0001104659-18-050877.txt : 20180809 0001104659-18-050877.hdr.sgml : 20180809 20180809130730 ACCESSION NUMBER: 0001104659-18-050877 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 84 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180809 DATE AS OF CHANGE: 20180809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Monster Beverage Corp CENTRAL INDEX KEY: 0000865752 STANDARD INDUSTRIAL CLASSIFICATION: BOTTLED & CANNED SOFT DRINKS CARBONATED WATERS [2086] IRS NUMBER: 471809393 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-18761 FILM NUMBER: 181004315 BUSINESS ADDRESS: STREET 1: 1 MONSTER WAY CITY: CORONA STATE: CA ZIP: 92879 BUSINESS PHONE: 909-739-6200 MAIL ADDRESS: STREET 1: 1 MONSTER WAY CITY: CORONA STATE: CA ZIP: 92879 FORMER COMPANY: FORMER CONFORMED NAME: HANSEN NATURAL CORP DATE OF NAME CHANGE: 19930328 FORMER COMPANY: FORMER CONFORMED NAME: UNIPAC CORP DATE OF NAME CHANGE: 19600201 10-Q 1 a18-14096_110q.htm 10-Q

Table of Contents

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Form 10-Q

 

 

Quarterly Report Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

 

 

For the quarterly period ended June 30, 2018

Commission File Number 001-18761

 

 

 

MONSTER BEVERAGE CORPORATION

(Exact name of Registrant as specified in its charter)

 

 

 

Delaware

47-1809393

 

(State or other jurisdiction of

(I.R.S. Employer

 

incorporation or organization)

Identification No.)

 

 

1 Monster Way

Corona, California 92879

(Address of principal executive offices) (Zip code)

 

 

 

(951) 739 – 6200

(Registrant’s telephone number, including area code)

 

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes  X    No __

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

 

Yes    No __

 

 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.  See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer x

 

Accelerated filer o

 

 

 

Non-accelerated filer o (Do not check if smaller reporting company)

 

Smaller reporting company o

 

Emerging growth company o

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

 

Indicate by check mark whether the Registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act).

 

Yes ___    No  X

 

The Registrant had 552,523,130 shares of common stock, par value $0.005 per share, outstanding as of August 1, 2018.

 



Table of Contents

 

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

JUNE 30, 2018

 

 

INDEX

 

 

Part I.

FINANCIAL INFORMATION

Page No.

 

 

 

Item 1.

Condensed Consolidated Financial Statements (Unaudited)

 

 

 

 

 

Condensed Consolidated Balance Sheets as of June 30, 2018 and December 31, 2017

3

 

 

 

 

Condensed Consolidated Statements of Income for the Three- and Six-Months Ended June 30, 2018 and 2017

4

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the Three- and Six-Months Ended June 30, 2018 and 2017

5

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Six-Months Ended June 30, 2018 and 2017

6

 

 

 

 

Notes to Condensed Consolidated Financial Statements

8

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

31

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

49

 

 

 

Item 4.

Controls and Procedures

50

 

 

 

Part II.

OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

50

 

 

 

Item 1A.

Risk Factors

50

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

50

 

 

 

Item 3.

Defaults Upon Senior Securities

51

 

 

 

Item 4.

Mine Safety Disclosures

51

 

 

 

Item 5.

Other Information

51

 

 

 

Item 6.

Exhibits

51

 

 

 

 

Signatures

52

 

2



Table of Contents

 

PART I — FINANCIAL INFORMATION

 

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

 

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2018 AND DECEMBER 31, 2017

(In Thousands, Except Par Value) (Unaudited)

 

 

 

June 30,
2018

 

December 31,
2017

 

ASSETS

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

Cash and cash equivalents

 

  $

659,687

 

  $

528,622

 

Short-term investments

 

 

211,093

 

 

672,933

 

Accounts receivable, net

 

 

592,568

 

 

449,476

 

Inventories

 

 

275,566

 

 

255,745

 

Prepaid expenses and other current assets

 

 

57,320

 

 

40,877

 

Prepaid income taxes

 

 

32,445

 

 

138,724

 

Total current assets

 

 

1,828,679

 

 

2,086,377

 

 

 

 

 

 

 

 

 

INVESTMENTS

 

 

-

 

 

2,366

 

PROPERTY AND EQUIPMENT, net

 

 

240,658

 

 

230,276

 

DEFERRED INCOME TAXES

 

 

85,253

 

 

92,333

 

GOODWILL

 

 

1,331,643

 

 

1,331,643

 

OTHER INTANGIBLE ASSETS, net

 

 

1,039,401

 

 

1,034,085

 

OTHER ASSETS

 

 

16,436

 

 

13,932

 

Total Assets

 

  $

4,542,070

 

  $

4,791,012

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

Accounts payable

 

  $

267,117

 

  $

245,910

 

Accrued liabilities

 

 

82,191

 

 

87,475

 

Accrued promotional allowances

 

 

178,193

 

 

137,998

 

Accrued distributor terminations

 

 

488

 

 

91

 

Deferred revenue

 

 

43,888

 

 

43,236

 

Accrued compensation

 

 

26,357

 

 

34,996

 

Income taxes payable

 

 

15,978

 

 

10,645

 

Total current liabilities

 

 

614,212

 

 

560,351

 

 

 

 

 

 

 

 

 

DEFERRED REVENUE

 

 

320,259

 

 

334,354

 

 

 

 

 

 

 

 

 

OTHER LIABILITIES

 

 

2,439

 

 

1,095

 

 

 

 

 

 

 

 

 

COMMITMENTS AND CONTINGENCIES (Note 11)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

 

 

Common stock - $0.005 par value; 1,250,000 shares authorized; 630,330 shares issued and 552,457 shares outstanding as of June 30, 2018; 629,255 shares issued and 566,298 shares outstanding as of December 31, 2017

 

 

3,152

 

 

3,146

 

Additional paid-in capital

 

 

4,194,676

 

 

4,150,628

 

Retained earnings

 

 

3,407,806

 

 

2,928,226

 

Accumulated other comprehensive loss

 

 

(25,196)

 

 

(16,659)

 

Common stock in treasury, at cost; 77,873 shares and 62,957 shares as of June 30, 2018 and December 31, 2017, respectively

 

 

(3,975,278)

 

 

(3,170,129)

 

Total stockholders’ equity

 

 

3,605,160

 

 

3,895,212

 

Total Liabilities and Stockholders’ Equity

 

  $

4,542,070

 

  $

4,791,012

 

 

See accompanying notes to condensed consolidated financial statements.

 

3



Table of Contents

 

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE- AND SIX-MONTHS ENDED JUNE 30, 2018 AND 2017

(In Thousands, Except Per Share Amounts) (Unaudited)

 

 

 

 

Three-Months Ended

 

Six-Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

 

 

 

 

 

 

 

 

 

 

NET SALES

 

  $

1,015,873

 

  $

907,068

 

  $

1,866,793

 

  $

1,649,214

 

 

 

 

 

 

 

 

 

 

 

COST OF SALES

 

395,615

 

323,571

 

731,279

 

584,843

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

620,258

 

583,497

 

1,135,514

 

1,064,371

 

 

 

 

 

 

 

 

 

 

 

OPERATING EXPENSES

 

262,637

 

233,456

 

497,979

 

450,068

 

 

 

 

 

 

 

 

 

 

 

OPERATING INCOME

 

357,621

 

350,041

 

637,535

 

614,303

 

 

 

 

 

 

 

 

 

 

 

INTEREST and OTHER INCOME (EXPENSE), net

 

476

 

(2,551)

 

2,281

 

(1,893)

 

 

 

 

 

 

 

 

 

 

 

INCOME BEFORE PROVISION FOR INCOME TAXES

 

358,097

 

347,490

 

639,816

 

612,410

 

 

 

 

 

 

 

 

 

 

 

PROVISION FOR INCOME TAXES

 

87,981

 

124,857

 

153,651

 

211,797

 

 

 

 

 

 

 

 

 

 

 

NET INCOME

 

  $

270,116

 

  $

222,633

 

  $

486,165

 

  $

400,613

 

 

 

 

 

 

 

 

 

 

 

NET INCOME PER COMMON SHARE:

 

 

 

 

 

 

 

 

 

Basic

 

  $

0.48

 

  $

0.39

 

  $

0.86

 

  $

0.71

 

Diluted

 

  $

0.48

 

  $

0.39

 

  $

0.85

 

  $

0.69

 

 

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK AND COMMON STOCK EQUIVALENTS:

 

 

 

 

 

 

 

 

 

Basic

 

559,867

 

567,910

 

562,917

 

567,384

 

Diluted

 

566,352

 

578,020

 

570,231

 

577,719

 

 

See accompanying notes to condensed consolidated financial statements.

 

4



Table of Contents

 

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE- AND SIX-MONTHS ENDED JUNE 30, 2018 AND 2017

(In Thousands) (Unaudited)

 

 

 

 

Three-Months Ended
June 30,

 

Six-Months Ended
June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

Net income, as reported

 

  $

270,116

 

  $

222,633

 

  $

486,165

 

  $

400,613

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

Change in foreign currency translation adjustment

 

(11,988)

 

5,111

 

(9,265)

 

6,311

 

Available-for-sale investments:

 

 

 

 

 

 

 

 

 

Change in net unrealized gains (losses)

 

513

 

(26)

 

728

 

105

 

Reclassification adjustment for net gains included in net income

 

-

 

-

 

-

 

-

 

Net change in available-for-sale investments

 

513

 

(26)

 

728

 

105

 

Other comprehensive (loss) income

 

(11,475)

 

5,085

 

(8,537)

 

6,416

 

Comprehensive income

 

  $

258,641

 

  $

227,718

 

  $

477,628

 

  $

407,029

 

 

See accompanying notes to condensed consolidated financial statements.

 

5



Table of Contents

 

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX-MONTHS ENDED JUNE 30, 2018 AND 2017

(In Thousands) (Unaudited)

 

 

 

Six-Months Ended
June 30,

 

 

 

2018

 

2017

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

Net income

 

$

486,165

 

$

400,613

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

Depreciation and amortization

 

28,185

 

22,775

 

Gain on disposal of property and equipment

 

(308)

 

(436)

 

Stock-based compensation

 

28,345

 

25,983

 

Deferred income taxes

 

(76)

 

1,862

 

Effect on cash of changes in operating assets and liabilities:

 

 

 

 

 

Accounts receivable

 

(154,369)

 

(75,178)

 

TCCC Transaction receivable

 

-

 

125,000

 

Distributor receivables

 

5,826

 

(1,452)

 

Inventories

 

(22,753)

 

(24,859)

 

Prepaid expenses and other current assets

 

(15,977)

 

(8,131)

 

Prepaid income taxes

 

104,969

 

60,696

 

Accounts payable

 

24,684

 

8,784

 

Accrued liabilities

 

(15,617)

 

(667)

 

Accrued promotional allowances

 

43,196

 

25,805

 

Accrued distributor terminations

 

398

 

(7,917)

 

Accrued compensation

 

(8,413)

 

(7,225)

 

Income taxes payable

 

8,043

 

(5,362)

 

Other liabilities

 

1,344

 

-

 

Deferred revenue

 

(12,342)

 

(7,069)

 

Net cash provided by operating activities

 

501,300

 

533,222

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

Sales of available-for-sale investments

 

807,396

 

172,528

 

Purchases of available-for-sale investments

 

(342,463)

 

(286,858)

 

Purchases of property and equipment

 

(34,619)

 

(40,477)

 

Proceeds from sale of property and equipment

 

3,590

 

733

 

Decrease (Increase) in intangibles

 

(42)

 

26

 

Increase in other assets

 

(7,684)

 

(632)

 

Net cash provided by (used in) investing activities

 

426,178

 

(154,680)

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

Principal payments on debt

 

(972)

 

(1,334)

 

Issuance of common stock

 

13,616

 

19,093

 

Purchases of common stock held in treasury

 

(805,149)

 

(302)

 

Net cash (used in) provided by financing activities

 

(792,505)

 

17,457

 

 

 

 

 

 

 

Effect of exchange rate changes on cash and cash equivalents

 

(3,908)

 

4,074

 

 

 

 

 

 

 

 

 

NET INCREASE IN CASH AND CASH EQUIVALENTS

 

131,065

 

400,073

 

CASH AND CASH EQUIVALENTS, beginning of period

 

528,622

 

377,582

 

CASH AND CASH EQUIVALENTS, end of period

 

$

659,687

 

$

777,655

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL INFORMATION:

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

Interest

 

$

28

 

$

38

 

Income taxes

 

$

41,780

 

$

156,039

 

 

See accompanying notes to condensed consolidated financial statements.

