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ACQUISITIONS AND DIVESTITURES (Tables) | 9 Months Ended
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Sep. 30, 2015
ACQUISITIONS AND DIVESTITURES |
Summary of amounts in the escrow fund in excess of the applicable amounts |
Percentage Transitioned | Escrow Release
40% | Amounts in excess of $375 million
50% | Amounts in excess of $312.5 million
60% | Amounts in excess of $250 million
70% | Amounts in excess of $187.5 million
80% | Amounts in excess of $125 million
90% | Amounts in excess of $62.5 million
95% | All remaining amounts
Summary of TCCC Transaction consideration allocation |
|  | Identifiable Assets Acquired and Liabilities Assumed |  | Consideration Transferred |
Equity issued to TCCC for cash (22.2 million shares issued) |  | $ | - |  | $ | 1,647,333 |
Equity issued to TCCC for KO Energy (11.8 million shares issued) |  | - |  | 1,521,802 |
KO Energy intangibles - trademarks (non-amortizing) |  | 325,500 |  | - |
KO Energy intangibles - customer relationships (amortizing) |  | 35,000 |  | - |
KO Energy intangibles - other (non-amortizing) |  | 13,700 |  | - |
KO Energy inventories |  | 6,144 |  | - |
KO Energy accounts payable |  | (2,758) |  | - |
Goodwill |  | 1,287,777 |  | - |
Deferred tax liability |  | (143,561) |  | - |
New and amended U.S. distribution rights transferred to TCCC’s distribution network |  | - |  | 304,658 |
Monster Non-Energy business transferred to TCCC |  | - |  | 198,009 |
Cash and escrow receivable |  | 2,150,000 |  | - |
Total |  | $ | 3,671,802 |  | $ | 3,671,802 |
Schedule of pro forma condensed combined financial information |
|  | Three-Months Ended September 30, 2015
|  |  |  |  |  | Pro Forma Adjustments |  |
|  | Monster Beverage Corporation as reported¹ |  | KO Energy |  | Disposal of Monster Non- Energy |  | Other |  | Pro Forma Combined
Net sales |  | $ | 756,619 |  | $ | - |  | $ | - |  | $ | - |  | $ | 756,619
Net income |  | 174,574 |  | - |  | - |  | 180 |  | 174,754
|  | Three-Months Ended September 30, 2014
|  |  |  |  |  | Pro Forma Adjustments |  |
|  | Monster Beverage Corporation as reported |  | KO Energy |  | Disposal of Monster Non- Energy |  | Other |  | Pro Forma Combined
Net sales |  | $ | 635,972 |  | $ | 85,608 |  | $ | (41,624) |  | $ | 3,840 |  | $ | 683,796
Net income |  | 121,600 |  | 54,614 | ² | (1,376) |  | (24,075) |  | 150,763
¹Includes net sales of $69.9 million and net income of $27.4 million (tax affected) related to the acquired KO Energy assets for the three-months ended September 30, 2015. ²The $54.6 million of net income for KO Energy for the three-months ended September 30, 2014 is presented before tax. The associated estimated provision for income taxes is included in the “Other” category.
|  | Nine-Months Ended September 30, 2015
|  |  |  |  |  | Pro Forma Adjustments |  |
|  | Monster Beverage Corporation as reported¹ |  | KO Energy² |  | Disposal of Monster Non- Energy³ |  | Other |  | Pro Forma Combined
Net sales |  | $ | 2,077,131 |  | $ | 138,127 |  | $ | (60,824) |  | $ | 6,803 |  | $ | 2,161,237
Net income |  | 407,991 |  | 100,575 | 4 | (101,881) |  | (36,487) |  | 370,198
|  | Nine-Months Ended September 30, 2014
|  |  |  |  |  | Pro Forma Adjustments |  |
|  | Monster Beverage Corporation as reported |  | KO Energy |  | Disposal of Monster Non- Energy |  | Other |  | Pro Forma Combined
Net sales |  | $ | 1,859,301 |  | $ | 256,824 |  | $ | (119,608) |  | $ | 11,393 |  | $ | 2,007,910
Net income |  | 357,854 |  | 163,842 | 4 | (4,398) |  | (74,747) |  | 442,551
¹Includes net sales of $82.9 million and net income of $32.9 million (tax affected) related to the acquired KO Energy assets since the date of acquisition, June 12, 2015. ²Includes results through June 12, 2015, the date the TCCC Transaction was finalized. Net income for KO Energy includes only net revenues and direct operating expenses, rather than full “carve-out” financial statements, because such financial information would not be meaningful given that it is not possible to provide a meaningful allocation of business unit and corporate costs, interest or tax in respect of KO Energy. ³Includes results through June 12, 2015. Net income includes gain recognized on the sale of Monster Non-Energy of $161.5 million. 4 The $100.6 million of net income for the nine-months ended September 30, 2015 and $163.8 million of net income for KO Energy for the nine-months ended September 30, 2014 are presented before tax. The associated estimated provision for income taxes is included in the “Other” category.
Schedule of other pro-forma adjustments |
|  | Three-Months Ended September 30, 2015 |  | Three-Months Ended September 30, 2014 |  | Nine-Months Ended September 30, 2015¹ |  | Nine-Months Ended September 30, 2014
Net sales: |  |  |  |  |  |  |  |
Amortization of deferred revenue |  | $ | - |  | $ | 3,840 |  | $ | 6,803 |  | $ | 11,393
Net income: |  |  |  |  |  |  |  |
Amortization of deferred revenue |  | $ | - |  | $ | 3,840 |  | $ | 6,803 |  | $ | 11,393
To record sales commissions |  | - |  | (9,588) |  | (15,470) |  | (28,764)
To record amortization of definite lived KO Energy intangibles |  | - |  | (1,764) |  | (3,126) |  | (5,236)
To eliminate TCCC Transaction expenses |  | 292 |  | 2,567 |  | 15,425 |  | 3,635
Estimated provision for income taxes on pro forma adjustments |  | (112) |  | 1,904 |  | (1,398) |  | 7,304
Estimated provision for income taxes on KO Energy income |  | - |  | (21,034) |  | (38,721) |  | (63,079)
Total |  | $ | 180 |  | $ | (24,075) |  | $ | (36,487) |  | $ | (74,747)
¹Includes amortization of deferred revenue, sales commissions and amortization of intangibles through June 12, 2015, the date the TCCC Transaction was consummated.

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