy Drinks \| Latin America and Caribbean
REVENUE RECOGNITION
Total net sales	158,682	140,000	318,640	281,235
Strategic Brands
REVENUE RECOGNITION
Total net sales	109,222	99,690	217,666	186,048
Strategic Brands \| U.S. and Canada
REVENUE RECOGNITION
Total net sales	49,579	47,226	99,221	90,269
Strategic Brands \| EMEA
REVENUE RECOGNITION
Total net sales	41,938	42,050	85,275	73,001
Strategic Brands \| Asia Pacific (including Oceania)
REVENUE RECOGNITION
Total net sales	13,010	7,828	22,207	16,811
Strategic Brands \| Latin America and Caribbean
REVENUE RECOGNITION
Total net sales	4,695	2,586	10,963	5,967
Alcohol Brands
REVENUE RECOGNITION
Total net sales	41,564	61,076	97,634	107,366
Alcohol Brands \| U.S. and Canada
REVENUE RECOGNITION
Total net sales	41,564	61,076	97,634	107,366
Alcohol Brands \| EMEA
REVENUE RECOGNITION
Total net sales	0	0	0	0
Alcohol Brands \| Asia Pacific (including Oceania)
REVENUE RECOGNITION
Total net sales	0	0	0	0
Alcohol Brands \| Latin America and Caribbean
REVENUE RECOGNITION
Total net sales	0	0	0	0
Other
REVENUE RECOGNITION
Total net sales	7,003	7,308	12,536	11,922
Other \| U.S. and Canada
REVENUE RECOGNITION
Total net sales	7,003	7,308	12,536	11,922
Other \| EMEA
REVENUE RECOGNITION
Total net sales	0	0	0	0
Other \| Asia Pacific (including Oceania)
REVENUE RECOGNITION
Total net sales	0	0	0	0
Other \| Latin America and Caribbean
REVENUE RECOGNITION
Total net sales	$ 0	$ 0	$ 0	$ 0

LEASES - Weighted-average remaining lease term and weighted-average discount rate (Details)	Jun. 30, 2024	Dec. 31, 2023
LEASES
Weighted-average remaining lease term (years), Operating leases	6 years	6 years 3 months 18 days
Weighted-average remaining lease term (years), Finance leases	4 months 24 days	8 months 12 days
Weighted-average discount rate, Operating leases	4.70%	4.70%
Weighted-average discount rate, Finance leases	6.30%	6.30%

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Components of accumulated other comprehensive loss:
Balance at the beginning of the period	$ (125,337)	$ (159,073)
Other comprehensive income (loss) before reclassifications	(56,967)	3,348
Net current-period other comprehensive income (loss)	(56,967)	3,348
Balance at the end of the period	(182,304)	(155,725)
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	4,074	(1,266)
Net current-period other comprehensive income (loss)	4,074	(1,266)
Balance at the end of the period	8,484	(1,266)
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	(61,799)	2,206
Net current-period other comprehensive income (loss)	(61,799)	2,206
Balance at the end of the period	(190,788)	(151,024)
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	758	2,408
Net current-period other comprehensive income (loss)	758	2,408
Balance at the end of the period	$ 0	$ (3,435)

- 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, before reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

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

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income, as reported	$ 425,369	$ 413,871	$ 867,418	$ 811,315
Other comprehensive income (loss ), net of tax:
Change in foreign currency translation adjustment	(31,104)	(5,775)	(61,799)	2,206
Available-for-sale investments:
Change in net unrealized gain (loss) on available-for-sale investments	535	(773)	758	2,408
Change in net gain (loss) on commodity derivatives	6,205	(1,266)	4,074	(1,266)
Other comprehensive income (loss)	(24,364)	(7,814)	(56,967)	3,348
Comprehensive income	$ 401,005	$ 406,057	$ 810,451	$ 814,663

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

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+ Details

DISTRIBUTION AGREEMENTS (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
DISTRIBUTION AGREEMENTS (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
DISTRIBUTION AGREEMENTS
Distribution agreement (in years)			20 years
Revenue recognized	$ 10.0	$ 10.0	$ 19.9	$ 19.9

SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2024

SEGMENT INFORMATION

SEGMENT INFORMATION

18.	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.

Generally, the Monster Energy® Drinks segment generates higher per case net operating revenues, but lower per case gross profit margin percentages than the Strategic Brands segment.

Generally, the Alcohol Brands segment has lower gross profit margin percentages than the Monster Energy® Drinks segment.

Corporate and unallocated amounts that do not relate to a reportable segment have been allocated to “Corporate & Unallocated.” No asset information, other than goodwill and other intangible assets, has been provided in the Company’s reportable segments, as management does not measure or allocate such assets on a segment basis.

The net revenues derived from the Company’s reportable segments and other financial information related thereto for the three- and six-months ended June 30, 2024 and 2023 were as follows:


	Three-Months Ended				Six-Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Net sales:
Monster Energy® Drinks¹	$	1,742,808	$	1,686,887	$	3,471,859	$	3,248,555
Strategic Brands		109,222		99,690		217,666		186,048
Alcohol Brands		41,564		61,076		97,634		107,366
Other		7,003		7,308		12,536		11,922
Corporate and unallocated		—		—		—		—
	$	1,900,597	$	1,854,961	$	3,799,695	$	3,553,891


	Three-Months Ended				Six-Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Operating Income:
Monster Energy® Drinks¹	$	612,255	$	597,922	$	1,240,377	$	1,158,740
Strategic Brands		61,659		55,137		123,677		106,909
Alcohol Brands		(22,561)		(6,577)		(28,577)		(13,460)
Other		1,418		1,651		2,419		1,358
Corporate and unallocated		(125,608)		(124,328)		(268,742)		(244,677)
	$	527,163	$	523,805	$	1,069,154	$	1,008,870


	Three-Months Ended				Six-Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Income before tax:
Monster Energy® Drinks¹	$	613,401	$	598,656	$	1,242,561	$	1,160,330
Strategic Brands		61,672		55,149		123,707		106,938
Alcohol Brands		(22,657)		(6,584)		(28,672)		(13,451)
Other		1,431		1,657		2,447		1,364
Corporate and unallocated		(102,308)		(109,914)		(210,758)		(218,658)
	$	551,539	$	538,964	$	1,129,285	$	1,036,523

(1)	Includes $10.0 million for both the three-months ended June 30, 2024 and 2023, related to the recognition of deferred revenue. Includes $19.9 million for both the six-months ended June 30, 2024 and 2023, related to the recognition of deferred revenue.


	Three-Months Ended				Six-Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Depreciation and amortization:
Monster Energy® Drinks	$	13,105	$	8,817	$	25,713	$	17,806
Strategic Brands		224		196		453		417
Alcohol Brands		3,668		4,106		7,406		8,157
Other		57		51		97		1,174
Corporate and unallocated		2,384		2,406		6,244		4,830
	$	19,438	$	15,576	$	39,913	$	32,384

Corporate and unallocated expenses for the three-months ended June 30, 2024 include $87.5 million of payroll costs, of which $17.8 million was attributable to stock-based compensation expenses (see Note 15 “Stock-Based Compensation”), as well as $14.5 million attributable to professional service expenses, including accounting and legal costs, and $23.6 million of other operating expenses.

Corporate and unallocated expenses for the three-months ended June 30, 2023 include $82.6 million of payroll costs, of which $18.1 million was attributable to stock-based compensation expenses (see Note 15 “Stock-Based Compensation”), as well as $25.3 million attributable to professional service expenses, including accounting and legal costs, and $16.4 million of other operating expenses.

Corporate and unallocated expenses for the six-months ended June 30, 2024 include $186.1 million of payroll costs, of which $39.7 million was attributable to stock-based compensation expenses (see Note 15 “Stock-Based Compensation”), as well as $34.5 million attributable to professional service expenses, including accounting and legal costs, and $48.1 million of other operating expenses.

Corporate and unallocated expenses for the six-months ended June 30, 2023 include $162.9 million of payroll costs, of which $33.8 million was attributable to stock-based compensation expenses (see Note 15 “Stock-Based Compensation”), as well as $47.4 million attributable to professional service expenses, including accounting and legal costs, and $34.4 million of other operating expenses.

Coca-Cola Europacific Partners accounted for approximately 14% of the Company’s net sales for both the three-months ended June 30, 2024 and 2023. Coca-Cola Europacific Partners accounted for approximately 14% and 13% of the Company’s net sales for the six-months ended June 30, 2024 and 2023, respectively.

Coca-Cola Consolidated, Inc. accounted for approximately 11% and 10% of the Company’s net sales for the three-months ended June 30, 2024 and 2023, respectively. Coca-Cola Consolidated, Inc. accounted for approximately 10% of the Company’s net sales for both the six-months ended June 30, 2024 and 2023.