 

6



Table of Contents

 

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX-MONTHS ENDED JUNE 30, 2018 AND 2017

(In Thousands) (Unaudited) (Continued)

 

SUPPLEMENTAL DISCLOSURE OF NON-CASH ITEMS

 

The Company entered into capital leases for the acquisition of promotional vehicles of $0.7 million and $1.5 million for the six-months ended June 30, 2018 and 2017, respectively.

 

Included in accounts payable as of June 30, 2018 and 2017 were $1.5 million and $0.3 million, respectively, related to purchases of property and equipment.

 

Included in accrued liabilities as of June 30, 2018 and 2017 were $0.1 million and $12.1 million, respectively, related to purchases of property and equipment.

 

Included in accounts payable as of June 30, 2018 was $1.8 million related to additions to other intangible assets. No such amounts were included in accounts payable at June 30, 2017.

 

Included in accrued liabilities as of June 30, 2018 and 2017 were $9.5 million and $6.2 million, respectively, related to additions to other intangible assets.

 

See accompanying notes to condensed consolidated financial statements.

 

7



Table of Contents

 

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

 

1.                                    BASIS OF PRESENTATION

 

Reference is made to the Notes to Consolidated Financial Statements, in Monster Beverage Corporation and Subsidiaries (the “Company”) Annual Report on Form 10-K for the year ended December 31, 2017 (“Form 10-K”) for a summary of significant accounting policies utilized by the Company and its consolidated subsidiaries and other disclosures, which should be read in conjunction with this Quarterly Report on Form 10-Q (“Form 10-Q”).

 

The Company’s condensed consolidated financial statements included in this Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and Securities and Exchange Commission (“SEC”) rules and regulations applicable to interim financial reporting. They do not include all the information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP. The information set forth in these interim condensed consolidated financial statements for the three- and six-months ended June 30, 2018 and 2017, respectively, is unaudited and reflects all adjustments, which include only normal recurring adjustments and which in the opinion of management are necessary to make the interim condensed consolidated financial statements not misleading. Results of operations for periods covered by this report may not necessarily be indicative of results of operations for the full year.

 

The preparation of financial statements in conformity with GAAP necessarily requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates.

 

2.                                    RECENT ACCOUNTING PRONOUNCEMENTS

 

Recently issued accounting pronouncements not yet adopted

 

In February 2018, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2018-02 (ASU No. 2018-02), “Income Statement - Reporting Comprehensive Income (Topic 220)”, which amends the previous guidance to allow for certain tax effects “stranded” in accumulated other comprehensive income, which are impacted by the Tax Cuts and Jobs Act (the “Tax Reform Act”), to be reclassified from accumulated other comprehensive income into retained earnings. This amendment pertains only to those items impacted by the new tax law and will not apply to any future tax effects stranded in accumulated other comprehensive income. This standard is effective for fiscal years beginning after December 15, 2018, and allows for early adoption. The Company is currently evaluating the impact of ASU No. 2018-02 on its financial position, results of operations and liquidity.

 

In January 2017, the FASB issued ASU No. 2017-04, “Intangibles and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminates the requirement to calculate the implied fair value of goodwill, but rather requires an entity to record an impairment charge based on the excess of a reporting unit’s carrying value over its fair value. This amendment is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact of ASU No. 2017-04 on its financial position, results of operations and liquidity.

 

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The accounting standard changes the methodology for measuring credit losses on financial instruments and the timing when such losses are recorded. ASU No. 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company is currently evaluating the impact of ASU No. 2016-13 on its financial position, results of operations and liquidity.

 

8



Table of Contents

 

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

 

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”. This update is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This update is effective for annual and interim reporting periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of ASU No. 2016-02 on its financial position, results of operations and liquidity.

 

Recently adopted accounting pronouncements

 

In October 2016, the FASB issued ASU No. 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory”, in an effort to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. FASB ASU No. 2016-16 establishes the requirement that an entity recognizes the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. ASU No. 2016-16 was effective for financial statements issued for annual periods beginning after December 15, 2017 and interim periods within those annual periods. The Company adopted ASU No. 2016-16 effective January 1, 2018 on a modified retrospective basis, resulting in a $6.6 million reclassification of the unrecognized income tax effects related to assets transfers that occurred prior to the adoption from deferred income taxes to opening retained earnings.

 

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”, which superseded previous revenue recognition guidance. ASU No. 2014-09 and its amendments were included in Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers”. ASC 606 requires that a company recognize revenue at an amount that reflects the consideration to which the company expects to be entitled in exchange for transferring goods or services to a customer. The Company adopted ASC 606 effective January 1, 2018, using the modified retrospective approach, with no impact to the opening retained earnings. Results for periods beginning on or after January 1, 2018 are presented under ASC 606, while prior periods are not adjusted and continue to be reported in accordance with the prior accounting guidance under ASC 605 “Revenue Recognition”. See Note 3.

 

3.                                    REVENUE RECOGNITION

 

The Company currently has three operating and reportable segments, (i) Monster Energy® Drinks segment (“Monster Energy® Drinks”), which is comprised of the Company’s Monster Energy® drinks and Mutant® Super Soda drinks, (ii) Strategic Brands segment (“Strategic Brands”), which is comprised of the various energy drink brands acquired from The Coca-Cola Company (“TCCC”) in 2015, and (iii) Other segment (“Other”), which is comprised of certain products sold by American Fruits & Flavors LLC, a wholly-owned subsidiary of the Company, to independent third-party customers.

 

The Company’s Monster Energy® Drinks segment generates net operating revenues by selling ready-to-drink packaged energy drinks primarily to bottlers and full service beverage distributors. In some cases, the Company sells directly to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience chains, drug stores, food service customers and the military.

 

9



Table of Contents

 

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

 

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 to other bottlers and full service distributors and to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience chains, food service customers, drug stores and the military. To a lesser extent, our Strategic Brands segment generates net operating revenues by selling certain ready-to-drink packaged energy drinks to bottlers and full service beverage distributors.

 

The majority of the Company’s revenue is recognized when it satisfies a single performance obligation by transferring control of its products to a customer. Control is generally transferred when the Company’s products are either shipped or delivered based on the terms contained within the underlying contracts or agreements. Certain of the Company’s bottlers/distributors may also perform a separate function as a co-packer on the Company’s behalf. In such cases, control of the Company’s products passes to such bottlers/distributors when they notify the Company that they have taken possession or transferred the relevant portion of the Company’s finished goods. The Company’s general payment terms are short-term in duration. The Company does not have significant financing components or payment terms. The Company did not have any material unsatisfied performance obligations as of June 30, 2018 or December 31, 2017.

 

The Company excludes from revenues all taxes assessed by a governmental authority that are imposed on the sale of its products and collected from customers.

 

Distribution expenses to transport the Company’s products, where applicable, and warehousing expense after manufacture are accounted for within operating expenses.

 

There were no changes to the Company’s accounting for variable consideration under ASC 606. Promotional and other allowances (variable consideration) recorded as a reduction to net sales, primarily include consideration given to the Company’s bottlers/distributors or retail customers including, but not limited to the following:

 

·

 

discounts granted off list prices to support price promotions to end-consumers by retailers;

·

 

reimbursements given to the Company’s bottlers/distributors for agreed portions of their promotional spend with retailers, including slotting, shelf space allowances and other fees for both new and existing products;

·

 

the Company’s agreed share of fees given to bottlers/distributors and/or directly to retailers for advertising, in-store marketing and promotional activities;

·

 

the Company’s agreed share of slotting, shelf space allowances and other fees given directly to retailers;

·

 

incentives given to the Company’s bottlers/distributors and/or retailers for achieving or exceeding certain predetermined sales goals;

·

 

discounted or free products;

·

 

contractual fees given to the Company’s bottlers/distributors related to sales made by the Company direct to certain customers that fall within the bottlers’/distributors’ sales territories; and

·

 

certain commissions paid based on sales to the Company’s bottlers/distributors.

 

The Company’s promotional allowance programs with its bottlers/distributors and/or retailers are executed through separate agreements in the ordinary course of business. These agreements generally provide for one or more of the arrangements described above and are of varying durations, ranging from one week to one year. The Company’s promotional and other allowances are calculated based on various programs with bottlers/distributors and retail customers, and accruals are established during the year for its anticipated

 

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Table of Contents

 

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

 

 

liabilities. These accruals are based on agreed upon terms as well as the Company’s historical experience with similar programs and require management’s judgment with respect to estimating consumer participation and/or distributor and retail customer performance levels. Differences between such estimated expenses and actual expenses for promotional and other allowance costs have historically been insignificant and are recognized in earnings in the period such differences are determined.

 

Upon adoption of ASC 606, commissions paid to TCCC based on sales to certain of the Company’s bottlers/distributors who are (i) consolidated subsidiaries of TCCC (the “TCCC Subsidiaries”), (ii) accounted for under the equity method by TCCC (the “TCCC Related Parties”) and (iii) those not included in (i) or (ii) (the “TCCC Independent Bottlers”) are accounted for as follows:

 

 

 

Three- and Six-Months Ended June 30, 2018

Commissions Related To:

 

As Reported

 

Without Adoption of
ASC 606

TCCC Subsidiaries

 

Reduction to net sales

 

Reduction to net sales

TCCC Related Parties

 

Reduction to net sales

 

Operating expenses

TCCC Independent Bottlers

 

Operating expenses

 

Operating expenses

 

The impact of the adoption of ASC 606 on the Company’s condensed consolidated statement of income for the three- and six-months ended June 30, 2018 was as follows:

 

 

 

Three-Months Ended June 30, 2018

 

 

 

As Reported

 

Without Adoption
of ASC 606

 

Decrease due to
Adoption of ASC
606

 

Net Sales

 

$

1,015,873

 

$

1,028,085

 

$

(12,212)

1

Operating Expenses

 

$

262,637

 

$

274,849

 

$

(12,212)

1

 

 

 

Six-Months Ended June 30, 2018

 

 

 

As Reported

 

Without Adoption
of ASC 606

 

Decrease due to
Adoption of ASC
606

 

Net Sales

 

$

1,866,793

 

$

1,888,945

 

$

(22,152)

1

Operating Expenses

 

$

497,979

 

$

520,131

 

$

(22,152)

1

 

1 TCCC Commissions based on sales to the TCCC Related Parties. There were no other identified changes to our revenue recognition policies as a result of the adoption of ASC 606.

