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ACQUISITIONS AND DIVESTITURES (Tables) | 12 Months Ended
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Dec. 31, 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 | The following table summarizes the final TCCC Transaction consideration allocation as of December 31, 2015:
|  | 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 |  | 1,279,715 |  | -
Deferred tax liability |  | (135,499) |  | -
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 |
|  | Year Ended December 31, 2015 |
|  |  |  |  |  | Pro Forma Adjustments |  |  |
|  | Monster Beverage Corporation as reported¹ |  | KO Energy² |  | Disposal of Monster Non- Energy³ |  | Other |  | Pro Forma Combined |
Net sales |  | $ 2,722,564 |  | $ 138,127 |  | $ (60,778) |  | $ 8,887 |  | $ 2,808,800 |
Net income |  | 546,733 |  | 100,575 | 4 | (101,618) |  | (30,390) |  | 515,300 |
|  | Year Ended December 31, 2014 |
|  |  |  |  |  | Pro Forma Adjustments |  |  |
|  | Monster Beverage Corporation as reported |  | KO Energy |  | Disposal of Monster Non-Energy |  | Other |  | Pro Forma Combined |
Net sales |  | $ 2,464,867 |  | $ 342,432 |  | $ (150,374) |  | $ 19,900 |  | $ 2,676,825 |
Net income |  | 483,185 |  | 218,456 | 4 | (4,647) |  | (95,306) |  | 601,688 |
|  | Year Ended December 31, 2013 |
|  |  |  |  |  | Pro Forma Adjustments |  |  |
|  | Monster Beverage Corporation as reported |  | KO Energy |  | Disposal of Monster Non- Energy |  | Other |  | Pro Forma Combined |
Net sales |  | $ 2,246,428 |  | $ 330,076 |  | $ (152,041) |  | $ 19,900 |  | $ 2,444,363 |
Net income |  | 338,661 |  | 183,763 | 4 | 1,922 |  | (85,551) |  | 438,795 |
¹Includes net sales of $143.3 million and net income of $55.2 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, $218.5 million and $183.8 million of net income for KO Energy for the years ended December 31, 2015, 2014 and 2013, respectively, are presented before tax. The associated estimated provision for income taxes is included in the “Other” category.
Schedule of other pro-forma adjustments |
|  | Year Ended December 31, 2015¹ |  | Year Ended December 31, 2014 |  | Year Ended December 31, 2013 |
Net sales: |  |  |  |  |  |  |
Amortization of deferred revenue |  | $ | 8,887 |  | $ | 19,900 |  | $ | 19,900 |
Net income: |  |  |  |  |  |  |
Amortization of deferred revenue |  | $ | 8,887 |  | $ | 19,900 |  | $ | 19,900 |
To record sales commissions |  | (15,470) |  | (38,352) |  | (36,969) |
To record amortization of definite lived KO Energy intangibles |  | (3,126) |  | (7,000) |  | (7,000) |
To eliminate TCCC Transaction expenses |  | 15,495 |  | 4,824 |  | - |
Estimated provision for income taxes on pro forma adjustments |  | 2,545 |  | 9,428 |  | 9,267 |
Estimated provision for income taxes on KO Energy income |  | (38,721) |  | (84,106) |  | (70,749) |
Total |  | $ | (30,390) |  | $ | (95,306) |  | $ | (85,551) |
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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