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COMMITMENTS AND CONTINGENCIES | 6 Months Ended
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Jun. 30, 2021
COMMITMENTS AND CONTINGENCIES |
COMMITMENTS AND CONTINGENCIES | 12. COMMITMENTS AND CONTINGENCIES ​ The Company had purchase commitments aggregating approximately $67.3 million at June 30, 2021, 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 $219.2 million at June 30, 2021, which related primarily to sponsorships and other marketing activities. ​ The Company has a credit facility with HSBC Bank (China) Company Limited, Shanghai Branch, of $15.0 million. At June 30, 2021, the interest rate on borrowings under the line of credit was 5.5%. As of June 30, 2021, $5.0 million was outstanding on this line of credit. ​ Litigation — From time to time in the normal course of business, the Company is named in litigation, including labor and employment matters, personal injury matters, consumer class actions, intellectual property matters and claims from prior distributors. Although it is not possible to predict the ultimate outcome of such litigation, based on the facts known to the Company, management believes that such litigation in aggregate will likely not have a material adverse effect on the Company’s financial position or results of operations. ​ The Company evaluates, on a quarterly basis, developments in legal proceedings and other matters that could cause an increase or decrease in the amount of the liability that is accrued, if any, and any related insurance reimbursements. During the three-months ended June 30, 2021, the Company reversed amounts previously accrued in connection with an intellectual property claim brought by the descendants of Hubert Hansen, in relation to the Company’s use of the Hubert Hansen name prior to the transaction with The Coca-Cola Company, that closed in 2015. The prior adverse jury verdict was reversed on appeal during the three-months ended June 30, 2021 and remanded for new trial. As of June 30, 2021, no loss contingencies were included in the Company’s condensed consolidated balance sheet.

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