 

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

 

Disaggregation of Revenue

 

The following table disaggregates the Company’s revenue by geographical markets and reportable segments:

 

 

 

Three-Months Ended June 30, 2018

 

Net Sales

 

U.S. and
Canada

 

EMEA1

 

Asia Pacific

 

Latin
America
and
Caribbean

 

Total

 

Monster Energy® Drinks

 

$

695,963

 

$

138,608

 

$

60,606

 

$

34,262

 

$

929,439

 

Strategic Brands

 

50,133

 

22,967

 

6,368

 

343

 

79,811

 

Other

 

6,623

 

-

 

-

 

-

 

6,623

 

Total Net Sales

 

$

752,719

 

$

161,575

 

$

66,974

 

$

34,605

 

$

1,015,873

 

 

 

 

Six-Months Ended June 30, 2018

 

Net Sales

 

U.S. and
Canada

 

EMEA1

 

Asia Pacific

 

Latin
America
and
Caribbean

 

Total

 

Monster Energy® Drinks

 

$

1,284,778

 

$

249,538

 

$

108,037

 

$

67,590

 

$

1,709,943

 

Strategic Brands

 

89,857

 

42,280

 

11,916

 

1,517

 

145,570

 

Other

 

11,280

 

-

 

-

 

-

 

11,280

 

Total Net Sales

 

$

1,385,915

 

$

291,818

 

$

119,953

 

$

69,107

 

$

1,866,793

 

 

1Europe, Middle East and Africa (“EMEA”)

 

Contract Liabilities

 

Amounts received from certain bottlers/distributors at inception of their distribution contracts or at the inception of certain sales/marketing programs are accounted for as deferred revenue. As of June 30, 2018, the Company had $364.1 million of deferred revenue, which is included in current and long-term deferred revenue in the Company’s condensed consolidated balance sheet. As of December 31, 2017, the Company had $377.6 million of deferred revenue, which is included in current and long-term deferred revenue in the Company’s condensed consolidated balance sheet. During the three- and six-months ended June 30, 2018, $11.0 million and $22.2 million, respectively, of deferred revenue was recognized in net sales. See Note 10.

 

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

 

4.                                    INVESTMENTS

 

The following table summarizes the Company’s investments at:

 

June 30, 2018

 

Amortized
Cost

 

Gross
Unrealized
Holding
Gains

 

Gross
Unrealized
Holding
Losses

 

Fair
Value

 

Continuous
Unrealized
Loss Position
less than 12
Months

 

Continuous
Unrealized
Loss Position
greater than 12
Months

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

   $

15,177  

 

   $

-  

 

   $

-  

 

   $

15,177  

 

   $

-  

 

   $

-

 

Municipal securities

 

149,048  

 

5  

 

56  

 

148,997  

 

56  

 

-

 

U.S. government agency securities

 

46,982  

 

-  

 

63  

 

46,919  

 

63  

 

-

 

Variable rate demand notes

 

-  

 

-  

 

-  

 

-  

 

-  

 

-

 

Total

 

   $

211,207  

 

   $

5  

 

   $

119  

 

   $

211,093  

 

   $

119  

 

   $

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017

 

Amortized
Cost

 

Gross
Unrealized
Holding
Gains

 

Gross
Unrealized
Holding
Losses

 

Fair
Value

 

Continuous
Unrealized
Loss Position
less than 12
Months

 

Continuous
Unrealized
Loss Position
greater than 12
Months

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

   $

81,026  

 

   $

-  

 

   $

-  

 

   $

81,026  

 

   $

-  

 

   $

-

 

Certificates of deposit

 

11,869  

 

-  

 

-  

 

11,869  

 

-  

 

-

 

Municipal securities

 

469,604  

 

1  

 

740  

 

468,865  

 

740  

 

-

 

U.S. government agency securities

 

61,307  

 

-  

 

88  

 

61,219  

 

88  

 

-

 

Variable rate demand notes

 

49,954  

 

-  

 

-  

 

49,954  

 

-  

 

-

 

Long-term:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

2,369  

 

-  

 

3  

 

2,366  

 

3  

 

-

 

Total

 

   $

676,129  

 

   $

1  

 

   $

831  

 

   $

675,299  

 

   $

831  

 

   $

-

 

 

During the six-months ended June 30, 2018 and 2017, realized gains or losses recognized on the sale of investments were not significant.

 

The Company’s investments at June 30, 2018 and December 31, 2017 in commercial paper, certificates of deposit, municipal securities, U.S. government agency securities and/or variable rate demand notes (“VRDNs”) carried investment grade credit ratings. VRDNs are floating rate municipal bonds with embedded put options that allow the bondholder to sell the security at par plus accrued interest. All of the put options are secured by a pledged liquidity source. While they are classified as marketable investment securities, the put option allows the VRDNs to be liquidated at par on a same day, or more generally, on a seven-day settlement basis.

 

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Table of Contents

 

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

 

The following table summarizes the underlying contractual maturities of the Company’s investments at:

 

 

 

June 30, 2018

 

December 31, 2017

 

 

 

 

 

 

 

 

 

Amortized Cost

 

Fair Value

 

Amortized Cost

 

Fair Value

 

Less than 1 year:

 

 

 

 

 

 

 

 

 

Commercial paper

 

  $

15,177  

 

  $

15,177  

 

  $

81,026  

 

  $

81,026

 

Municipal securities

 

149,048  

 

148,997  

 

469,604  

 

468,865

 

U.S. government agency securities

 

46,982  

 

46,919  

 

61,307  

 

61,219

 

Certificates of deposit

 

-  

 

-  

 

11,869  

 

11,869

 

Due 1 -10 years:

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

-  

 

-  

 

2,369  

 

2,366

 

Variable rate demand notes

 

-  

 

-  

 

6,366  

 

6,366

 

Due 11 - 20 years:

 

 

 

 

 

 

 

 

 

Variable rate demand notes

 

-  

 

-  

 

28,377  

 

28,377

 

Due 21 - 30 years:

 

 

 

 

 

 

 

 

 

Variable rate demand notes

 

-  

 

-  

 

15,211  

 

15,211

 

Total

 

  $

211,207  

 

  $

211,093  

 

  $

676,129  

 

  $

675,299

 

 

5.                                    FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

 

ASC 820 provides a framework for measuring fair value and requires disclosures regarding fair value measurements. ASC 820 defines fair value as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available. The three levels of inputs required by the standard that the Company uses to measure fair value are summarized below.

 

·                 Level 1: Quoted prices in active markets for identical assets or liabilities.

 

·                 Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

 

·                 Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

 

ASC 820 requires the use of observable market inputs (quoted market prices) when measuring fair value and requires a Level 1 quoted price to be used to measure fair value whenever possible.

 

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

 

The following tables present the fair value of the Company’s financial assets and liabilities that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy at:

 

June 30, 2018

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Cash

 

  $

358,788

 

$

-

 

$

-

 

$

358,788

 

Money market funds

 

299,949

 

-

 

-

 

299,949

 

Commercial paper

 

-

 

16,127

 

-

 

16,127

 

Municipal securities

 

-

 

148,997

 

-

 

148,997

 

U.S. government agency securities

 

-

 

46,919

 

-

 

46,919

 

Foreign currency derivatives

 

-

 

(996

)

-

 

(996

)

Total

 

  $

658,737

 

$

211,047

 

$

-

 

$

869,784

 

 

 

 

 

 

 

 

 

 

 

Amounts included in:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

  $

658,737

 

$

950

 

$

-

 

$

659,687

 

Short-term investments

 

-

 

211,093

 

-

 

211,093

 

Accounts receivable, net

 

-

 

21

 

-

 

21

 

Investments

 

-

 

-

 

-

 

-

 

Accrued liabilities

 

-

 

(1,017

)

-

 

(1,017

)

Total

 

  $

658,737

 

$

211,047

 

$

-

 

$

869,784

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Cash

 

  $

310,885

 

$

-

 

$

-

 

$

310,885

 

Money market funds

 

112,848

 

-

 

-

 

112,848

 

Certificates of deposit

 

-

 

15,720

 

-

 

15,720

 

Commercial paper

 

-

 

99,903

 

-

 

99,903

 

Variable rate demand notes

 

-

 

49,954

 

-

 

49,954

 

Municipal securities

 

-

 

529,984

 

-

 

529,984

 

U.S. government agency securities

 

-

 

81,230

 

-

 

81,230

 

U.S. Treasuries

 

-

 

3,397

 

-

 

3,397

 

Foreign currency derivatives

 

-

 

(1,484

)

-

 

(1,484

)

Total

 

  $

423,733

 

$

778,704

 

$

-

 

$

1,202,437

 

 

 

 

 

 

 

 

 

 

 

Amounts included in:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

  $

423,733

 

$

104,889

 

$

-

 

$

528,622

 

Short-term investments

 

-

 

672,933

 

-

 

672,933

 

Accounts receivable, net

 

-

 

95

 

-

 

95

 

Investments

 

-

 

2,366

 

-

 

2,366

 

Accrued liabilities

 

-

 

(1,579

)

-

 

(1,579

)

Total

 

  $

423,733

 

$

778,704

 

$

-

 

$

1,202,437

 

 

All of the Company’s short-term investments are classified within Level 1 or Level 2 of the fair value hierarchy.  The Company’s valuation of its Level 1 investments, which include money market funds, is based on quoted market prices in active markets for identical securities. The Company’s valuation of its Level 2 investments, which include municipal securities, commercial paper, certificates of deposit, VRDNs, U.S. Treasuries and U.S. government agency securities, is based on other observable inputs, specifically a market approach which utilizes valuation models, pricing systems, mathematical tools and other relevant information for the same or similar securities. The Company’s valuation of its Level 2 foreign currency exchange contracts is based on quoted market prices of the same or similar instruments, adjusted for counterparty risk. There were no transfers between Level 1 and Level 2 measurements during the six-months ended June 30, 2018 or the year ended December 31, 2017, and there were no changes in the Company’s valuation techniques.

 

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Table of Contents

 

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

 

6.                                    DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

 

The Company is exposed to foreign currency exchange rate risks related primarily to its foreign business operations. During the three- and six-months ended June 30, 2018 and the year ended December 31, 2017, the Company entered into forward currency exchange contracts with financial institutions to create an economic hedge to specifically manage a portion of the foreign exchange risk exposure associated with certain consolidated subsidiaries’ non-functional currency denominated assets and liabilities. All foreign currency exchange contracts of the Company that were outstanding as of June 30, 2018 have terms of one month or less. The Company does not enter into forward currency exchange contracts for speculation or trading purposes.

 

The Company has not designated its foreign currency exchange contracts as hedge transactions under ASC 815. Therefore, gains and losses on the Company’s foreign currency exchange contracts are recognized in interest and other income (expense), net, in the condensed consolidated statements of income, and are largely offset by the changes in the fair value of the underlying economically hedged item.