Reyes Holdings, LLC accounted for approximately 10% of the Company’s net sales for both the three-months ended June 30, 2024 and 2023. Reyes Holdings, LLC accounted for approximately 9% and 10% of the Company’s net sales for the six-months ended June 30, 2024 and 2023, respectively.

Net sales to customers outside the United States amounted to $746.0 million and $715.4 million for the three-months ended June 30, 2024 and 2023, respectively. Such sales were approximately 39% of net sales for both the three-months ended June 30, 2024 and 2023. Net sales to customers outside the United States amounted to $1.49 billion and $1.34 billion for the six-months ended June 30, 2024 and 2023, respectively. Such sales were approximately 39% and 38% of net sales for the six-months ended June 30, 2024 and 2023, respectively.

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


	June 30,		December 31,
	2024		2023
Goodwill and other intangible assets:
Monster Energy® Drinks	$	1,671,799	$	1,663,814
Strategic Brands		982,435		982,471
Alcohol Brands		197,033		198,795
Other		—		—
	$	2,851,267	$	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.

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+ Details

DEBT

6 Months Ended

Jun. 30, 2024

DEBT

DEBT

11.

DEBT

The Company’s long-term debt consisted of the following:


	June 30,		December 31,
	2024		2023
Term loan	$	750,000	$	—
Revolving credit facility		—		—
Total debt		750,000		—
Less: unamortized debt issuance costs		(1,260)		—
Total debt, net of unamortized debt issuance costs		748,740		—
Less: current portion of long-term debt		—		—
Long-term debt	$	748,740	$	—

In May 2024, the Company entered into a credit agreement with JPMorgan Chase Bank, N.A., as administrative agent, and certain other lenders, which provides for senior unsecured credit facilities in an aggregate principal amount of $1.50 billion (collectively, the “Credit Facilities”). The Credit Facilities consist of a $750.0 million term loan (the “Term Loan”) and up to $750.0 million in multicurrency revolving loan commitments (the “Revolving Credit Facility”). The Term Loan matures May 2027 and the Revolving Credit Facility matures May 2029. As of June 30, 2024, the Company was in compliance with all covenants under the Credit Facilities.

Borrowings under the Credit Facilities bear interest at a variable rate per annum equal to the applicable rate plus margin (as defined in the Credit Facilities). The interest rate in effect on the Term Loan was 6.30% as of June 30, 2024. No borrowings were outstanding under the Revolving Credit Facility as of June 30, 2024.

Borrowings under the Credit Facilities are due on the respective maturity date. Borrowings may be repaid at any time during the term of the Credit Facilities and, in the case of the Revolving Credit Facility, may be reborrowed prior to the maturity date.

Additionally, the Company has a line of credit of up to $15.0 million with HSBC Bank (China) Company Limited, Shanghai Branch. At June 30, 2024, the interest rate on borrowings under the line of credit was 5.5%. As of June 30, 2024, no amount was outstanding on this line of credit.

Based on Level 2 inputs, the carrying value of the Company’s debt approximates fair value, as borrowings are subject to variable interest rates that adjust with changes in market rates and market conditions and the current interest rate approximates that which would be available under similar financial arrangements.

- Definition

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

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+ Details

REVENUE RECOGNITION (Tables)

6 Months Ended

Jun. 30, 2024

REVENUE RECOGNITION

Schedule of disaggregation of revenue by geographical markets


	Three-Months Ended June 30, 2024
					Asia Pacific		Latin
	U.S. and				(including		America and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	1,100,063	$	351,985	$	132,078	$	158,682	$	1,742,808
Strategic Brands		49,579		41,938		13,010		4,695		109,222
Alcohol Brands		41,564		—		—		—		41,564
Other		7,003		—		—		—		7,003
Total Net Sales	$	1,198,209	$	393,923	$	145,088	$	163,377	$	1,900,597


	Three-Months Ended June 30, 2023
					Asia Pacific		Latin
	U.S. and				(including		America and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	1,068,887	$	339,522	$	138,478	$	140,000	$	1,686,887
Strategic Brands		47,226		42,050		7,828		2,586		99,690
Alcohol Brands		61,076		—		—		—		61,076
Other		7,308		—		—		—		7,308
Total Net Sales	$	1,184,497	$	381,572	$	146,306	$	142,586	$	1,854,961

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


	Six-Months Ended June 30, 2024
					Asia Pacific		Latin
	U.S. and				(including		America and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	2,194,909	$	704,214	$	254,096	$	318,640	$	3,471,859
Strategic Brands		99,221		85,275		22,207		10,963		217,666
Alcohol Brands		97,634		—		—		—		97,634
Other		12,536		—		—		—		12,536
Total Net Sales	$	2,404,300	$	789,489	$	276,303	$	329,603	$	3,799,695


	Six-Months Ended June 30, 2023
					Asia Pacific		Latin
	U.S. and				(including		America and
Net Sales	Canada		EMEA¹		Oceania)		Caribbean		Total
Monster Energy® Drinks	$	2,090,215	$	616,633	$	260,472	$	281,235	$	3,248,555
Strategic Brands		90,269		73,001		16,811		5,967		186,048
Alcohol Brands		107,366		—		—		—		107,366
Other		11,922		—		—		—		11,922
Total Net Sales	$	2,299,772	$	689,634	$	277,283	$	287,202	$	3,553,891

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

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Long-Term Purchase Commitment [Line Items]
Aggregate contractual obligations	$ 432.1
Loss contingencies	0.4	$ 0.3
Raw material items
Long-Term Purchase Commitment [Line Items]
Purchase commitments	$ 262.5
Obligation term ( in years)	1 year

RELATED PARTY TRANSACTIONS

6 Months Ended

Jun. 30, 2024

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

19.	RELATED PARTY TRANSACTIONS

TCCC controls approximately 20.9% 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 $19.8 million and $18.1 million for the three-months ended June 30, 2024 and 2023, respectively, and are included as a reduction to net sales. TCCC commissions, based on sales to the TCCC Subsidiaries and the TCCC Related Parties, were $42.3 million and $33.8 million for the six-months ended June 30, 2024 and 2023, respectively, and are included as a reduction to net sales.

TCCC commissions, based on sales to TCCC independent bottlers, were $8.7 million and $8.1 million for the three-months ended June 30, 2024 and 2023, respectively, and are included in operating expenses. TCCC commissions, based on sales to TCCC independent bottlers, were $18.4 million and $16.9 million for the six-months ended June 30, 2024 and 2023, respectively, and are included in operating expenses.

Net sales to the TCCC Subsidiaries for the three-months ended June 30, 2024 and 2023 were $55.5 million and $33.2 million, respectively. Net sales to the TCCC Subsidiaries for the six-months ended June 30, 2024 and 2023 were $97.2 million and $68.3 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 $6.9 million and $8.3 million for the three-months ended June 30, 2024 and 2023, respectively. Concentrate purchases from TCCC were $14.9 million and $14.8 million for the six-months ended June 30, 2024 and 2023, respectively.

Certain TCCC Subsidiaries also contract manufacture certain of the Company’s energy drinks. Such contract manufacturing expenses were $9.6 million and $7.5 million for the three-months ended June 30, 2024 and 2023, respectively. Such contract manufacturing expenses were $18.6 million and $15.0 million for the six-months ended June 30, 2024 and 2023, respectively.

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


	June 30,		December 31,
	2024		2023
Accounts receivable, net	$	110,998	$	135,246
Accounts payable	$	(51,756)	$	(68,386)
Accrued promotional allowances	$	(14,169)	$	(13,794)
Accrued liabilities	$	(20,375)	$	(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 June 30, 2024 and 2023 were $1.7 million and $1.0 million, respectively. Expenses incurred with such company in connection with promotional materials purchased during the six-months ended June 30, 2024 and 2023 were $3.6 million and $2.1 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 both the three-months ended June 30, 2024 and 2023, the Company incurred expense of $0.03 million in relation to the aircraft. During both the six-months ended June 30, 2024 and 2023, the Company incurred expense of $0.03 million 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 condensed 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)

6 Months Ended

Jun. 30, 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 June 30, 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 June 30, 2023	$	693,644	$	637,999	$	86,298	$	—	$	1,417,941

Schedule of intangible assets


	June 30,		December 31,
	2024		2023
Amortizing intangibles	$	144,577	$	144,582
Accumulated amortization		(77,668)		(74,699)
		66,909		69,883
Non-amortizing intangibles		1,366,417		1,357,256
	$	1,433,326	$	1,427,139

Schedule of future estimated amortization expense related to amortizing intangibles


