20.SEGMENT INFORMATION

The Company has four operating and reportable segments: (i) Monster Energy® Drinks segment, which is primarily comprised of the Company’s Monster Energy® drinks, Reign Total Body Fuel® high performance energy drinks, Reign Storm® total wellness energy drinks and Bang Energy® drinks, (ii) Strategic Brands segment, which is primarily comprised of the various energy drink brands acquired from TCCC in 2015 as well as the Company’s affordable energy brands, Predator® and Fury®, (iii) Alcohol Brands segment, which is comprised of various craft beers, FMBs and hard seltzers and (iv) Other segment, which is comprised of the AFF Third-Party Products.

The Company’s Monster Energy® Drinks segment primarily generates net operating revenues by selling ready-to-drink packaged drinks primarily to bottlers/distributors. In some cases, the Company sells ready-to-drink packaged drinks directly to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, drug stores, foodservice customers, value stores, e-commerce retailers and the military.

The Company’s Strategic Brands segment primarily generates net operating revenues by selling “concentrates” and/or “beverage bases” to authorized bottling and canning operations. Such bottlers generally combine the concentrates and/or beverage bases with sweeteners, water and other ingredients to produce ready-to-drink packaged energy drinks. The ready-to-drink packaged energy drinks are then sold by such bottlers to other bottlers/distributors and to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience and gas chains, foodservice customers, drug stores, value stores, e-commerce retailers and the military. To a lesser extent, the Strategic Brands segment generates net operating revenues by selling certain ready-to-drink packaged energy drinks to bottlers/distributors.

Generally, the Monster Energy® Drinks segment generates higher per case net operating revenues, but lower per case gross profit margin percentages than the Strategic Brands segment.

The Company’s Alcohol Brands segment primarily generates operating revenues by selling kegged and ready-to-drink canned beers, FMBs and hard seltzers primarily to beer distributors in the United States.

Generally, the Alcohol Brands segment has lower gross profit margin percentages than the Monster Energy® Drinks segment.

Corporate and unallocated amounts that do not relate to a reportable segment have been allocated to “Corporate & Unallocated.” No asset information, other than goodwill and other intangible assets, has been provided in the Company’s reportable segments, as management does not measure or allocate such assets on a segment basis.

The Company’s chief operating decision makers are the co-chief executive officers (the “Executive Committee”). The Executive Committee assesses segments’ performance by using each segments’ operating income and considers budget-to-actual variances on a periodic basis (at least quarterly) when making decisions about operational planning, including whether to invest resources into the segments or into other parts of the Company. Further, the Executive Committee uses segments’ operating income when comparing the results of each segment with one another.

The tables below provide information about the Company’s reportable segments, including the corporate and unallocated category.

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Year Ended December 31, 2024

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¹For the Monster Energy® Drinks segment, includes $39.9 million related to the recognition of deferred revenue.

²Other segment items for each reportable segment include:

Monster Energy® Drinks - travel and entertainment expense, professional services expense, and certain overhead expenses

Strategic Brands - travel and entertainment expense, and certain overhead expenses

Alcohol Brands - depreciation and amortization expense, travel and entertainment expense, professional services expense, and certain overhead expenses

Other - travel and entertainment expense, and certain overhead expenses

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Year Ended December 31, 2023

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¹For the Monster Energy® Drinks segment, includes $40.0 million related to the recognition of deferred revenue.

²Other segment items for each reportable segment include:

Monster Energy® Drinks - travel and entertainment expense, professional services expense, and certain overhead expenses

Strategic Brands - travel and entertainment expense, and certain overhead expenses

Alcohol Brands - depreciation and amortization expense, travel and entertainment expense, professional services expense, and certain overhead expenses

Other - depreciation and amortization expense, and certain overhead expenses

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Year Ended December 31, 2022

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¹For the Monster Energy® Drinks segment, includes $40.0 million related to the recognition of deferred revenue.

²Other segment items for each reportable segment include:

Monster Energy® Drinks - travel and entertainment expense, professional services expense, and certain overhead expenses

Strategic Brands - intangible asset impairment, travel and entertainment expense, and certain overhead expenses

Alcohol Brands - depreciation and amortization expense, travel and entertainment expense, professional services expense, and certain overhead expenses

Other - depreciation and amortization expense, and certain overhead expenses

³Effectively from February 17, 2022 to December 31, 2022.

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Corporate and unallocated expenses were $570.2 million for the year ended December 31, 2024 and included $377.4 million of payroll costs, of which $88.8 million was attributable to stock-based compensation expense (See Note 16, “Stock-Based Compensation”), $77.8 million of professional service expenses, including accounting and legal costs, $12.8 million of insurance costs and $102.2 million of other operating expenses.

Corporate and unallocated expenses were $515.0 million for the year ended December 31, 2023 and included $331.7 million of payroll costs, of which $67.1 million was attributable to stock-based compensation expense (See Note 16, “Stock-Based Compensation”), $95.2 million of professional service expenses, including accounting and legal costs, $11.7 million of insurance costs and $76.4 million of other operating expenses.

Corporate and unallocated expenses were $434.6 million for the year ended December 31, 2022 and included $278.7 million of payroll costs, of which $63.1 million was attributable to stock-based compensation expense (See Note 16, “Stock-Based Compensation”), $87.1 million of professional service expenses, including accounting and legal costs, $10.5 million of insurance costs and $58.3 million of other operating expenses.

Coca-Cola Europacific Partners accounted for approximately 14%, 13% and 13% of the Company’s net sales for the years ended December 31, 2024, 2023 and 2022, respectively.

Coca-Cola Consolidated, Inc. accounted for approximately 10%, 10% and 11% of the Company’s net sales for the years ended December 31, 2024, 2023 and 2022, respectively.

Reyes Holdings, LLC accounted for approximately 9% of the Company’s net sales for the years ended December 31, 2024, 2023 and 2022.

Net sales to customers outside the United States amounted to $2.96 billion, $2.71 billion and $2.36 billion for the years ended December 31, 2024, 2023 and 2022, respectively. Such sales were approximately 40%, 38% and 37% of net sales for the years ended December 31, 2024, 2023 and 2022, respectively.

Goodwill and other intangible assets for the Company’s reportable segments as of December 31, 2024 and 2023 were as follows:

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