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GOODWILL AND OTHER INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2024

GOODWILL AND OTHER INTANGIBLE ASSETS

GOODWILL AND OTHER INTANGIBLE ASSETS

10.GOODWILL AND OTHER INTANGIBLE ASSETS

The following is a roll-forward of goodwill for the years ended December 31, 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			—			—			—			—			—
Impairments*			—			—			(86,298)			—			(86,298)
Balance at December 31, 2024		$	693,644		$	637,999		$	—		$	—		$	1,331,643

*There were no impairments prior to the year ended December 31, 2024.


		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 December 31, 2023		$	693,644		$	637,999		$	86,298		$	—		$	1,417,941

Intangible assets consist of the following at:


		December 31,			December 31,
		2024			2023
Amortizing intangibles		$	183,800		$	144,582
Accumulated amortization			(86,703)			(74,699)
			97,097			69,883
Non-amortizing intangibles			1,317,155			1,357,256
		$	1,414,252		$	1,427,139

For the year ended December 31, 2024, as a result of operating and financial performance not meeting projections due in part to challenges in the category, as well as a decrease in projected ongoing operating and financial performance related to the Alcohol Brands reporting unit, the Company determined that the conditions indicated that indefinite lived intangible assets within the Alcohol Brands reporting unit were more-likely-than-not impaired and performed an impairment test to compare the fair value of these indefinite lived intangible assets, consisting of goodwill, trademarks and permits, with their respective carrying values and with the carrying value of the Alcohol Brands reporting unit. As a result of this analysis, the Company recorded impairment charges of $86.3 million related to goodwill of the Alcohol Brands reporting unit. Subsequent to the impairment charges recorded, there is no remaining goodwill for the Alcohol Brands reporting unit. As of December 31, 2024, the accumulated goodwill impairment balance was $86.3 million related entirely to the Alcohol Brands reporting unit. Further, for the years ended December 31, 2024 and 2023, impairment charges of $40.8 million and $38.7 million were recorded to other indefinite lived intangible assets related primarily to the Alcohol Brands segment. For the year ended December 31, 2022, impairment charges of $2.2 million were recorded to other indefinite lived intangible assets related to the Strategic Brands segment. Impairment charges are included in operating expenses in the consolidated statements of income.

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 recorded was $7.5 million, $5.9 million and $7.6 million for the years ended December 31, 2024, 2023 and 2022, respectively.

The following is the future estimated amortization expense related to amortizing intangibles as of December 31, 2024:


Year Ending December 31:

2025		$	14,182
2026			11,065
2027			9,562
2028			8,873
2029			8,574
2030 and thereafter			44,841
		$	97,097

At December 31, 2024, non-amortizing intangibles primarily consist of indefinite-lived tradenames, flavors and formulas.