2024 (from July 1, 2024 to December 31, 2024)	$	4,461
2025		5,947
2026		5,947
2027		5,946
2028		5,945
2029 and thereafter		38,663
	$	66,909

- Definition

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

+ References

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

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+ Details

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

6 Months Ended

Jun. 30, 2024

ACCUMULATED OTHER COMPREHENSIVE LOSS

Schedule of components of accumulated other comprehensive loss


	Accumulated				Unrealized
	Net Gains		Currency		Gains (Losses)
	(Losses) on		Translation		on Available-
	Commodity		Gains		for-Sale
	Derivatives		(Losses)		Securities		Total
Balance at December 31, 2023	$	4,410	$	(128,989)	$	(758)	$	(125,337)
Other comprehensive income (loss) before reclassifications		4,074		(61,799)		758		(56,967)
Net current-period other comprehensive income (loss)		4,074		(61,799)		758		(56,967)
Balance at June 30, 2024	$	8,484	$	(190,788)	$	—	$	(182,304)


	Accumulated				Unrealized
	Net Gains		Currency		Gains (Losses)
	(Losses) on		Translation		on Available-
	Commodity		Gains		for-Sale
	Derivatives		(Losses)		Securities		Total
Balance at December 31, 2022	$	—	$	(153,230)	$	(5,843)	$	(159,073)
Other comprehensive income (loss) before reclassifications		(1,266)		2,206		2,408		3,348
Net current-period other comprehensive income (loss)		(1,266)		2,206		2,408		3,348
Balance at June 30, 2023	$	(1,266)	$	(151,024)	$	(3,435)	$	(155,725)

INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 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		greater than
December 31, 2023	Cost		Gains		Losses		Value		12 Months		12 Months
Available-for-sale
Short-term:
Commercial paper	$	163,775	$	—	$	1	$	163,774	$	1	$	—
Certificates of deposit		15,590		—		—		15,590		—		—
Municipal securities		361		—		—		361		—		—
U.S. government agency securities		116,524		90		66		116,548		66		—
U.S. treasuries		412,936		205		1,084		412,057		1,084		—
Corporate bonds		247,340		89		154		247,275		154		—
Long-term:
U.S. government agency securities		23,485		51		5		23,531		5		—
U.S. treasuries		35,896		79		8		35,967		8		—
Corporate bonds		16,903		32		2		16,933		2		—
Total	$	1,032,810	$	546	$	1,320	$	1,032,036	$	1,320	$	—

Summary of the underlying contractual maturities of investments


	December 31, 2023
	Amortized Cost		Fair Value
Less than 1 year:
Commercial paper	$	163,775	$	163,774
Municipal securities		361		361
U.S. government agency securities		116,524		116,548
Certificates of deposit		15,590		15,590
U.S. treasuries		412,936		412,057
Corporate bonds		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		16,903		16,933
Total	$	1,032,810	$	1,032,036

TREASURY STOCK (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions			3 Months Ended
	Jul. 01, 2024	Jun. 10, 2024	Jun. 30, 2024	Mar. 31, 2024	Mar. 31, 2023	Aug. 06, 2024	May 01, 2024	Nov. 07, 2023	Nov. 02, 2022
TREASURY STOCK
Aggregate purchase price			$ 3,145,817	$ 120,245	$ 90,378
Subsequent Event
TREASURY STOCK
Share repurchase program, authorized remaining amount						$ 342,400
November 2022 Repurchase Plan
TREASURY STOCK
Share repurchase program, authorized amount									$ 500,000
Common stock repurchased (in shares)			2.2
Average purchase price (in dollars per share)			$ 49.55
Repurchase price of stock			$ 107,700
November 2022 Repurchase Plan \| Subsequent Event
TREASURY STOCK
Common stock repurchased (in shares)	0.7
Average purchase price (in dollars per share)	$ 49.82
Repurchase price of stock	$ 34,700
Share repurchase program, authorized remaining amount						0
November 2023 Repurchase Plan
TREASURY STOCK
Share repurchase program, authorized amount								$ 500,000
Common stock repurchased (in shares)			0.0
November 2023 Repurchase Plan \| Subsequent Event
TREASURY STOCK
Common stock repurchased (in shares)	3.2
Average purchase price (in dollars per share)	$ 49.54
Repurchase price of stock	$ 157,600
Share repurchase program, authorized remaining amount						$ 342,400
Dutch auction tender offer repurchase
TREASURY STOCK
Common stock repurchased (in shares)		56.6
Average purchase price (in dollars per share)		$ 53.00
Aggregate purchase price		$ 3,000,000
Cash on hand		2,250,000
Combined borrowings		$ 750,000
Dutch auction tender offer repurchase \| Maximum
TREASURY STOCK
Share repurchase program, authorized amount							$ 3,000,000

PROPERTY AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2024

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET

8.	PROPERTY AND EQUIPMENT, NET

Property and equipment consist of the following at:


	June 30,		December 31,
	2024		2023
Land	$	158,505	$	152,253
Leasehold improvements		33,264		37,946
Furniture and fixtures		11,390		11,422
Office and computer equipment		26,833		25,560
Computer software		6,636		5,344
Equipment		462,428		426,466
Buildings		217,214		211,951
Vehicles		69,902		69,527
Assets under construction		261,279		211,562
		1,247,451		1,152,031
Less: accumulated depreciation and amortization		(286,489)		(261,235)
	$	960,962	$	890,796

Total depreciation and amortization expense was $17.8 million and $14.7 million for the three-months ended June 30, 2024 and 2023, respectively. Total depreciation and amortization expense was $36.9 million and $29.5 million for the six-months ended June 30, 2024 and 2023, respectively.

INVESTMENTS - Maturity Period (Details) $ in Thousands	Dec. 31, 2023 USD ($)
INVESTMENTS
Amortized Cost	$ 1,032,810
Fair Value	1,032,036
Commercial paper \| Less than 1 year
INVESTMENTS
Amortized Cost	163,775
Fair Value	163,774
Municipal securities \| Less than 1 year
INVESTMENTS
Amortized Cost	361
Fair Value	361
U.S. government agency securities \| Less than 1 year
INVESTMENTS
Amortized Cost	116,524
Fair Value	116,548
U.S. government agency securities \| Due 1 - 10 years
INVESTMENTS
Amortized Cost	23,485
Fair Value	23,531
Certificates of deposit \| Less than 1 year
INVESTMENTS
Amortized Cost	15,590
Fair Value	15,590
U.S. treasuries \| Less than 1 year
INVESTMENTS
Amortized Cost	412,936
Fair Value	412,057
U.S. treasuries \| Due 1 - 10 years
INVESTMENTS
Amortized Cost	35,896
Fair Value	35,967
Corporate bonds \| Less than 1 year
INVESTMENTS
Amortized Cost	247,340
Fair Value	247,275
Corporate bonds \| Due 1 - 10 years
INVESTMENTS
Amortized Cost	16,903
Fair Value	$ 16,933

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2024

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

15.	STOCK-BASED COMPENSATION

The Company has two stock-based compensation plans under which shares were available for grant at June 30, 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 $18.8 million and $18.6 million of compensation expense relating to outstanding options, restricted stock units, performance share units and other share-based awards during the three-months ended June 30, 2024 and 2023, respectively. The Company recorded $41.3 million and $34.6 million of compensation expense relating to outstanding options, restricted stock units, performance share units and other share-based awards during the six-months ended June 30, 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 June 30, 2024 and 2023 was $1.5 million and $4.1 million, 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 six-months ended June 30, 2024 and 2023 was $9.0 million and $30.0 million, respectively.

Stock Options

Under the Company’s stock-based compensation plans, all stock options granted as of June 30, 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 June 30,				Six-Months Ended June 30,
	2024		2023		2024		2023
Dividend yield	0.0	%	0.0	%	0.0	%	0.0	%
Expected volatility	27.5	%	27.4	%	27.5	%	27.6	%
Risk-free interest rate	4.4	%	3.7	%	4.3	%	3.7	%
Expected term	6.4	years	6.3	years	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-
				Average
		Weighted-		Remaining
	Number of	Average		Contractual
	Shares	Exercise Price		Term	Aggregate
Options	(in thousands)	Per Share		(in 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
Granted 04/01/24 - 06/30/24	62	$	51.89
Exercised	(1,914)	$	27.22
Cancelled or forfeited	(165)	$	48.17
Outstanding at June 30, 2024	27,298	$	38.27	6.1	$	366,872
Vested and expected to vest in the future at June 30, 2024	26,202	$	37.70	6.0	$	363,597
Exercisable at June 30, 2024	15,087	$	29.21	4.1	$	313,348

The weighted-average grant-date fair value of options granted during the three-months ended June 30, 2024 and 2023 was $19.52 per share and $21.14 per share, respectively. The weighted-average grant-date fair value of options granted during the six-months ended June 30, 2024 and 2023 was $22.64 per share and $18.25 per share, respectively.