 

The notional amount and fair value of all outstanding foreign currency derivative instruments in the condensed consolidated balance sheets consist of the following at:

 

June 30, 2018

 

Derivatives not designated as
hedging instruments under
FASB ASC 815-20

 

Notional
Amount

 

Fair
Value

 

Balance Sheet Location

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

Foreign currency exchange contracts:

 

 

 

 

 

 

 

Receive SGD/pay USD

 

  $

5,279

 

  $

7

 

Accounts receivable, net

 

Receive USD/pay NZD

 

2,719

 

12

 

Accounts receivable, net

 

Receive NOK/pay USD

 

918

 

2

 

Accounts receivable, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

Foreign currency exchange contracts:

 

 

 

 

 

 

 

Receive USD/pay EUR

 

  $

50,572

 

  $

(408)

 

Accrued liabilities

 

Receive USD/pay GBP

 

37,904

 

(129)

 

Accrued liabilities

 

Receive USD/pay ZAR

 

16,633

 

(192)

 

Accrued liabilities

 

Receive USD/pay AUD

 

14,118

 

(82)

 

Accrued liabilities

 

Receive USD/pay TRY

 

5,277

 

(92)

 

Accrued liabilities

 

Receive USD/pay COP

 

3,567

 

(30)

 

Accrued liabilities

 

Receive USD/pay MXN

 

3,035

 

(54)

 

Accrued liabilities

 

Receive USD/pay RUB

 

2,774

 

(30)

 

Accrued liabilities

 

 

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Table of Contents

 

MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

 

December 31, 2017

 

Derivatives not designated as
hedging instruments under
FASB ASC 815-20

 

Notional
Amount

 

Fair
Value

 

Balance Sheet Location

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

Foreign currency exchange contracts:

 

 

 

 

 

 

 

Receive CAD/pay USD

 

  $

4,892

 

  $

61

 

Accounts receivable, net

 

Receive USD/pay COP

 

2,803

 

13

 

Accounts receivable, net

 

Receive USD/pay BRL

 

1,806

 

1

 

Accounts receivable, net

 

Receive NOK/pay USD

 

1,534

 

18

 

Accounts receivable, net

 

Receive SGD/pay USD

 

223

 

2

 

Accounts receivable, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

Foreign currency exchange contracts:

 

 

 

 

 

 

 

Receive USD/pay EUR

 

  $

65,131

 

  $

(642)

 

Accrued liabilities

 

Receive USD/pay GBP

 

31,342

 

(334)

 

Accrued liabilities

 

Receive USD/pay ZAR

 

21,311

 

(222)

 

Accrued liabilities

 

Receive USD/pay AUD

 

17,238

 

(177)

 

Accrued liabilities

 

Receive USD/pay MXN

 

7,720

 

(126)

 

Accrued liabilities

 

Receive USD/pay TRY

 

5,483

 

(52)

 

Accrued liabilities

 

Receive USD/pay NZD

 

1,826

 

(18)

 

Accrued liabilities

 

Receive USD/pay CLP

 

1,112

 

(8)

 

Accrued liabilities

 

 

The net gains (losses) on derivative instruments in the condensed consolidated statements of income were as follows:

 

 

 

 

 

Amount of gain (loss)
recognized in income on
derivatives

 

 

 

 

Three-months ended

Derivatives not designated as
 hedging instruments under
 FASB ASC 815-20

 

Location of gain (loss)
recognized in income on
derivatives

 

June 30, 2018

 

June 30, 2017

 

 

 

 

 

 

 

Foreign currency exchange contracts

 

Interest and other income (expense), net

 

  $

10,393

 

  $

(4,439)

 

 

 

 

 

Amount of gain (loss)
recognized in income on
derivatives

 

 

 

 

Six-months ended

Derivatives not designated as
 hedging instruments under
 FASB ASC 815-20

 

Location of gain (loss)
recognized in income on
derivatives

 

June 30, 2018

 

June 30, 2017

 

 

 

 

 

 

 

Foreign currency exchange contracts

 

Interest and other income (expense), net

 

  $

5,734

 

  $

(9,467)

 

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

 

7.                                    INVENTORIES

 

Inventories consist of the following at:

 

 

 

June 30,
2018

 

December 31,
2017

 

Raw materials

 

  $

89,362

 

  $

78,834

 

Finished goods

 

186,204

 

176,911

 

 

 

  $

275,566

 

  $

255,745

 

 

8.                                    PROPERTY AND EQUIPMENT, NET

 

Property and equipment consist of the following at:

 

 

 

June 30,

2018

 

December 31,
2017

 

Land

 

  $

44,261

 

  $

47,373

 

Leasehold improvements

 

3,278

 

3,109

 

Furniture and fixtures

 

6,732

 

6,461

 

Office and computer equipment

 

17,683

 

14,506

 

Computer software

 

3,334

 

3,650

 

Equipment

 

165,861

 

148,434

 

Buildings

 

116,143

 

107,374

 

Vehicles

 

39,967

 

38,179

 

 

 

397,259

 

369,086

 

Less: accumulated depreciation and amortization

 

(156,601)

 

(138,810)

 

 

 

  $

240,658

 

  $

230,276

 

 

Total depreciation and amortization expense recorded was $11.2 million and $8.6 million for the three-months ended June 30, 2018 and 2017, respectively. Total depreciation and amortization expense recorded was $22.2 million and $16.8 million for the six-months ended June 30, 2018 and 2017, respectively.

 

9.                                    GOODWILL AND OTHER INTANGIBLE ASSETS

 

The following is a roll-forward of goodwill for the six-months ended June 30, 2018 and 2017 by reportable segment:

 

 

 

Monster
Energy®
Drinks

 

Strategic
Brands

 

Other

 

Total

 

Balance at December 31, 2017

 

$

693,644

 

$

637,999

 

$

-

 

$

1,331,643

 

Acquisitions

 

-

 

-

 

-

 

-

 

Balance at June 30, 2018

 

$

693,644

 

$

637,999

 

$

-

 

$

1,331,643

 

 

 

 

Monster
Energy®
Drinks

 

Strategic
Brands

 

Other

 

Total

 

Balance at December 31, 2016

 

$

693,644

 

$

637,999

 

$

-

 

$

1,331,643

 

Acquisitions

 

-

 

-

 

-

 

-

 

Balance at June 30, 2017

 

$

693,644

 

$

637,999

 

$

-

 

$

1,331,643

 

 

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

 

Intangible assets consist of the following at:

 

 

 

June 30,
2018

 

December 31,
2017

 

Amortizing intangibles

 

$

71,355

 

$

71,400

 

Accumulated amortization

 

(32,387)

 

(26,383)

 

 

 

38,968

 

45,017

 

Non-amortizing intangibles

 

1,000,433

 

989,068

 

 

 

$

1,039,401

 

$

1,034,085

 

 

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 five to seven years. Total amortization expense recorded was $3.0 million for both the three-months ended June 30, 2018 and 2017. Total amortization expense recorded was $6.0 million for both the six-months ended June 30, 2018 and 2017.

 

10.                            DISTRIBUTION AGREEMENTS

 

In accordance with ASC No. 420 “Exit or Disposal Cost Obligations”, the Company expenses distributor termination costs in the period in which the written notification of termination occurs. The Company incurred termination costs of $5.5 million and $0.2 million for the three-months ended June 30, 2018 and 2017, respectively. The Company incurred termination costs of $12.5 million and $20.1 million for the six-months ended June 30, 2018 and 2017, respectively. Such termination costs have been expensed in full and are included in operating expenses for the three- and six-months ended June 30, 2018 and 2017.

 

In the normal course of business, amounts received pursuant to new and/or amended distribution agreements entered into with certain distributors, relating to the costs associated with terminating agreements with the Company’s prior distributors, are accounted for as deferred revenue and are recognized as revenue ratably over the anticipated life of the respective distribution agreement, generally 20 years. Revenue recognized was $11.0 million and $10.2 million for the three-months ended June 30, 2018 and 2017, respectively. Revenue recognized was $22.2 million and $20.1 million for the six-months ended June 30, 2018 and 2017, respectively.

 

11.                            COMMITMENTS AND CONTINGENCIES

 

The Company had purchase commitments aggregating approximately $50.0 million at June 30, 2018, 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.

 

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

 

The Company had contractual obligations aggregating approximately $154.2 million at June 30, 2018, which related primarily to sponsorships and other marketing activities.

 

The Company had operating lease commitments aggregating approximately $16.3 million at June 30, 2018, which related primarily to warehouse and office space.

 

In February 2018, the working capital line limit for the Company’s credit facility with HSBC Bank (China) Company Limited, Shanghai Branch was increased from $9.0 million to $15.0 million. At June 30, 2018, the interest rate on borrowings under the line of credit was 5.5%. As of June 30, 2018, the Company had $11.2 million outstanding on this line of credit, including interest, which is included in accounts payable in the condensed consolidated balance sheet.

 

Legal Proceedings

 

Litigation The Company has been named a defendant in personal injury lawsuits, claiming that the death or other serious injury of the plaintiffs was caused by consumption of Monster Energy® brand energy drinks. The plaintiffs in these lawsuits allege strict product liability, negligence, fraudulent concealment, breach of implied warranties and wrongful death. The Company believes that each complaint is without merit and plans a vigorous defense. The Company also believes that any damages, if awarded, would not have a material adverse effect on the Company’s financial position or results of operations.

 

Furthermore, from time to time in the normal course of business, the Company is named in other litigation, including consumer class actions, intellectual property litigation 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 the 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, or in the amount of any related insurance reimbursements recorded. As of June 30, 2018, the Company’s condensed consolidated balance sheet includes accrued loss contingencies of approximately $3.3 million.

 

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

 

12.                            ACCUMULATED OTHER COMPREHENSIVE LOSS

 

Changes in accumulated other comprehensive loss by component, after tax, for the six-months ended June 30, 2018 are as follows:

 

 

 

Currency
Translation
Losses

 

Unrealized
(Gains) Losses
on Available-for-
Sale Securities

 

Total

 

Balance at December 31, 2017

 

$

15,818

 

$

841

 

$

16,659

 

Other comprehensive loss (gain) before reclassifications

 

9,265

 

(728)

 

8,537

 

Amounts reclassified from accumulated other comprehensive loss (gain)

 

-

 

-

 

-

 

Net current-period other comprehensive loss (gain)

 

9,265

 

(728)

 

8,537

 

Balance at June 30, 2018

 

$

25,083

 

$

113

 

$

25,196

 

 

 

 

 

 

 

 

 

 

13.                            TREASURY STOCK

 

On February 27, 2018, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to $250.0 million of the Company’s outstanding common stock (the “February 2018 Repurchase Program”). During the three-months ended June 30, 2018, the Company purchased 5.0 million shares of common stock at an average purchase price of $49.81 per share, for a total amount of $249.9 million (excluding broker commissions), which exhausted the availability under the February 2018 Repurchase Program. Such shares are included in common stock in treasury in the accompanying condensed consolidated balance sheet at June 30, 2018.

 

On May 29, 2018, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to $500.0 million of the Company’s outstanding common stock (the “May 2018 Repurchase Program”). During the three-months ended June 30, 2018, the Company purchased 5.5 million shares of common stock at an average purchase price of $54.78 per share, for a total amount of $303.2 million (excluding broker commissions), under the May 2018 Repurchase Program. Such shares are included in common stock in treasury in the accompanying condensed consolidated balance sheet at June 30, 2018. As of August 9, 2018, $196.7 million remained available for repurchase under the May 2018 Repurchase Program.

 

On August 7, 2018, the Company’s Board of Directors authorized a new repurchase program for the repurchase of up to an additional $500.0 million of the Company’s outstanding common stock (the “August 2018 Repurchase Program”). As of August 9, 2018, $500.0 million remained available for repurchase under the August 2018 Repurchase Program.

 

During the three-months ended June 30, 2018, 504 shares of common stock were purchased from employees in lieu of cash payments for options exercised or withholding taxes due, for a total amount of $0.03 million. While such purchases are considered common stock repurchases, they are not counted as purchases against the Company’s authorized share repurchase programs. Such shares are included in common stock in treasury in the accompanying condensed consolidated balance sheet at June 30, 2018.

