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ACQUISITIONS AND DIVESTITURES (Tables) | 9 Months Ended
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Sep. 30, 2016
ACQUISITIONS AND DIVESTITURES |
Summary of AFF Transaction consideration allocation |
|  | Identifiable Assets Acquired and Liabilities Assumed |  | Consideration Transferred |
Intangibles - flavor formulas (non-amortizing)¹ |  | $ | 618,000 |  | $ | - |
Intangibles - flavor formulas (amortizing) |  | 641 |  | - |
Intangibles - customer relationships (amortizing) |  | 30,100 |  | - |
Intangibles - trademarks (amortizing) |  | 500 |  | - |
Intangibles - other (amortizing) |  | 200 |  | - |
Working capital (excluding inventory) |  | 1,861 |  | - |
Inventory |  | 27,600 |  | - |
Property and equipment, net |  | 1,175 |  | - |
Favorable leases |  | 4,480 |  | - |
Goodwill |  | 3,928 |  | - |
Cash |  | - |  | 688,485 |
Total |  | $ | 688,485 |  | $ | 688,485 |
1 Represents proprietary formulas for the Company’s principal products.
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
Schedule of pro forma condensed combined financial information |
|  | Three-Months Ended September 30, 2015 |
|  |  |  |  |  | Pro Forma Adjustments |  |  |
|  | Monster Beverage Corporation as reported ¹ |  | KO Energy |  | Disposal of Monster Non- Energy |  | Other |  | Pro Forma Combined |
Net sales |  | $ | 756,619 |  | $ | - |  | $ | - |  | $ | - |  | $ | 756,619 |
Net income |  | 174,574 |  | - |  | - |  | 180 |  | 174,754 |
|  | Nine-Months Ended September 30, 2015 |
|  |  |  |  |  | Pro Forma Adjustments |  |  |
|  | Monster Beverage Corporation as reported ² |  | KO Energy ³ |  | Disposal of Monster Non- Energy 4 |  | Other |  | Pro Forma Combined |
Net sales |  | $ | 2,077,131 |  | $ | 138,127 |  | $ | (60,824) |  | $ | 6,803 |  | $ | 2,161,237 |
Net income |  | 407,991 |  | 100,575 |  | (101,881) |  | (36,487) |  | 370,198 |
1 Includes 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. 2 Includes net sales of $82.9 million and net income of $32.9 million (tax affected) related to the acquired KO Energy assets from June 12, 2015 (the date of acquisition) through September 30, 2015. 3 Includes results through June 12, 2015, the date the TCCC Transaction was finalized. The $100.6 million of net income for KO Energy for the nine-months ended September 30, 2015, is presented before tax. The associated estimated provision for income taxes is included in the “Other” category. Net income for KO Energy includes only net revenues and direct operating expenses, rather than full “carve-out” financial statements, because such financial statements 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. 4 Includes results through June 12, 2015. Net income includes the gain recognized on the sale of Monster Non-Energy of $161.5 million.
Schedule of other pro-forma adjustments |
|  | Three-Months Ended September 30, 2015 |  | Nine-Months Ended September 30, 2015 |
Net sales: |  |  |  |  |
Amortization of deferred revenue |  | $ | - |  | $ | 6,803 |
Net income: |  |  |  |  |
Amortization of deferred revenue |  | $ | - |  | $ | 6,803 |
To record sales commissions |  | - |  | (15,470) |
To record amortization of definite lived KO Energy intangibles |  | - |  | (3,126) |
To eliminate TCCC Transaction expenses |  | 292 |  | 15,425 |
Estimated provision for income taxes on pro forma adjustments |  | (112) |  | (1,398) |
Estimated provision for income taxes on KO Energy income |  | - |  | (38,721) |
Total |  | $ | 180 |  | $ | (36,487) |

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