The total intrinsic value of options exercised during the three-months ended June 30, 2024 and 2023 was $10.2 million and $26.9 million, respectively. The total intrinsic value of options exercised during the six-months ended June 30, 2024 and 2023 was $57.8 million and $157.9 million, respectively.

Cash received from option exercises under all plans for the three-months ended June 30, 2024 and 2023 was $13.7 million and $23.3 million, respectively. Cash received from option exercises under all plans for the three-months ended June 30, 2024 and 2023 was $52.1 million and $59.7 million, respectively.

At June 30, 2024, there was $162.4 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 3.4 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:


	Number of Shares	Weighted Average Grant-
	(in thousands)	Date Fair Value
Non-vested at January 1, 2024	1,964	$	40.95
Granted 01/01/24 - 03/31/24¹	502	$	57.04
Granted 04/01/24 - 06/30/24	27	$	49.12
Vested	(824)	$	40.69
Forfeited/cancelled	(1)	$	30.62
Non-vested at June 30, 2024	1,668	$	46.06

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 June 30, 2024 and 2023 was $49.12 and $59.17 per share, respectively. The weighted-average grant-date fair value of restricted stock units and/or performance share units granted during the six-months ended June 30, 2024 and 2023 was $59.58 and $48.93 per share, respectively.

As of June 30, 2024, 1.6 million of restricted stock units and performance share units are expected to vest over their respective terms.

At June 30, 2024, total unrecognized compensation expense relating to non-vested restricted stock units and performance share units was $43.9 million, which is expected to be recognized over a weighted-average period of 1.6 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 June 30, 2024, other share-based awards outstanding included grants that vest over three years payable in the first quarters of 2025, 2026 and 2027.

At June 30, 2024, there was $0.1 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 0.5 years.

RELATED PARTY TRANSACTIONS (Tables)

6 Months Ended

Jun. 30, 2024

RELATED PARTY TRANSACTIONS

Schedule of related party transactions


	June 30,		December 31,
	2024		2023
Accounts receivable, net	$	110,998	$	135,246
Accounts payable	$	(51,756)	$	(68,386)
Accrued promotional allowances	$	(14,169)	$	(13,794)
Accrued liabilities	$	(20,375)	$	(19,745)

STOCK-BASED COMPENSATION - Fair Value Assumptions (Details) - Employee Stock Option	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Weighted-average assumptions used to estimate the fair value of options granted
Dividend yield (as a percent)	0.00%	0.00%	0.00%	0.00%
Expected volatility (as a percent)	27.50%	27.40%	27.50%	27.60%
Risk-free interest rate (as a percent)	4.40%	3.70%	4.30%	3.70%
Expected term	6 years 4 months 24 days	6 years 3 months 18 days	6 years 4 months 24 days	6 years 3 months 18 days

INCOME TAXES

6 Months Ended

Jun. 30, 2024

INCOME TAXES

INCOME TAXES

16.	INCOME TAXES

The following is a roll-forward of the Company’s total gross unrecognized tax benefits, not including interest and penalties, for the six-months ended June 30, 2024:


	Gross Unrecognized
	Tax Benefits
Balance at December 31, 2023	$	3,109
Additions for tax positions related to the current year		—
Additions for tax positions related to the prior years		—
Decreases for tax positions related to the prior years		—
Balance at June 30, 2024	$	3,109

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 June 30, 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 tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: 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 7: 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 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: 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 11: 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 12: 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 13: 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 14: 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

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Cash and cash equivalents	$ 1,564,734,000	$ 2,297,675,000
Short-term investments	0	955,605,000
Investments	0	76,431,000
Investments	0
Asset transfers from Level 1 to Level 2 measurements	0	0
Asset transfers from Level 2 to Level 1 measurements	0	0
Liabilities transfers from Level 1 to Level 2 measurements	0	0
Liabilities transfers from Level 2 to Level 1 measurements	0	0
Total fair value
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Cash	948,105,000	1,105,701,000
Assets measured at fair value	1,570,120,000	3,333,038,000
Fair value liabilities	(214,000)	(1,083,000)
Cash and cash equivalents	1,564,734,000	2,297,675,000
Short-term investments		955,605,000
Accounts receivable, net	8,660,000	4,618,000
Other assets		316,000
Investments		76,431,000
Accrued liabilities	(2,915,000)	(1,607,000)
Other liabilities	(359,000)
Total fair value \| Money market funds
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	576,964,000	960,873,000
Total fair value \| Certificates of deposit
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	39,665,000	33,824,000
Total fair value \| Commercial paper
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		163,774,000
Total fair value \| Corporate bonds
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		264,208,000
Total fair value \| Municipal securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		361,000
Total fair value \| U.S. government agency securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		159,585,000
Total fair value \| U.S. treasuries
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		641,385,000
Total fair value \| Commodity derivatives
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Fair value liabilities	5,600,000	4,410,000
Level 1
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Cash	948,105,000	1,105,701,000
Assets measured at fair value	1,525,069,000	2,066,574,000
Fair value liabilities	0	0
Cash and cash equivalents	1,525,069,000	2,066,574,000
Short-term investments		0
Accounts receivable, net	0	0
Investments		0
Accrued liabilities	0	0
Other liabilities	0
Level 1 \| Money market funds
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value	576,964,000	960,873,000
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
Level 1 \| Corporate bonds
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		0
Level 1 \| Municipal securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		0
Level 1 \| U.S. government agency securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		0
Level 1 \| U.S. treasuries
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		0
Level 2
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Cash	0	0
Assets measured at fair value	45,051,000	1,266,464,000
Fair value liabilities	(214,000)	(1,083,000)
Cash and cash equivalents	39,665,000	231,101,000
Short-term investments		955,605,000
Accounts receivable, net	8,660,000	4,618,000
Other assets		316,000
Investments		76,431,000
Accrued liabilities	(2,915,000)	(1,607,000)
Other liabilities	(359,000)
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	39,665,000	33,824,000
Level 2 \| Commercial paper
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		163,774,000
Level 2 \| Corporate bonds
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		264,208,000
Level 2 \| Municipal securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		361,000
Level 2 \| U.S. government agency securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		159,585,000
Level 2 \| U.S. treasuries
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		641,385,000
Level 2 \| Commodity derivatives
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Fair value liabilities	5,600,000	4,410,000
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
Accounts receivable, net	0	0
Investments		0
Accrued liabilities	0	0
Other liabilities	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
Level 3 \| Corporate bonds
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		0
Level 3 \| Municipal securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		0
Level 3 \| U.S. government agency securities
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		0
Level 3 \| U.S. treasuries
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
Assets measured at fair value		$ 0

DEBT (Tables)

6 Months Ended

Jun. 30, 2024

DEBT

Schedule of long-term debt


	June 30,		December 31,
	2024		2023
Term loan	$	750,000	$	—
Revolving credit facility		—		—
Total debt		750,000		—
Less: unamortized debt issuance costs		(1,260)		—
Total debt, net of unamortized debt issuance costs		748,740		—
Less: current portion of long-term debt		—		—
Long-term debt	$	748,740	$	—

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

6 Months Ended

Jun. 30, 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:


June 30, 2024	Level 1		Level 2		Level 3		Total
Cash	$	948,105	$	—	$	—	$	948,105
Money market funds		576,964		—		—		576,964
Certificates of deposit		—		39,665		—		39,665
Foreign currency derivatives		—		(214)		—		(214)
Commodity derivatives		—		5,600		—		5,600
Total	$	1,525,069	$	45,051	$	—	$	1,570,120

Amounts included in:
Cash and cash equivalents	$	1,525,069	$	39,665	$	—	$	1,564,734
Accounts receivable, net		—		8,660		—		8,660
Accrued liabilities		—		(2,915)		—		(2,915)
Other liabilities		—		(359)		—		(359)
Total	$	1,525,069	$	45,051	$	—	$	1,570,120


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

At December 31, 2023, all of the Company’s short-term and long-term investments were classified within Level 1 or Level 2 of the fair value hierarchy. At June 30, 2024, the Company held no investments. 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- and six-months ended June 30, 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 100
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

PROPERTY AND EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2024

PROPERTY AND EQUIPMENT, NET

Schedule of property and equipment


	June 30,		December 31,
	2024		2023
Land	$	158,505	$	152,253
Leasehold improvements		33,264		37,946
Furniture and fixtures		11,390		11,422
Office and computer equipment		26,833		25,560
Computer software		6,636		5,344
Equipment		462,428		426,466
Buildings		217,214		211,951
Vehicles		69,902		69,527
Assets under construction		261,279		211,562
		1,247,451		1,152,031
Less: accumulated depreciation and amortization		(286,489)		(261,235)
	$	960,962	$	890,796