 

14.                            STOCK-BASED COMPENSATION

 

The Company has two stock-based compensation plans under which shares were available for grant at June 30, 2018: the Monster Beverage Corporation 2011 Omnibus Incentive Plan (the “2011 Omnibus Incentive Plan”), including the Monster Beverage Deferred Compensation Plan (the “Deferred Compensation Plan”) as a sub plan thereunder, and the Monster Beverage Corporation 2017 Compensation Plan for Non-Employee Directors (the “2017 Directors Plan”), including the Monster Beverage Deferred Compensation Plan for Non-Employee Directors (the “Non-Employee Director Deferral Plan”) as a sub plan thereunder.

 

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

 

The Company recorded $14.9 million and $12.8 million of compensation expense relating to outstanding options and restricted stock units during the three-months ended June 30, 2018 and 2017, respectively. The Company recorded $28.3 million and $26.0 million of compensation expense relating to outstanding options and restricted stock units during the six-months ended June 30, 2018 and 2017, respectively.

 

The excess tax benefit for tax deductions from non-qualified stock option exercises, disqualifying dispositions of incentive stock options and vesting of restricted stock units for the three-months ended June 30, 2018 and 2017 was $1.7 million and $1.9 million, respectively. The excess tax benefit for tax deductions from non-qualified stock option exercises, disqualifying dispositions of incentive stock options and vesting of restricted stock units for the six-months ended June 30, 2018 and 2017 was $4.5 million and $11.3 million, respectively.

 

Stock Options

 

Under the Company’s stock-based compensation plans, all stock options granted as of June 30, 2018 were granted at prices based on the fair value of the Company’s common stock on the date of grant. The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes-Merton option pricing formula with the assumptions included in the table below. The Company records compensation expense for non-employee stock options based on the estimated fair value of the options as of the earlier of (1) the date at which a commitment for performance by the non-employee to earn the stock option is reached or (2) the date at which the non-employee’s performance is complete, using the Black-Scholes-Merton option pricing formula with the assumptions included in the table below. The Company uses historical data to determine the exercise behavior, volatility and forfeiture rate of the options.

 

The following weighted-average assumptions were used to estimate the fair value of options granted during:

 

 

 

Three-Months Ended June 30,

 

Six-Months Ended June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

Dividend yield

 

0.0%

 

0.0%

 

0.0%

 

0.0%

 

Expected volatility

 

34.9%

 

36.5%

 

34.9%

 

36.6%

 

Risk-free interest rate

 

2.7%

 

1.8%

 

2.8%

 

2.1%

 

Expected term

 

6.1 years

 

6.1 years

 

6.1 years

 

6.1 years

 

 

 

 

 

 

 

 

 

 

 

 

Expected Volatility: The Company uses historical volatility as it provides a reasonable estimate of the expected volatility. Historical volatility is based on the most recent volatility of the stock price over a period of time equivalent to the expected term of the option.

 

Risk-Free Interest Rate: The risk-free interest rate is based on the U.S. Treasury zero coupon yield curve in effect at the time of grant for the expected term of the option.

 

Expected Term: The Company’s expected term represents the weighted-average period that the Company’s stock options are expected to be outstanding. The expected term is based on the expected time to post-vesting exercise of options by employees. The Company uses historical exercise patterns of previously granted options to derive employee behavioral patterns used to forecast expected exercise patterns.

 

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

 

The following table summarizes the Company’s activities with respect to its stock option plans as follows:

 

Options

 

Number of
Shares (In
thousands)

 

Weighted-
Average
Exercise
Price Per
Share

 

Weighted-
Average
Remaining
Contractual
Term (In
years)

 

Aggregate
Intrinsic Value

 

Outstanding at January 1, 2018

 

17,819

 

$

29.62

 

6.1

 

$

600,032

 

Granted 01/01/18 - 03/31/18

 

2,615

 

$

58.76

 

 

 

 

 

Granted 04/01/18 - 06/30/18

 

360

 

$

51.72

 

 

 

 

 

Exercised

 

(814)

 

$

16.73

 

 

 

 

 

Cancelled or forfeited

 

(216)

 

$

42.60

 

 

 

 

 

Outstanding at June 30, 2018

 

19,764

 

$

34.26

 

6.2

 

$

459,527

 

Vested and expected to vest in the

 

 

 

 

 

 

 

 

 

future at June 30, 2018

 

18,673

 

$

33.32

 

6.1

 

$

451,327

 

Exercisable at June 30, 2018

 

10,639

 

$

22.40

 

4.5

 

$

371,252

 

 

The weighted-average grant-date fair value of options granted during the three-months ended June 30, 2018 and 2017 was $20.20 per share and $18.97 per share, respectively. The weighted-average grant-date fair value of options granted during the six-months ended June 30, 2018 and 2017 was $22.51 per share and $18.01 per share, respectively. The total intrinsic value of options exercised during the three-months ended June 30, 2018 and 2017 was $14.7 million and $8.5 million, respectively. The total intrinsic value of options exercised during the six-months ended June 30, 2018 and 2017 was $32.9 million and $40.9 million, respectively.

 

Cash received from option exercises under all plans for the three-months ended June 30, 2018 and 2017 was approximately $7.1 million and $5.5 million, respectively. Cash received from option exercises under all plans for the six-months ended June 30, 2018 and 2017 was approximately $13.6 million and $19.1 million, respectively.

 

At June 30, 2018, there was $121.1 million of total unrecognized compensation expense related to non-vested options granted to employees under the Company’s share-based payment plans. That cost is expected to be recognized over a weighted-average period of 3.0 years.

 

Restricted Stock Units

 

The cost of stock-based compensation for restricted stock units is measured based on the closing fair market value of the Company’s common stock at the date of grant. In the event that the Company has the option and intent to settle a restricted stock unit in cash, the award is classified as a liability and revalued at each balance sheet date.

 

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

 

The following table summarizes the Company’s activities with respect to non-vested restricted stock units as follows:

 

 

 

Number of
Shares (in
thousands)

 

Weighted
Average
Grant-Date
Fair Value

 

Non-vested at January 1, 2018

 

530

 

$

45.09

 

Granted 01/01/18- 03/31/18

 

221

 

$

58.75

 

Granted 04/01/18- 06/30/18

 

48

 

$

52.31

 

Vested

 

(262)

 

$

45.36

 

Forfeited/cancelled

 

(6)

 

$

32.17

 

Non-vested at June 30, 2018

 

531

 

$

51.45

 

 

The weighted-average grant-date fair value of restricted stock units granted during the three-months ended June 30, 2018 and 2017 was $52.31 per share and $50.86 per share, respectively. The weighted-average grant-date fair value of restricted stock units granted during the six-months ended June 30, 2018 and 2017 was $57.59 per share and $46.65 per share, respectively.  As of June 30, 2018, 0.5 million of restricted stock units are expected to vest over their respective terms.

 

At June 30, 2018, total unrecognized compensation expense relating to non-vested restricted stock units was $22.2 million, which is expected to be recognized over a weighted-average period of 2.1 years.

 

15.                            INCOME TAXES

 

On December 22, 2017, the President of the United States signed into law the Tax Reform Act.  The legislation significantly changes U.S. tax law by, among other things, lowering corporate income tax rates, implementing a territorial tax system and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. The Tax Reform Act permanently reduces the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018. The SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. A company may select between one of three scenarios to determine a reasonable estimate for certain income tax effects arising from the Tax Reform Act. Those scenarios are (i) a final estimate which effectively closes the measurement window; (ii) a reasonable estimate leaving the measurement window open for future revisions; and (iii) no estimate as the law is still being analyzed. The Company was able to provide a reasonable estimate for the revaluation of deferred taxes and the effects of the toll charge on undistributed foreign subsidiary earnings and profits (“E&P”). As a result of the reduction in the U.S. corporate income tax rate from 35% to 21% under the Tax Reform Act, the Company revalued its net deferred tax assets at December 31, 2017, resulting in a provisional $39.8 million charge included in the provision for income taxes for the year ended December 31, 2017. The Tax Reform Act also provided for a one-time deemed mandatory repatriation of Post-1986 E&P through the year ended December 31, 2017.  As a result, the Company recognized a provisional $2.1 million charge in the provision for income taxes for the year ended December 31, 2017 related to such deemed mandatory repatriation.

 

The Company has not made additional measurement window adjustments to these items during the three- and six-months ended June 30, 2018. The Company continues to evaluate the various provisions of the Tax Reform Act, including, the global intangible low-taxed income (“GILTI”) and the foreign derived intangible income (“FDII”) provisions. The ultimate impact of the Tax Reform Act may differ from these provisional amounts, possibly materially, due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued, as well as any related actions the Company may take. The measurement window begins in the reporting period that includes the enactment date and ends when an entity has obtained, prepared and analyzed the information needed in order to complete the accounting requirements under ASC Topic 740.

 

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

 

The following is a roll-forward of the Company’s total gross unrecognized tax benefits, not including interest and penalties, for the six-months ended June 30, 2018:

 

 

 

Gross Unrecognized Tax
Benefits

 

Balance at December 31, 2017

 

  $

6,540

 

Additions for tax positions related to the current year

 

210

 

Additions for tax positions related to the prior year

 

1,172

 

Decreases related to settlement with taxing authority

 

(2,665)

 

Balance at June 30, 2018

 

  $

5,257

 

 

The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Company’s condensed consolidated financial statements. As of June 30, 2018, the Company had approximately $1.0 million in accrued interest and penalties related to unrecognized tax benefits. If the Company were to prevail on all uncertain tax positions, the resultant impact on the Company’s effective tax rate would not be significant. It is expected that any change in the amount of unrecognized tax benefits within the next 12 months will not be significant.

 

The Company is subject to U.S. federal income tax as well as to income tax in multiple state and foreign jurisdictions.

 

On October 18, 2016, the IRS began its examination of the Company’s U.S. federal income tax return for the year ended December 31, 2014. On March 27, 2017, the IRS began its examination of the Company’s U.S. federal income tax return for the year ended December 31, 2015.

 

The Company is in various stages of examination with certain states and certain foreign jurisdictions. The Company’s 2014 through 2017 U.S. federal income tax returns are subject to examination by the IRS. The Company’s state income tax returns are subject to examination for the 2013 through 2017 tax years.

 

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

 

16.                            EARNINGS PER SHARE

 

A reconciliation of the weighted-average shares used in the basic and diluted earnings per common share computations is presented below (in thousands):

 

 

 

Three-Months Ended

 

Six-Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

559,867

 

567,910

 

562,917

 

567,384

 

Dilutive

 

6,485

 

10,110

 

7,314

 

10,335

 

Diluted

 

566,352

 

578,020

 

570,231

 

577,719

 

 

For the three-months ended June 30, 2018 and 2017, options and awards outstanding totaling 6.4 million shares and 8.8 million shares, respectively, were excluded from the calculations as their effect would have been antidilutive. For the six-months ended June 30, 2018 and 2017, options and awards outstanding totaling 2.6 million shares and 8.4 million shares, respectively, were excluded from the calculations as their effect would have been antidilutive.

 

17.                            SEGMENT INFORMATION

 

The Company currently has three operating and reportable segments, (i) Monster Energy® Drinks segment, which is comprised of the Company’s Monster Energy® drinks and Mutant® Super Soda drinks, (ii) Strategic Brands segment, which is comprised of the various energy drink brands acquired from TCCC in 2015, and (iii) Other segment, which is comprised of certain products sold by American Fruits & Flavors LLC, a wholly-owned subsidiary of the Company, to independent third-party customers.

 

The Company’s Monster Energy® Drinks segment primarily generates net operating revenues by selling ready-to-drink packaged drinks primarily to bottlers and full service beverage distributors. In some cases, the Company sells directly to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience chains, food service customers 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 to other bottlers, full service distributors or retailers, including, retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience chains, food service customers, drug stores and the military. To a lesser extent, the Company’s Strategic Brands segment generates net operating revenues by selling certain ready-to-drink packaged energy drinks to bottlers and full service beverage distributors.

 

Generally, the Monster Energy® Drinks segment generates higher per case net operating revenues, but lower per case gross profit margins than the Strategic Brands 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 for in the Company’s reportable segments as management does not measure or allocate such assets on a segment basis.

 

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

 

The net revenues derived from the Company’s reportable segments and other financial information related thereto for the three- and six-months ended June 30, 2018 and 2017 are as follows:

 

 

 

Three-Months Ended

 

Six-Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

Net sales:

 

 

 

 

 

 

 

 

 

Monster Energy® Drinks(¹)

 

   $

929,439

 

   $

815,261

 

   $

1,709,943

 

   $

1,483,831

 

Strategic Brands

 

79,811

 

85,633

 

145,570

 

153,669

 

Other

 

6,623

 

6,174

 

11,280

 

11,714

 

Corporate and unallocated

 

-

 

-

 

-

 

-

 

 

 

   $

1,015,873

 

   $

907,068

 

   $

1,866,793

 

   $

1,649,214

 

 

 

 

Three-Months Ended

 

Six-Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

Operating Income:

 

 

 

 

 

 

 

 

 

Monster Energy® Drinks(¹) (2)

 

   $

373,103

 

   $

356,223

 

   $

674,805

 

   $

635,654

 

Strategic Brands

 

50,791

 

53,175

 

93,393

 

95,281

 

Other

 

1,826

 

1,718

 

2,797

 

3,134

 

Corporate and unallocated

 

(68,099)

 

(61,075)

 

(133,460)

 

(119,766)

 

 

 

   $

357,621

 

   $

350,041

 

   $

637,535

 

   $

614,303

 

 

 

 

Three-Months Ended

 

Six-Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

Income before tax:

 

 

 

 

 

 

 

 

 

Monster Energy® Drinks(¹) (2)

 

   $

373,342

 

   $

356,316

 

   $

675,305

 

   $

635,651

 

Strategic Brands

 

50,833

 

53,174

 

93,416

 

95,268

 

Other

 

1,826

 

1,718

 

2,797

 

3,134

 

Corporate and unallocated

 

(67,904)

 

(63,718)

 

(131,702)

 

(121,643)

 

 

 

   $

358,097

 

   $

347,490

 

   $

639,816

 

   $

612,410

 

 

(1)          Includes $11.0 million and $10.2 million for the three-months ended June 30, 2018 and 2017, respectively, related to the recognition of deferred revenue. Includes $22.2 million and $20.1 million for the six-months ended June 30, 2018 and 2017, respectively, related to the recognition of deferred revenue.

 

(2)          Includes $5.5 million and $0.2 million for the three-months ended June 30, 2018 and 2017, respectively, related to distributor termination costs. Includes $12.5 million and $20.1 million for the six-months ended June 30, 2018 and 2017, respectively, related to distributor termination costs.

 

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

 

 

 

Three-Months Ended

 

Six-Months Ended

 

 

June 30,

 

June 30,

 

 

2018

 

2017

 

2018

 

2017

Depreciation and amortization:

 

 

 

 

 

 

 

 

Monster Energy® Drinks

 

   $

8,960

 

   $

6,873

 

   $

17,770

 

   $

13,413

Strategic Brands

 

1,946

 

1,842

 

3,872

 

3,638

Other

 

1,167

 

1,153

 

2,326

 

2,306

Corporate and unallocated

 

2,121

 

1,725

 

4,217

 

3,418

 

 

   $

14,194

 

   $

11,593

 

   $

28,185

 

   $

22,775

 

Corporate and unallocated expenses for the three-months ended June 30, 2018 include $44.7 million of payroll costs, of which $14.9 million was attributable to stock-based compensation expenses (see Note 14, “Stock-Based Compensation”), as well as $11.8 million attributable to professional service expenses, including accounting and legal costs, and $11.6 million of other operating expenses. Corporate and unallocated expenses for the three-months ended June 30, 2017 include $38.4 million of payroll costs, of which $12.8 million was attributable to stock-based compensation expenses (see Note 14, “Stock-Based Compensation”), as well as $14.0 million attributable to professional service expenses, including accounting and legal costs, and $8.6 million of other operating expenses.

 

Corporate and unallocated expenses for the six-months ended June 30, 2018 include $87.8 million of payroll costs, of which $28.3 million was attributable to stock-based compensation expenses (see Note 14, “Stock-Based Compensation”), as well as $24.2 million attributable to professional service expenses, including accounting and legal costs, and $21.4 million of other operating expenses. Corporate and unallocated expenses for the six-months ended June 30, 2017 include $76.1 million of payroll costs, of which $26.0 million was attributable to stock-based compensation expenses (see Note 14, “Stock-Based Compensation”), as well as $26.4 million attributable to professional service expenses, including accounting and legal costs, and $17.3 million of other operating expenses.

 

TCCC, through the TCCC Subsidiaries, accounted for approximately 4% and 17% of the Company’s net sales for the three-months ended June 30, 2018 and 2017, respectively. TCCC, through the TCCC Subsidiaries, accounted for approximately 4% and 25% of the Company’s net sales for the six-months ended June 30, 2018 and 2017, respectively. As part of TCCC’s North America Refranchising initiative (the “North America Refranchising”), the territories of certain TCCC Subsidiaries have been transitioned to certain independent TCCC bottlers/distributors and/or TCCC Related Parties. Accordingly, the Company’s percentage of net sales classified as sales to the TCCC Subsidiaries significantly decreased for three- and six-months ended June 30, 2018.

 

CCBCC Operations, LLC accounted for approximately 13% of the Company’s net sales for both the three-months ended June 30, 2018 and 2017. CCBCC Operations, LLC accounted for approximately 13% and 12% of the Company’s net sales for the six-months ended June 30, 2018 and 2017, respectively.

 

Coca-Cola European Partners accounted for approximately 9% of the Company’s net sales for both the three-months ended June 30, 2018 and 2017. Coca-Cola European Partners accounted for approximately 10% and 9% of the Company’s net sales for the six-months ended June 30, 2018 and 2017, respectively.

 

Reyes Coca-Cola Bottling accounted for approximately 12% and 5% of the Company’s net sales for the three-months ended June 30, 2018 and 2017, respectively. Reyes Coca-Cola Bottling accounted for approximately 13% and 4% of the Company’s net sales for the six-months ended June 30, 2018 and 2017, respectively.

 

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

 

Net sales to customers outside the United States amounted to $293.8 million and $247.9 million for the three-months ended June 30, 2018 and 2017, respectively. Net sales to customers outside the United States amounted to $535.9 million and $438.8 million for the six-months ended June 30, 2018 and 2017, respectively.

 

Goodwill and other intangible assets for the Company’s reportable segments as of June 30, 2018 and December 31, 2017 are as follows:

 

 

 

June 30,

 

December 31,

 

 

2018

 

2017

Goodwill and other intangible assets:

 

 

 

 

Monster Energy® Drinks

 

   $

1,357,017

 

   $

1,346,648

Strategic Brands

 

992,800

 

995,582

Other

 

21,227

 

23,498

Corporate and unallocated

 

-

 

-

 

 

   $

2,371,044

 

   $

2,365,728

 

18.                            RELATED PARTY TRANSACTIONS

 

TCCC controls approximately 18% of the voting interests of the Company.  The TCCC Subsidiaries, the TCCC Related Parties and the TCCC Independent Bottlers, purchase and distribute certain of the Company’s products in certain domestic and international markets. The Company also pays TCCC a commission based on certain sales within the TCCC distribution network.

 

TCCC commissions, based on sales to the TCCC Subsidiaries and the TCCC Related Parties, for the three- and six-months ended June 30, 2018 were $13.2 million and $24.5 million, respectively, and are included as a reduction to net sales. TCCC commissions, based on sales to the TCCC Independent Bottlers for the three- and six-months ended June 30, 2018 were $4.3 million and $7.5 million, respectively, and are included in operating expenses.

 

TCCC commissions, based on sales to the TCCC Subsidiaries, for the three- and six-months ended June 30, 2017 were $2.1 million and $5.7 million, respectively, and are included as a reduction to net sales. TCCC commissions, based on sales to the TCCC Related Parties and the TCCC Independent Bottlers, for the three- and six-months ended June 30, 2017 were $12.8 million and $20.7 million, respectively, and are included in operating expenses.

 

Upon adoption of ASC 606, commissions paid to TCCC, based on sales to the TCCC Related Parties, are included as a reduction to net sales. Prior to January 1, 2018, such commissions, based on sales to the TCCC Related Parties, were included in operating expenses.

 

Net sales to the TCCC Subsidiaries for the three-months ended June 30, 2018 and 2017 were $39.6 million and $154.5 million, respectively.  Net sales to the TCCC Subsidiaries for the six-months ended June 30, 2018 and 2017 were $74.6 million and $409.7 million, respectively. As part of the North America Refranchising, the territories of certain TCCC Subsidiaries have been transitioned to certain independent TCCC bottlers/distributors and/or TCCC Related Parties. Accordingly, the Company’s net sales classified as sales to the TCCC Subsidiaries significantly decreased for the three- and six-months ended June 30, 2018.

 

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MONSTER BEVERAGE CORPORATION AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Tabular Dollars in Thousands, Except Per Share Amounts) (Unaudited)

 

The Company also purchases concentrates from TCCC which are then sold to certain of the Company’s bottlers/distributors. Concentrate purchases from TCCC were $11.3 million and $6.6 million for the three-months ended June 30, 2018 and 2017, respectively. Concentrate purchases from TCCC were $14.2 million and $12.5 million for the six-months ended June 30, 2018 and 2017, respectively.

 

Certain TCCC Subsidiaries also contract manufacture certain of the Company’s Monster Energy® brand energy drinks. Such contract manufacturing expenses were $6.4 million and $2.9 million for the three-months ended June 30, 2018 and 2017, respectively. Such contract manufacturing expenses were $11.8 million and $5.1 million for the six-months ended June 30, 2018 and 2017, respectively.

 

Accounts receivable, accounts payable and accrued promotional allowances related to the TCCC Subsidiaries are as follows at:

 

 

 

June 30,
2018

 

December 31,
2017

 

 

 

 

 

 

 

Accounts receivable, net

 

   $

42,337

 

   $

32,607

 

Accounts payable

 

   $

(34,368)

 

   $

(45,465)

 

Accrued promotional allowances

 

   $

(9,851)

 

   $

(5,884)

 

 

Two directors and officers of the Company and their families are principal owners of a company that provides promotional materials to the Company. Expenses incurred with such company in connection with promotional materials purchased during the three-months ended June 30, 2018 and 2017 were $0.6 million and $1.2 million, respectively. Expenses incurred with such company in connection with promotional materials purchased during both the six-months ended June 30, 2018 and 2017 were $1.4 million.

 

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Table of Contents

 

ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Our Business

 

When this report uses the words “the Company”, “we”, “us”, and “our”, these words refer to Monster Beverage Corporation and its subsidiaries, unless the context otherwise requires. Based in Corona, California, Monster Beverage Corporation is a holding company and conducts no operating business except through its consolidated subsidiaries. The Company’s subsidiaries primarily develop and market energy drinks as well as Mutant® Super Sodas.