STOCK-BASED COMPENSATION (Details) $ in Millions	3 Months Ended		6 Months Ended
STOCK-BASED COMPENSATION (Details) $ in Millions	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) plan	Jun. 30, 2023 USD ($)
STOCK-BASED COMPENSATION
Stock-based compensation plans \| plan			2
Compensation expense on share-based plans	$ 18.8	$ 18.6	$ 41.3	$ 34.6
Excess tax benefit realized for tax deductions from non-qualified stock option exercises and disqualifying dispositions of incentive stock options	$ 1.5	$ 4.1	$ 9.0	$ 30.0

INVENTORIES (Tables)

6 Months Ended

Jun. 30, 2024

INVENTORIES

Schedule of inventories


	June 30,		December 31,
	2024		2023
Raw materials	$	271,341	$	330,021
Work in process		1,526		1,403
Finished goods		561,537		639,982
	$	834,404	$	971,406

REVENUE RECOGNITION - Contract Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Contract Liabilities
Deferred revenue	$ 236.7		$ 236.7		$ 246.2
Deferred revenue recognized in net sales	$ 10.0	$ 10.0	$ 19.9	$ 19.9

RELATED PARTY TRANSACTIONS (Details) $ in Thousands	3 Months Ended		6 Months Ended		15 Months Ended	18 Months Ended
RELATED PARTY TRANSACTIONS (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) director	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
RELATED PARTY TRANSACTIONS
Net Sales	$ 1,900,597	$ 1,854,961	$ 3,799,695	$ 3,553,891
Expenses incurred in connection with materials or services provided by a related party	492,343	450,417	977,480	863,201
Monster Energy Drinks
RELATED PARTY TRANSACTIONS
Net Sales	1,742,808	1,686,887	3,471,859	3,248,555
Related Party \| Coca Cola Company
RELATED PARTY TRANSACTIONS
Net Sales	55,500	33,200	97,200	68,300
Purchases from related party	$ 6,900	8,300	$ 14,900	14,800
Related Party \| Coca Cola Company \| Voting Interests
RELATED PARTY TRANSACTIONS
Related Party Ownership Interest (as a percent)	20.90%		20.90%		20.90%	20.90%
Related Party \| TCCC Subsidiaries and TCCC Related parties
RELATED PARTY TRANSACTIONS
Commission expenses	$ 19,800	18,100	$ 42,300	33,800
Related Party \| TCCC Subsidiaries and TCCC Related parties \| Monster Energy Drinks
RELATED PARTY TRANSACTIONS
Contract manufacturing expenses		7,500	9,600
Related Party \| TCCC Related Parties and TCCC Independent Bottlers \| Operating expense
RELATED PARTY TRANSACTIONS
Commission expenses	8,700	8,100	18,400	16,900
Related Party \| TCCC Subsidiaries
RELATED PARTY TRANSACTIONS
Accounts receivable, net	110,998		110,998		$ 110,998	$ 110,998	$ 135,246
Accounts payable	(51,756)		(51,756)		(51,756)	(51,756)	(68,386)
Accrued promotional allowances	(14,169)		(14,169)		(14,169)	(14,169)	(13,794)
Accrued liabilities	(20,375)		(20,375)		(20,375)	(20,375)	$ (19,745)
Related Party \| TCCC Subsidiaries \| Monster Energy Drinks
RELATED PARTY TRANSACTIONS
Contract manufacturing expenses			$ 18,600	15,000
Principal Owners
RELATED PARTY TRANSACTIONS
Number of directors \| director			1
Expenses incurred in connection with materials or services provided by a related party	$ 1,700	$ 1,000	$ 3,600	$ 2,100
Business Travelling Expenses					$ 30	$ 30

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 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	1,125,330	1,122,592
Common stock, shares outstanding	983,380	1,041,571
Common stock in treasury, shares	141,950	81,021

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
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
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, 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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain (loss), net on available-for-sale securities						2,408
Change in net gain (loss) on commodity derivatives						(1,266)
Net income						811,315
Balance at Jun. 30, 2023	$ 5,591	4,869,791	5,120,063	(155,725)	$ (1,998,256)	7,841,464
Balance (in shares) at Jun. 30, 2023	1,118,269				(70,784)
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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation		17,176				17,176
Stock options/awards	$ 4	23,314				23,318
Stock options/awards (in shares)	877
Unrealized gain (loss), net on available-for-sale securities				(773)		(773)
Retirement of treasury stock					$ (447)	(447)
Repurchase of common stock (in shares)					(8)
Foreign currency translation				(5,775)		(5,775)
Change in net gain (loss) on commodity derivatives				(1,266)		(1,266)
Net income			413,871			413,871
Balance at Jun. 30, 2023	$ 5,591	4,869,791	5,120,063	(155,725)	$ (1,998,256)	7,841,464
Balance (in shares) at Jun. 30, 2023	1,118,269				(70,784)
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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
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)
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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain (loss), net on available-for-sale securities						758
Change in net gain (loss) on commodity derivatives						4,074
Net income						867,418
Balance at Jun. 30, 2024	$ 5,627	5,068,291	6,807,154	(182,304)	$ (5,832,445)	5,866,323
Balance (in shares) at Jun. 30, 2024	1,125,330				(141,950)
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)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation		19,645				19,645
Stock options/awards	$ 3	13,698				13,701
Stock options/awards (in shares)	460
Unrealized gain (loss), net on available-for-sale securities				535		535
Repurchase of common stock					$ (3,145,817)	(3,145,817)
Repurchase of common stock (in shares)					(58,778)
Foreign currency translation				(31,104)		(31,104)
Change in net gain (loss) on commodity derivatives				6,205		6,205
Net income			425,369			425,369
Balance at Jun. 30, 2024	$ 5,627	$ 5,068,291	$ 6,807,154	$ (182,304)	$ (5,832,445)	$ 5,866,323
Balance (in shares) at Jun. 30, 2024	1,125,330				(141,950)

LEASES

6 Months Ended

Jun. 30, 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 June 30,				Six-Months Ended June 30,
	2024		2023		2024		2023
Operating lease cost	$	3,888	$	2,616	$	7,690	$	5,083
Short-term lease cost		2,151		1,070		4,821		2,049
Variable lease cost		228		226		441		441

Finance leases:
Amortization of right-of-use assets		489		202		1,084		325
Interest on lease liabilities		57		44		148		58
Finance lease cost		546		246		1,232		383

Total lease cost	$	6,813	$	4,158	$	14,184	$	7,956

Supplemental cash flow information was as follows:


	Six-Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	7,355	$	4,818
Operating cash outflows from finance leases		148		58
Financing cash outflows from finance leases		5,267		1,683

Right-of-use assets obtained in exchange for lease obligations:
Finance leases		987		5,115
Operating leases		3,704		1,847

Supplemental balance sheet information was as follows:


		June 30,		December 31,
	Balance Sheet Location	2024		2023
Operating leases:
Right-of-use assets	Other assets	$	55,731	$	58,845

Current lease liabilities	Accrued liabilities	$	11,105	$	11,088
Noncurrent lease liabilities	Other liabilities		45,862		48,459
Total operating lease liabilities		$	56,967	$	59,547

Finance leases:
Right-of-use assets	Property and equipment, net	$	7,722	$	11,147

Current lease liabilities	Accrued liabilities	$	2,167	$	6,449
Noncurrent lease liabilities	Other liabilities		10		19
Total finance lease liabilities		$	2,177	$	6,468

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


	June 30,		December 31,
	2024		2023
Weighted-average remaining lease term in years:
Operating leases	6.0		6.3
Finance leases	0.4		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 June 30, 2024:


	Undiscounted Future Lease Payments
	Operating Leases		Finance Leases
2024 (from July 1, 2024 to December 31, 2024)	$	6,779	$	2,000
2025		12,617		211
2026		10,356		2
2027		9,633		—
2028		8,089		—
2029 and thereafter		18,295		—
Total lease payments		65,769		2,213
Less imputed interest		(8,802)		(36)
Total	$	56,967	$	2,177

As of June 30, 2024, the Company did not have any significant leases that had not yet commenced.

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2024

EARNINGS PER SHARE

EARNINGS PER SHARE

17.	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		Six-Months Ended
	June 30,		June 30,
	2024	2023	2024	2023
Weighted-average shares outstanding:
Basic	1,029,268	1,047,065	1,035,175	1,045,993
Dilutive	8,110	13,028	9,188	13,674
Diluted	1,037,378	1,060,093	1,044,363	1,059,667

For the three-months ended June 30, 2024 and 2023, options and awards outstanding totaling 8.8 million shares and 4.1 million shares, respectively, were excluded from the calculations as their effect would have been antidilutive. For the six-months ended June 30, 2024 and 2023, options and awards outstanding totaling 6.9 million shares and 2.6 million shares, respectively, were excluded from the calculations as their effect would have been antidilutive.

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2024

FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

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


June 30, 2024	Level 1		Level 2		Level 3		Total
Cash	$	948,105	$	—	$	—	$	948,105
Money market funds		576,964		—		—		576,964
Certificates of deposit		—		39,665		—		39,665
Foreign currency derivatives		—		(214)		—		(214)
Commodity derivatives		—		5,600		—		5,600
Total	$	1,525,069	$	45,051	$	—	$	1,570,120

Amounts included in:
Cash and cash equivalents	$	1,525,069	$	39,665	$	—	$	1,564,734
Accounts receivable, net		—		8,660		—		8,660
Accrued liabilities		—		(2,915)		—		(2,915)
Other liabilities		—		(359)		—		(359)
Total	$	1,525,069	$	45,051	$	—	$	1,570,120


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

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 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		Six-Months Ended
	June 30,		June 30,
	2024	2023	2024	2023
Weighted-average shares outstanding:
Basic	1,029,268	1,047,065	1,035,175	1,045,993
Dilutive	8,110	13,028	9,188	13,674
Diluted	1,037,378	1,060,093	1,044,363	1,059,667

INVENTORIES

6 Months Ended

Jun. 30, 2024

INVENTORIES

INVENTORIES

7.	INVENTORIES

Inventories consist of the following at:


	June 30,		December 31,
	2024		2023
Raw materials	$	271,341	$	330,021
Work in process		1,526		1,403
Finished goods		561,537		639,982
	$	834,404	$	971,406

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Fair value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Derivatives designated as hedging instruments \| Accounts receivables, net \| Commodity contracts
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Fair value assets	$ 7,450	$ 4,480
Derivatives designated as hedging instruments \| Other assets \| Commodity contracts
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Fair value assets	0	316
Derivatives designated as hedging instruments \| Accrued liabilities \| Commodity contracts
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Fair value liabilities	(1,491)	(386)
Derivatives designated as hedging instruments \| Other Liabilities \| Commodity contracts
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Fair value liabilities	(359)	0
Derivatives not designated as hedging instruments \| Accounts receivables, net \| Foreign currency exchange contracts
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Fair value assets	1,210	138
Derivatives not designated as hedging instruments \| Accrued liabilities \| Foreign currency exchange contracts
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Fair value liabilities	$ (1,424)	$ (1,221)

ACCUMULATED OTHER COMPREHENSIVE LOSS

6 Months Ended

Jun. 30, 2024

ACCUMULATED OTHER COMPREHENSIVE LOSS

ACCUMULATED OTHER COMPREHENSIVE LOSS

13.	ACCUMULATED OTHER COMPREHENSIVE LOSS

Changes in accumulated other comprehensive loss by component, after tax, for the six-months ended June 30, 2024 and 2023 are as follows:


	Accumulated				Unrealized
	Net Gains		Currency		Gains (Losses)
	(Losses) on		Translation		on Available-
	Commodity		Gains		for-Sale
	Derivatives		(Losses)		Securities		Total
Balance at December 31, 2023	$	4,410	$	(128,989)	$	(758)	$	(125,337)
Other comprehensive income (loss) before reclassifications		4,074		(61,799)		758		(56,967)
Net current-period other comprehensive income (loss)		4,074		(61,799)		758		(56,967)
Balance at June 30, 2024	$	8,484	$	(190,788)	$	—	$	(182,304)


	Accumulated				Unrealized
	Net Gains		Currency		Gains (Losses)
	(Losses) on		Translation		on Available-
	Commodity		Gains		for-Sale
	Derivatives		(Losses)		Securities		Total
Balance at December 31, 2022	$	—	$	(153,230)	$	(5,843)	$	(159,073)
Other comprehensive income (loss) before reclassifications		(1,266)		2,206		2,408		3,348
Net current-period other comprehensive income (loss)		(1,266)		2,206		2,408		3,348
Balance at June 30, 2023	$	(1,266)	$	(151,024)	$	(3,435)	$	(155,725)

LEASES - Supplemental balance sheet information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
LEASES
Right-of-use assets	$ 55,731	$ 58,845
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Current lease liabilities	$ 11,105	$ 11,088
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Noncurrent lease liabilities	$ 45,862	$ 48,459
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total operating lease liabilities	$ 56,967	$ 59,547
Finance Lease:
Right-of-use assets	$ 7,722	$ 11,147
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Current lease liabilities	$ 2,167	$ 6,449
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Noncurrent lease liabilities	$ 10	$ 19
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total finance lease liabilities	$ 2,177	$ 6,468

INCOME TAXES - Unrecognized Tax Benefit Rollforward (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Unrecognized Tax Benefits [Roll Forward]
Balance at the beginning of the period	$ 3,109
Additions for tax positions related to the current year	0
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	3,109
Accrued interest and penalties related to unrecognized tax benefits	$ 700

LEASES (Tables)

6 Months Ended

Jun. 30, 2024

LEASES

Schedule of lease cost


	Three-Months Ended June 30,				Six-Months Ended June 30,
	2024		2023		2024		2023
Operating lease cost	$	3,888	$	2,616	$	7,690	$	5,083
Short-term lease cost		2,151		1,070		4,821		2,049
Variable lease cost		228		226		441		441

Finance leases:
Amortization of right-of-use assets		489		202		1,084		325
Interest on lease liabilities		57		44		148		58
Finance lease cost		546		246		1,232		383

Total lease cost	$	6,813	$	4,158	$	14,184	$	7,956

Schedule of supplemental cash flow information related to leases


	Six-Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$	7,355	$	4,818
Operating cash outflows from finance leases		148		58
Financing cash outflows from finance leases		5,267		1,683

Right-of-use assets obtained in exchange for lease obligations:
Finance leases		987		5,115
Operating leases		3,704		1,847

Schedule of ROU assets for operating and finance leases


		June 30,		December 31,
	Balance Sheet Location	2024		2023
Operating leases:
Right-of-use assets	Other assets	$	55,731	$	58,845

Current lease liabilities	Accrued liabilities	$	11,105	$	11,088
Noncurrent lease liabilities	Other liabilities		45,862		48,459
Total operating lease liabilities		$	56,967	$	59,547

Finance leases:
Right-of-use assets	Property and equipment, net	$	7,722	$	11,147

Current lease liabilities	Accrued liabilities	$	2,167	$	6,449
Noncurrent lease liabilities	Other liabilities		10		19
Total finance lease liabilities		$	2,177	$	6,468

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


	June 30,		December 31,
	2024		2023
Weighted-average remaining lease term in years:
Operating leases	6.0		6.3
Finance leases	0.4		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 July 1, 2024 to December 31, 2024)	$	6,779	$	2,000
2025		12,617		211
2026		10,356		2
2027		9,633		—
2028		8,089		—
2029 and thereafter		18,295		—
Total lease payments		65,769		2,213
Less imputed interest		(8,802)		(36)
Total	$	56,967	$	2,177

SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2024

SEGMENT INFORMATION

Schedule of net revenues and other financial information by segment


	Three-Months Ended				Six-Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Net sales:
Monster Energy® Drinks¹	$	1,742,808	$	1,686,887	$	3,471,859	$	3,248,555
Strategic Brands		109,222		99,690		217,666		186,048
Alcohol Brands		41,564		61,076		97,634		107,366
Other		7,003		7,308		12,536		11,922
Corporate and unallocated		—		—		—		—
	$	1,900,597	$	1,854,961	$	3,799,695	$	3,553,891


	Three-Months Ended				Six-Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Operating Income:
Monster Energy® Drinks¹	$	612,255	$	597,922	$	1,240,377	$	1,158,740
Strategic Brands		61,659		55,137		123,677		106,909
Alcohol Brands		(22,561)		(6,577)		(28,577)		(13,460)
Other		1,418		1,651		2,419		1,358
Corporate and unallocated		(125,608)		(124,328)		(268,742)		(244,677)
	$	527,163	$	523,805	$	1,069,154	$	1,008,870


	Three-Months Ended				Six-Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Income before tax:
Monster Energy® Drinks¹	$	613,401	$	598,656	$	1,242,561	$	1,160,330
Strategic Brands		61,672		55,149		123,707		106,938
Alcohol Brands		(22,657)		(6,584)		(28,672)		(13,451)
Other		1,431		1,657		2,447		1,364
Corporate and unallocated		(102,308)		(109,914)		(210,758)		(218,658)
	$	551,539	$	538,964	$	1,129,285	$	1,036,523

(1)	Includes $10.0 million for both the three-months ended June 30, 2024 and 2023, related to the recognition of deferred revenue. Includes $19.9 million for both the six-months ended June 30, 2024 and 2023, related to the recognition of deferred revenue.