 

Overview

 

We develop, market, sell and distribute energy drink beverages, sodas and/or concentrates for energy drink beverages, primarily under the following brand names:

 

·                 Monster Energy®

·                 NOS®

·                 Monster Energy Ultra®

·                 Full Throttle®

·                 Monster Rehab®

·                 Burn®

·                 Monster MAXXTM

·                 Mother®

·                 Java Monster®

·                 Nalu®

·                 Muscle Monster®

·                 Ultra Energy®

·                 Espresso MonsterTM

·                 Play® and Power Play(stylized)®

·                 Punch Monster®

·                 Relentless®

·                 Juice Monster®

·                 BPM®

·                 Übermonster®

·                 BU®

·                 Monster Hydro®

·                 Gladiator®

·                 Caffé Monster®

·                 Samurai®

·                 Mutant® Super Soda

·                 Mutant®

·                 Monster MULETM

 

 

Our Monster Energy® brand energy drinks represented 91.1% and 89.4% of our net sales for the three-months ended June 30, 2018 and 2017, respectively.

 

We currently have three operating and reportable segments, (i) Monster Energy® Drinks segment (“Monster Energy® Drinks”), which is comprised of the Company’s Monster Energy® drinks and Mutant® Super Soda drinks, (ii) Strategic Brands segment (“Strategic Brands”), which is comprised of the various energy drink brands acquired from The Coca-Cola Company (“TCCC”) in 2015 and (iii) Other segment (“Other”), which is comprised of certain products sold by American Fruits and Flavors LLC (a wholly-owned subsidiary of the Company) to independent third-party customers (the “AFF Third-Party Products”).

 

During the three-months ended June 30, 2018, we continued to expand our existing energy drink portfolio and further develop our distribution markets. During the three-months ended June 30, 2018, we introduced the following products:

 

·                 BPM® Zero (June 2018)

·                 Relentless® Apple Kiwi (June 2018)

·                 Monster MULETM (June 2018) (limited distribution)

·                 Mutant® energy drinks (May 2018)

 

In the normal course of business, we discontinue certain products and/or product lines. Those products or product lines discontinued in the three-months ended June 30, 2018, either individually or in aggregate, did not have a material adverse impact on our financial position, results of operations or liquidity.

 

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Our net sales of $1.02 billion for the three-months ended June 30, 2018 represented record sales for our second fiscal quarter. The vast majority of our net sales are derived from our Monster Energy® brand energy drinks. Net sales of our Monster Energy® brand energy drinks were $925.0 million for the three-months ended June 30, 2018.  Net sales of our Strategic Brands were $79.8 million for the three-months ended June 30, 2018. Net sales for the three-months ended June 30, 2018 were negatively impacted by approximately $12.2 million as a result of the adoption of Accounting Standards Codification (“ASC”) 606. Under ASC 606, commissions paid to TCCC, based on sales to certain of the Company’s TCCC bottlers/distributors that TCCC consolidates, or which TCCC accounts for under the equity method (the “TCCC Related Parties”), are included as a reduction to net sales. Prior to January 1, 2018, commissions based on sales to the TCCC Related Parties, were included in operating expenses.

 

Our Monster Energy® Drinks segment represented 91.5% and 89.9% of our consolidated net sales for the three-months ended June 30, 2018 and 2017, respectively. Our Strategic Brands segment represented 7.9% and 9.4% of our consolidated net sales for the three-months ended June 30, 2018 and 2017, respectively. Our Other segment represented 0.6% and 0.7% of our consolidated net sales for the three-months ended June 30, 2018 and 2017, respectively.

 

Net changes in foreign currency exchange rates had a favorable impact on net sales in the Monster Energy® Drinks segment of approximately $15.5 million for the three-months ended June 30, 2018. Net changes in foreign currency exchange rates had a favorable impact on net sales in the Strategic Brands segment of approximately $1.3 million for the three-months ended June 30, 2018.

 

Our sales and marketing strategy for all our beverages is to focus our efforts on developing brand awareness through image-enhancing programs and product sampling. We use our branded vehicles and other promotional vehicles at events where we offer samples of our products to consumers. We utilize “push-pull” methods to enhance shelf and display space exposure in sales outlets (including racks, coolers and barrel coolers), advertising, in-store promotions and in-store placement of point-of-sale materials to encourage demand from consumers for our products. We also support our brands with prize promotions, price promotions, competitions, endorsements from selected public and sports figures, sports personality endorsements, sampling and sponsorship of selected athletes, teams, series, bands, esports, causes and events. In-store posters, outdoor posters, print, radio and television advertising (directly and through our sponsorships and endorsements) and coupons may also be used to promote our brands.

 

We believe that one of the keys to success in the beverage industry is differentiation, making our brands and products visually appealing and distinctive from other beverages on the shelves of retailers. We review our products and packaging on an ongoing basis and, where practical, endeavor to make them different and unique. The labels and graphics for many of our products are redesigned from time to time to maximize their visibility and identification, wherever they may be placed in stores, which we continue to reevaluate from time to time.

 

Our growth strategy includes expanding our international business. Net sales to customers outside the United States amounted to $293.8 million and $247.9 million for the three-months ended June 30, 2018 and 2017, respectively. Such sales were approximately 29% and 27% of net sales for the three-months ended June 30, 2018 and 2017, respectively. Net changes in foreign currency exchange rates had a favorable impact on net sales to customers outside the United States of approximately $16.8 million for the three-months ended June 30, 2018.

 

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Our customers are primarily full service beverage bottlers/distributors, retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience chains, food service customers and the military. Percentages of our gross sales to our various customer types for the three- and six-months ended June 30, 2018 and 2017 are reflected below. Such information includes sales made by us directly to the customer types concerned, which include our full service beverage bottlers/distributors in the United States. Such full service beverage bottlers/distributors in turn sell certain of our products to some of the same customer types listed below. We limit our description of our customer types to include only our sales to our full service bottlers/distributors without reference to such bottlers’/distributors’ sales to their own customers.

 

 

 

Three-Months Ended
June 30,

 

Six-Months Ended
June 30,

 

 

2018

 

2017

 

2018

 

2017

U.S. full service bottlers/distributors

 

61%

 

62%

 

61%

 

63%

International full service bottlers/distributors

 

31%

 

29%

 

31%

 

28%

Club stores and mass merchandisers

 

7%

 

8%

 

6%

 

7%

Retail grocery, specialty chains and wholesalers

 

1%

 

1%

 

1%

 

1%

Other

 

0%

 

0%

 

1%

 

1%

 

Our customers include Coca-Cola Refreshments USA, Inc., Coca-Cola Refreshments Canada Company, Coca-Cola Bottling Company, CCBCC Operations, LLC, United Bottling Contracts Company, LLC, Reyes Coca-Cola Bottling, Great Lakes Coca-Cola Bottling, Coca-Cola Southwest Beverages LLC, Coca-Cola of Northern New England, Swire Coca-Cola, USA, Liberty Coca-Cola Beverages, Coca-Cola European Partners, Coca-Cola Hellenic, Coca-Cola FEMSA, Coca-Cola Amatil, Swire Coca-Cola group in China, COFCO Coca-Cola group in China, Coca-Cola Beverages Africa, Coca-Cola İçecek and certain other TCCC network bottlers, Asahi Soft Drinks, Co., Ltd., Kalil Bottling Group, Wal-Mart, Inc. (including Sam’s Club), Costco Wholesale Corporation, Big Geyser, Inc. and select Anheuser-Busch distributors.  A decision by any large customer to decrease amounts purchased from us or to cease carrying our products could have a material negative effect on our financial condition and consolidated results of operations.

 

TCCC, through certain consolidated subsidiaries (the “TCCC Subsidiaries”), accounted for approximately 4% and 17% of our net sales for the three-months ended June 30, 2018 and 2017, respectively. The TCCC Subsidiaries accounted for approximately 4% and 25% of our net sales for the six-months ended June 30, 2018 and 2017, respectively. As part of TCCC’s North America Refranchising initiative (the “North America Refranchising”), the territories of certain TCCC Subsidiaries have been transitioned to certain independent TCCC bottlers/distributors and/or TCCC Related Parties. Accordingly, our percentage of net sales to the TCCC Subsidiaries significantly decreased for the three- and six-months ended June 30, 2018.

 

CCBCC Operations, LLC accounted for approximately 13% of our net sales for both the three-months ended June 30, 2018 and 2017.  CCBCC Operations, LLC accounted for approximately 13% and 12% of our net sales for the six-months ended June 30, 2018 and 2017, respectively.

 

Coca-Cola European Partners accounted for approximately 9% of the Company’s net sales for both the three-months ended June 30, 2018 and 2017. Coca-Cola European Partners accounted for approximately 10% and 9% of the Company’s net sales for the six-months ended June 30, 2018 and 2017, respectively.

 

Reyes Coca-Cola Bottling accounted for approximately 12% and 5% of the Company’s net sales for the three-months ended June 30, 2018 and 2017, respectively. Reyes Coca-Cola Bottling accounted for approximately 13% and 4% of the Company’s net sales for the six-months ended June 30, 2018 and 2017, respectively.

 

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Table of Contents

 

Results of Operations

 

The following table sets forth key statistics for the three- and six-months ended June 30, 2018 and 2017.

 

(In thousands, except per share amounts)

 

Three-Months Ended
June 30,

 

Percentage
Change

 

Six-Months Ended
June 30,

 

Percentage
Change

 

 

 

2018

 

2017

 

18 vs. 17

 

2018

 

2017

 

18 vs. 17

 

Net sales1

 

  $

1,015,873

 

  $

907,068

 

12.0%

 

  $

1,866,793

 

  $

1,649,214

 

13.2%

 

Cost of sales

 

395,615

 

323,571

 

22.3%

 

731,279

 

584,843

 

25.0%

 

Gross profit*1

 

620,258

 

583,497

 

6.3%

 

1,135,514

 

1,064,371

 

6.7%

 

Gross profit as a percentage of net sales1

 

61.1%

 

64.3%

 

 

 

60.8%

 

64.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses2

 

262,637

 

233,456

 

12.5%

 

497,979

 

450,068

 

10.6%

 

Operating expenses as a percentage of net sales

 

25.9%

 

25.7%

 

 

 

26.7%

 

27.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income1,2

 

357,621

 

350,041

 

2.2%

 

637,535

 

614,303

 

3.8%

 

Operating income as a percentage of net sales

 

35.2%

 

38.6%

 

 

 

34.2%

 

37.2%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and other income (expense), net

 

476

 

(2,551)

 

(118.7%)

 

2,281

 

(1,893)

 

(220.5%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before provision for income taxes1,2

 

358,097

 

347,490

 

3.1%

 

639,816

 

612,410

 

4.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

87,981

 

124,857

 

(29.5%)

 

153,651

 

211,797

 

(27.5%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes as a percentage of income before taxes

 

24.6%

 

35.9%

 

 

 

24.0%

 

34.6%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income1,2

 

  $

270,116

 

  $

222,633

 

21.3%

 

  $

486,165

 

  $

400,613

 

21.4%

 

Net income as a percentage of net sales

 

26.6%

 

24.5%

 

 

 

26.0%

 

24.3%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

  $

0.48

 

  $

0.39

 

23.1%

 

  $

0.86

 

  $

0.71

 

22.3%

 

Diluted

 

  $

0.48

 

  $

0.39

 

23.8%

 

  $

0.85

 

  $

0.69

 

22.9%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Case sales (in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

(in 192-ounce case equivalents)

 

110,057

 

97,233

 

13.2%

 

202,372

 

177,225

 

14.2%

 

 

¹Includes $11.0 million and $10.2 million for the three-months ended June 30, 2018 and 2017, respectively, related to the recognition of deferred revenue. Includes $22.2 million and $20.1 million for the six-months ended June 30, 2018 and 2017, respectively, related to the recognition of deferred revenue.