	Three-Months Ended				Six-Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Depreciation and amortization:
Monster Energy® Drinks	$	13,105	$	8,817	$	25,713	$	17,806
Strategic Brands		224		196		453		417
Alcohol Brands		3,668		4,106		7,406		8,157
Other		57		51		97		1,174
Corporate and unallocated		2,384		2,406		6,244		4,830
	$	19,438	$	15,576	$	39,913	$	32,384

Schedule of goodwill and other intangible assets for the reportable segments


	June 30,		December 31,
	2024		2023
Goodwill and other intangible assets:
Monster Energy® Drinks	$	1,671,799	$	1,663,814
Strategic Brands		982,435		982,471
Alcohol Brands		197,033		198,795
Other		—		—
	$	2,851,267	$	2,845,080

BASIS OF PRESENTATION (Policies)

6 Months Ended

Jun. 30, 2024

BASIS OF PRESENTATION

Recent Accounting Pronouncements

Recent Accounting Pronouncements

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL DISCLOSURE OF NON-CASH ITEMS (Parenthetical) - USD ($) $ in Millions	6 Months Ended		18 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL DISCLOSURE OF NON-CASH ITEMS
Accrued liabilities for intangible assets			$ 9.6
Repurchase Of Common Stock	$ 0.9
Intangible assets incurred	3.2
Capital expenditures	$ 9.6	$ 2.0

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jun. 30, 2024

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Schedule of fair value of derivative instruments


	Fair value
Derivatives designated as	June 30,		December 31,
hedging instruments	2024		2023		Balance Sheet location
Assets:
Commodity contracts	$	7,450	$	4,480	Accounts receivable, net
Commodity contracts	$	—	$	316	Other assets
Liabilities:
Commodity contracts	$	(1,491)	$	(386)	Accrued liabilities
Commodity contracts	$	(359)	$	—	Other liabilities


	Fair value
Derivatives not designated as	June 30,		December 31,
hedging instruments	2024		2023		Balance Sheet location
Assets:
Foreign currency exchange contracts	$	1,210	$	138	Accounts receivable, net
Liabilities:
Foreign currency exchange contracts	$	(1,424)	$	(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 June 30, 2024
				Gain (loss)
Derivatives designated as	Gain (loss)		Location of gain (loss)	reclassified from
hedging instruments	recognized in AOCI		recognized in income	AOCI into income
Commodity contracts	$	6,205	Cost of sales	$	—


Three-Months Ended June 30, 2023
				Gain (loss)
Derivatives designated as		Gain (loss) recognized	Location of gain (loss)	reclassified from
hedging instruments	in AOCI		recognized in income	AOCI into income
Commodity contracts	$	(1,266)	Cost of sales	$	—


Six-Months Ended June 30, 2024
				Gain (loss)
Derivatives designated as	Gain (loss)		Location of gain (loss)	reclassified from
hedging instruments	recognized in AOCI		recognized in income	AOCI into income
Commodity contracts	$	8,483	Cost of sales	$	(966)


Six-Months Ended June 30, 2023
				Gain (loss)
Derivatives designated as	Gain (loss)		Location of gain (loss)	reclassified from
hedging instruments	recognized in AOCI		recognized in income	AOCI into income
Commodity contracts	$	(1,266)	Cost of sales	$	—

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)	June 30,		June 30,
hedging instruments	recognized in income on derivatives	2024		2023
Foreign currency exchange contracts	Interest and other income, net	$	(2,633)	$	(1,924)


		Gain (loss) recognized
		in income on derivatives
		Six-Months Ended
Derivatives not designated as	Location of gain (loss)	June 30,		June 30,
hedging instruments	recognized in income on derivatives	2024		2023
Foreign currency exchange contracts	Interest and other income, net	$	2,711	$	(9,775)

SEGMENT INFORMATION - Concentration Risk (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		15 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024
SEGMENT INFORMATION
Net Sales	$ 1,900,597	$ 1,854,961	$ 3,799,695	$ 3,553,891
Sales \| Outside United States
SEGMENT INFORMATION
Net Sales	$ 746,000	$ 715,400	$ 1,490,000	$ 1,340,000
Sales \| Customer concentration \| Outside United States
SEGMENT INFORMATION
Percentage of net sales			39.00%	10.00%	39.00%
Coca-Cola Europacific Partners \| Sales \| Customer concentration
SEGMENT INFORMATION
Percentage of net sales	14.00%	14.00%		13.00%
Coca-Cola Europacific Partners \| Sales \| Customer concentration \| Outside United States
SEGMENT INFORMATION
Percentage of net sales			14.00%
Coca-Cola Consolidated, Inc \| Sales \| Customer concentration
SEGMENT INFORMATION
Percentage of net sales	11.00%		10.00%	10.00%
Reyes Holdings, LLC \| Sales \| Customer concentration
SEGMENT INFORMATION
Percentage of net sales	10.00%	10.00%	9.00%
Coca Cola Company \| Sales \| Customer concentration
SEGMENT INFORMATION
Percentage of net sales		10.00%
Coca Cola Company \| Sales \| Customer concentration \| Outside United States
SEGMENT INFORMATION
Percentage of net sales				38.00%

GOODWILL AND OTHER INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 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 six-months ended June 30, 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 June 30, 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 June 30, 2023	$	693,644	$	637,999	$	86,298	$	—	$	1,417,941

Intangible assets consist of the following at:


	June 30,		December 31,
	2024		2023
Amortizing intangibles	$	144,577	$	144,582
Accumulated amortization		(77,668)		(74,699)
		66,909		69,883
Non-amortizing intangibles		1,366,417		1,357,256
	$	1,433,326	$	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 $1.7 million and $0.9 million for the three-months ended June 30, 2024 and 2023, respectively. Total amortization expense was $3.0 million and $2.9 million for the six-months ended June 30, 2024 and 2023, respectively. For the three- and six-months ended June 30, 2024, no impairment charges were recorded to intangible assets. For both the three- and six-months ended June 30, 2023, impairment charges of $2.8 million were recorded to non-amortizing intangibles.

The following is the future estimated amortization expense related to amortizing intangibles as of June 30, 2024:


2024 (from July 1, 2024 to December 31, 2024)	$	4,461
2025		5,947
2026		5,947
2027		5,946
2028		5,945
2029 and thereafter		38,663
	$	66,909

GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Future estimated amortization expense related to amortizing intangibles
2024 (from July 1, 2024 to December 31, 2024)	$ 4,461
2025	5,947
2026	5,947
2027	5,946
2028	5,945
2029 and thereafter	38,663
Amortizing intangibles, net	$ 66,909	$ 69,883

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Non hedging designation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Held collateral amount	$ 7,400		$ 7,400
Post collateral amount	1,200		$ 1,200
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	$ 239,300		$ 239,300		$ 282,700
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Amount of loss recognized in income on derivatives	$ (2,633)	$ (1,924)	$ 2,711	$ (9,775)

LEASES - Lease Terms (Details)	6 Months Ended
LEASES - Lease Terms (Details)	Jun. 30, 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

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2024

STOCK-BASED COMPENSATION

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


	Three-Months Ended June 30,				Six-Months Ended June 30,
	2024		2023		2024		2023
Dividend yield	0.0	%	0.0	%	0.0	%	0.0	%
Expected volatility	27.5	%	27.4	%	27.5	%	27.6	%
Risk-free interest rate	4.4	%	3.7	%	4.3	%	3.7	%
Expected term	6.4	years	6.3	years	6.4	years	6.3	years

Schedule of activities with respect to its stock option plans


				Weighted-
				Average
		Weighted-		Remaining
	Number of	Average		Contractual
	Shares	Exercise Price		Term	Aggregate
Options	(in thousands)	Per Share		(in 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
Granted 04/01/24 - 06/30/24	62	$	51.89
Exercised	(1,914)	$	27.22
Cancelled or forfeited	(165)	$	48.17
Outstanding at June 30, 2024	27,298	$	38.27	6.1	$	366,872
Vested and expected to vest in the future at June 30, 2024	26,202	$	37.70	6.0	$	363,597
Exercisable at June 30, 2024	15,087	$	29.21	4.1	$	313,348

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


	Number of Shares	Weighted Average Grant-
	(in thousands)	Date Fair Value
Non-vested at January 1, 2024	1,964	$	40.95
Granted 01/01/24 - 03/31/24¹	502	$	57.04
Granted 04/01/24 - 06/30/24	27	$	49.12
Vested	(824)	$	40.69
Forfeited/cancelled	(1)	$	30.62
Non-vested at June 30, 2024	1,668	$	46.06

SEGMENT INFORMATION - Net Revenues (Details) $ in Thousands	3 Months Ended		6 Months Ended		18 Months Ended
SEGMENT INFORMATION - Net Revenues (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)
SEGMENT INFORMATION
Number of reportable segments \| segment			4
Number of operating segments \| segment			4
Net Sales	$ 1,900,597	$ 1,854,961	$ 3,799,695	$ 3,553,891
Operating Income	527,163	523,805	1,069,154	1,008,870
Income before tax	551,539	538,964	1,129,285	1,036,523
Depreciation and amortization	19,438	15,576	39,913	32,384
Recognition of deferred revenue	10,000	10,000	19,900	19,900
Corporate and unallocated
SEGMENT INFORMATION
Net Sales	0	0	0	0
Operating Income	(125,608)	(124,328)	(268,742)	(244,677)
Income before tax	(102,308)	(109,914)	(210,758)	(218,658)
Depreciation and amortization	2,384	2,406	6,244	4,830
Monster Energy Drinks
SEGMENT INFORMATION
Net Sales	1,742,808	1,686,887	3,471,859	3,248,555
Monster Energy Drinks \| Operating segment
SEGMENT INFORMATION
Net Sales	1,742,808	1,686,887	3,471,859	3,248,555
Operating Income	612,255	597,922	1,240,377	1,158,740
Income before tax	613,401	598,656	1,242,561	1,160,330
Depreciation and amortization	13,105	8,817	25,713	17,806
Recognition of deferred revenue	10,000	10,000			$ 19,900
Strategic Brands
SEGMENT INFORMATION
Net Sales	109,222	99,690	217,666	186,048
Strategic Brands \| Operating segment
SEGMENT INFORMATION
Net Sales	109,222	99,690	217,666	186,048
Operating Income	61,659	55,137	123,677	106,909
Income before tax	61,672	55,149	123,707	106,938
Depreciation and amortization	224	196	453	417
Alcohol Brands
SEGMENT INFORMATION
Net Sales	41,564	61,076	97,634	107,366
Alcohol Brands \| Operating segment
SEGMENT INFORMATION
Net Sales	41,564	61,076	97,634	107,366
Operating Income	(22,561)	(6,577)	(28,577)	(13,460)
Income before tax	(22,657)	(6,584)	(28,672)	(13,451)
Depreciation and amortization	3,668	4,106	7,406	8,157
Other
SEGMENT INFORMATION
Net Sales	7,003	7,308	12,536	11,922
Other \| Operating segment
SEGMENT INFORMATION
Net Sales	7,003	7,308	12,536	11,922
Operating Income	1,418	1,651	2,419	1,358
Income before tax	1,431	1,657	2,447	1,364
Depreciation and amortization	$ 57	$ 51	$ 97	$ 1,174

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 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

SEGMENT INFORMATION - Expenses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
SEGMENT INFORMATION
Stock-based compensation expense	$ 18.8	$ 18.6	$ 41.3	$ 34.6
Corporate and unallocated
SEGMENT INFORMATION
Payroll costs	87.5	82.6	186.1	162.9
Stock-based compensation expense	17.8	18.1	39.7	33.8
Professional service expenses	14.5	25.3	34.5	47.4
Other operating expenses	$ 23.6	$ 16.4	$ 48.1	$ 34.4

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
NET SALES	$ 1,900,597	$ 1,854,961	$ 3,799,695	$ 3,553,891
COST OF SALES	881,091	880,739	1,753,061	1,681,820
GROSS PROFIT	1,019,506	974,222	2,046,634	1,872,071
OPERATING EXPENSES	492,343	450,417	977,480	863,201
OPERATING INCOME	527,163	523,805	1,069,154	1,008,870
INTEREST and OTHER INCOME, net	24,376	15,159	60,131	27,653
INCOME BEFORE PROVISION FOR INCOME TAXES	551,539	538,964	1,129,285	1,036,523
PROVISION FOR INCOME TAXES	126,170	125,093	261,867	225,208
NET INCOME	$ 425,369	$ 413,871	$ 867,418	$ 811,315
NET INCOME PER COMMON SHARE:
Basic (in dollar per share)	$ 0.41	$ 0.40	$ 0.84	$ 0.78
Diluted (in dollar per share)	$ 0.41	$ 0.39	$ 0.83	$ 0.77
Basic (in shares)	1,029,268	1,047,065	1,035,175	1,045,993
Diluted (in shares)	1,037,378	1,060,093	1,044,363	1,059,667

REVENUE RECOGNITION - (Details)	6 Months Ended
REVENUE RECOGNITION - (Details)	Jun. 30, 2024 segment
REVENUE RECOGNITION
Number of operating segments	4
Number of reportable segments	4
Distribution agreement, revenue recognition period	20 years

GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
Amortizing intangibles	$ 144,577		$ 144,577		$ 144,582
Accumulated amortization	(77,668)		(77,668)		(74,699)
Amortizing intangibles, net	66,909		66,909		69,883
Non-amortizing intangibles	1,366,417		1,366,417		1,357,256
Intangibles, net	1,433,326		1,433,326		$ 1,427,139
Amortization expense	1,700	$ 900	3,000	$ 2,900
Loss on impairment of intangibles	$ 0		$ 0	2,800
Impairment charges on non-amortizing intangibles.		$ 2,800		$ 2,800
Minimum
GOODWILL AND OTHER INTANGIBLE ASSETS
Useful life of intangible assets	10 years		10 years
Maximum
GOODWILL AND OTHER INTANGIBLE ASSETS
Useful life of intangible assets	15 years		15 years

LEASES - Undiscounted future lease payments for operating and finance leases (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Operating Leases
2024 (from July 1, 2024 to December 31, 2024)	$ 6,779
2025	12,617
2026	10,356
2027	9,633
2028	8,089
2029 and thereafter	18,295
Total lease payments	65,769
Less imputed interest	(8,802)
Total operating lease liabilities	56,967	$ 59,547
Finance Leases
2024 (from July 1, 2024 to December 31, 2024)	2,000
2025	211
2026	2
2028	0
2029 and thereafter	0
Total lease payments	2,213
Less imputed interest	(36)
Total finance lease liabilities	$ 2,177	$ 6,468

LEASES - Supplemental cash flow information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 7,355	$ 4,818
Operating cash outflows from finance leases	148	58
Financing cash outflows from finance leases	5,267	1,683
Right-of-use assets obtained in exchange for lease obligations:
Finance leases	987	5,115
Operating leases	$ 3,704	$ 1,847

STOCK-BASED COMPENSATION - Equity Awards (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee Stock Option
STOCK-BASED COMPENSATION
Weighted-average grant-date fair value of options granted (in dollars per share)	$ 19.52		$ 21.14	$ 22.64	$ 18.25
Total intrinsic value of options exercised	$ 10.2		$ 26.9
Cash received from option exercises	$ 13.7		23.3	$ 52.1	$ 59.7
Stock units expected to vest (in shares)	26,202			26,202
Total unrecognized compensation expense related to non-vested shares granted to employees	$ 162.4			$ 162.4
Cost expected to be recognized over a weighted-average period				3 years 4 months 24 days
Restricted Stock Units, and Performance Share Units
STOCK-BASED COMPENSATION
Expected to vest over	1,600			1,600
Total unrecognized compensation expense related to non-vested shares granted to employees	$ 43.9			$ 43.9
Cost expected to be recognized over a weighted-average period				1 year 7 months 6 days
Number of Shares
Non-vested at the beginning of the period (in shares)		1,964		1,964
Granted (in shares)	27	502
Vested (in shares)				(824)
Forfeited/cancelled (in shares)				(1)
Non-vested at the end of the period (in shares)	1,668			1,668
Weighted Average Grant-Date Fair Value
Non-vested at the beginning of the period (in dollars per share)		$ 40.95		$ 40.95
Granted (in dollars per share)	$ 49.12	$ 57.04
Vested (in dollars per share)				40.69
Forfeited/cancelled (in dollars per share)				30.62
Non-vested at the end of the period (in dollars per share)	$ 46.06			$ 46.06
Restricted Stock Units, and/or Performance Share Units
STOCK-BASED COMPENSATION
Total unrecognized compensation expense related to non-vested shares granted to employees	$ 57.8		$ 157.9	$ 57.8	$ 157.9
Weighted Average Grant-Date Fair Value
Granted (in dollars per share)	$ 49.12		$ 59.17	$ 59.58	$ 48.93
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	$ 0.1			$ 0.1
Cost expected to be recognized over a weighted-average period				6 months