 

²Includes $5.5 million and $0.2 million for the three-months ended June 30, 2018 and 2017, respectively, of distributor termination costs. Includes $12.5 million and $20.1 million for the six-months ended June 30, 2018 and 2017, respectively, of distributor termination costs.

 

*Gross profit may not be comparable to that of other entities since some entities include all costs associated with their distribution process in cost of sales, whereas others exclude certain costs and instead include such costs within another line item such as operating expenses. We include out-bound freight and warehouse costs in operating expenses rather than in cost of sales.

 

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Table of Contents

 

Results of Operations for the Three-Months Ended June 30, 2018 Compared to the Three-Months Ended June 30, 2017.

 

Net Sales. Net sales were $1.02 billion for the three-months ended June 30, 2018, an increase of approximately $108.8 million, or 12.0% higher than net sales of $907.1 million for the three-months ended June 30, 2017. Net sales of our Monster Energy® brand energy drinks were $925.0 million for the three-months ended June 30, 2018, an increase of $114.5 million, or 14.1% higher than net sales of $810.5 million for the three-months ended June 30, 2017.  Net sales of our Monster Energy® brand energy drinks increased partially due to increased sales by volume as a result of increased domestic and international consumer demand. Net sales of our Strategic Brands were $79.8 million for the three-months ended June 30, 2018, a decrease of $5.8 million, or 6.8% lower than net sales of $85.6 million for the three-months ended June 30, 2017. Net sales of our AFF Third-Party Products were $6.6 million for the three-months ended June 30, 2018, an increase of $0.4 million, or 7.3% higher than net sales of $6.2 million for the three-months ended June 30, 2017. No other individual product line contributed either a material increase or decrease to our net sales for the three-months ended June 30, 2018.

 

Net sales for the three-months ended June 30, 2018 were negatively impacted by approximately $12.2 million as a result of the adoption of ASC 606. Under ASC 606, commissions paid to TCCC, based on sales to the TCCC Related Parties, are now included as a reduction to net sales. Prior to January 1, 2018, commissions based on sales to the TCCC Related Parties were included in operating expenses.

 

Net changes in foreign currency exchange rates had a favorable impact on net sales of approximately $16.8 million for the three-months ended June 30, 2018.

 

Case sales, in 192-ounce case equivalents, were 110.1 million cases for the three-months ended June 30, 2018, an increase of approximately 12.8 million cases or 13.2% higher than case sales of 97.2 million cases for the three-months ended June 30, 2017. The overall average net sales per case (excluding net sales of AFF Third-Party Products of $6.6 million and $6.2 million for the three-months ended June 30, 2018 and 2017, respectively, as these sales do not have unit case equivalents) decreased to $9.17 for the three-months ended June 30, 2018, which was 1.0% lower than the average net sales per case of $9.27 for the three-months ended June 30, 2017. Without the adoption of ASC 606, the overall average net sales per case (excluding net sales of AFF Third-Party Products of $6.6 million and $6.2 million for the three-months ended June 30, 2018 and 2017, respectively, as these sales do not have unit case equivalents) increased to $9.28 for the three-months ended June 30, 2018, which was 0.2% higher than the average net sales per case of $9.27 for the three-months ended June 30, 2017.

 

Net sales for the Monster Energy® Drinks segment were $929.4 million for the three-months ended June 30, 2018, an increase of approximately $114.2 million, or 14.0% higher than net sales of $815.3 million for the three-months ended June 30, 2017. Net sales for the Monster Energy® Drinks segment for the three-months ended June 30, 2018 were negatively impacted by approximately $5.1 million as a result of the adoption of ASC 606.

 

Net sales for the Strategic Brands segment were $79.8 million for the three-months ended June 30, 2018, a decrease of approximately $5.8 million, or 6.8% lower than net sales of $85.6 million for the three-months ended June 30, 2017. Net sales for the Strategic Brands segment for the three-months ended June 30, 2018 were negatively impacted by approximately $7.1 million as a result of the adoption of ASC 606.

 

Net sales for the Other segment were $6.6 million for the three-months ended June 30, 2018, an increase of approximately $0.4 million, or 7.3% higher than net sales of $6.2 million for the three-months ended June 30, 2017.

 

Gross Profit.  Gross profit was $620.3 million for the three-months ended June 30, 2018, an increase of approximately $36.8 million, or 6.3% higher than the gross profit of $583.5 million for the three-months ended June 30, 2017. Gross profit as a percentage of net sales decreased to 61.1% for the three-months ended June 30, 2018 from 64.3% for the three-months ended June 30, 2017.  The increase in gross profit dollars was primarily the result of the $114.5 million increase in net sales of our Monster Energy® brand energy drinks for

 

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the three-months ended June 30, 2018. The decrease in gross profit as a percentage of net sales was primarily attributable to (i) increases in promotional allowances as a percentage of gross sales; (ii) the $12.2 million of commissions accounted for as a reduction to net sales due to the adoption of ASC 606; (iii) increases in certain input costs such as aluminum cans and other costs; (iv) a change in domestic product sales mix (principally a higher percentage of sales of Java Monster®, Caffe Monster®, Espresso MonsterTM and Monster Hydro® products); and (v) geographical sales mix as a result of our international sales increasing as a percentage of total net sales (our foreign operations generally have lower gross profit margins).

 

Operating Expenses.  Total operating expenses were $262.6 million for the three-months ended June 30, 2018, an increase of approximately $29.2 million, or 12.5% higher than total operating expenses of $233.5 million for the three-months ended June 30, 2017. The increase in operating expenses was primarily due to increased out-bound freight and warehouse costs of $10.7 million, increased payroll expenses of $9.0 million (of which $2.1 million was related to an increase in stock-based compensation), increased expenditures of $5.5 million for sponsorships and endorsements, and increased expenditures of $5.3 million for costs associated with distributor terminations. Commissions included in operating expenses were $4.7 million, a decrease of $8.8 million, or 65.2% lower than commissions included in operating expenses of $13.5 million for the three-months ended June 30, 2017. Without the adoption of ASC 606, an additional $12.2 million of commissions would have been included in operating expenses for the three-months ended June 30, 2018 (such commissions were included as a reduction to net sales).

 

Operating Income.  Operating income was $357.6 million for the three-months ended June 30, 2018, an increase of approximately $7.6 million, or 2.2% higher than operating income of $350.0 million for the three-months ended June 30, 2017. Operating income as a percentage of net sales decreased to 35.2% for the three-months ended June 30, 2018 from 38.6% for the three-months ended June 30, 2017. Operating income was $48.7 million and $44.5 million for the three-months ended June 30, 2018 and 2017, respectively, in connection with our operations in Africa, Asia, Australia, Europe, the Middle East and South America.

 

Operating income for the Monster Energy® Drinks segment was $373.1 million for the three-months ended June 30, 2018, an increase of approximately $16.9 million, or 4.7% higher than operating income of $356.2 million for the three-months ended June 30, 2017. The increase in operating income for the Monster Energy® Drinks segment was primarily the result of the $114.5 million increase in net sales of our Monster Energy® brand energy drinks for the three-months ended June 30, 2018.

 

Operating income for the Strategic Brands segment was $50.8 million for the three-months ended June 30, 2018, a decrease of approximately $2.4 million, or 4.5% lower than operating income of $53.2 million for the three-months ended June 30, 2017.

 

Operating income for the Other segment was $1.8 million for the three-months ended June 30, 2018, an increase of approximately $0.1 million, or 6.3% higher than operating income of $1.7 million for the three-months ended June 30, 2017.

 

Interest and Other Income (expense), net.  Interest and other non-operating income (expense), net, was $0.5 million for the three-months ended June 30, 2018, as compared to interest and other non-operating income (expense), net of ($2.6) million for the three-months ended June 30, 2017. Foreign currency transaction (losses) were ($1.9) million and ($3.9) million for the three-months ended June 30, 2018 and 2017, respectively. Interest income was $2.7 million and $1.4 million for the three-months ended June 30, 2018 and 2017, respectively.

 

Provision for Income Taxes.  Provision for income taxes was $88.0 million for the three-months ended June 30, 2018, a decrease of $36.9 million, or 29.5% lower than the provision for income taxes of $124.9 million for the three-months ended June 30, 2017. The effective combined federal, state and foreign tax rate decreased to 24.6% from 35.9% for the three-months ended June 30, 2018 and 2017, respectively. The

 

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decrease in the effective tax rate was primarily due to the reduction in the U.S. federal statutory tax rate as a result of the Tax Cuts and Jobs Act (the “Tax Reform Act”) signed into law on December 22, 2017, before considering the potential impact of further clarification of certain matters related to the Tax Reform Act.  The decrease in the provision for income taxes was partially offset by the elimination of the domestic production deduction under the Tax Reform Act.

 

The recorded impact of the Tax Reform Act is provisional and the final amount may differ, possibly materially, due to, among other things, changes in estimates, interpretations and assumptions we have made, changes in IRS interpretations, the issuance of new guidance, legislative actions, changes in accounting standards or related interpretations in response to the Tax Reform Act as well as any and future actions by certain states within the United States that have not currently adopted the Tax Reform Act.

 

Net Income.  Net income was $270.1 million for the three-months ended June 30, 2018, an increase of $47.5 million, or 21.3% higher than net income of $222.6 million for the three-months ended June 30, 2017. The increase in net income was primarily due to the $36.8 million increase in gross profit and the $36.9 million decrease in the provision for income taxes. The increase in net income was partially offset by the increase in operating expenses of $29.2 million.

 

Results of Operations for the Six-Months Ended June 30, 2018 Compared to the Six-Months Ended June 30, 2017.

 

Net Sales. Net sales were $1.87 billion for the six-months ended June 30, 2018, an increase of approximately $217.6 million, or 13.2% higher than net sales of $1.65 billion for the six-months ended June 30, 2017. Net sales of our Monster Energy® brand energy drinks were $1.70 billion for the six-months ended June 30, 2018, an increase of $225.3 million, or 15.2% higher than net sales of $1.48 billion for the six-months ended June 30, 2017.  Net sales of our Monster Energy® brand energy drinks increased partially due to increased sales by volume as a result of increased domestic and international consumer demand. Net sales of our Strategic Brands were $145.6 million for the six-months ended June 30, 2018, a decrease of $8.1 million, or 5.3% lower than net sales of $153.7 million for the six-months ended June 30, 2017. Net sales of our AFF Third-Party Products were $11.3 million for the six-months ended June 30, 2018, a decrease of $0.4 million, or 3.7% lower than net sales of $11.7 million for the six-months ended June 30, 2017. No other individual product line contributed either a material increase or decrease to our net sales for the six-months ended June 30, 2018.

 

Net sales for the six-months ended June 30, 2018 were negatively impacted by approximately $22.2 million as a result of the adoption of ASC 606. Under ASC 606, commissions paid to TCCC, based on sales to the TCCC Related Parties, are now included as a reduction to net sales. Prior to January 1, 2018, commissions based on sales to the TCCC Related Parties were included in operating expenses.

 

Net changes in foreign currency exchange rates had a favorable impact on net sales of approximately $34.5 million for the six-months ended June 30, 2018.

 

Case sales, in 192-ounce case equivalents, were 202.4 million cases for the six-months ended June 30, 2018, an increase of approximately 25.1 million cases or 14.2% higher than case sales of 177.2 million cases for the six-months ended June 30, 2017. The overall average net sales per case (excluding net sales of AFF Third-Party Products of $11.3 million and $11.7 million for the six-months ended June 30, 2018 and 2017, respectively, as these sales do not have unit case equivalents) decreased to $9.17 for the six-months ended June 30, 2018, which was 0.8% lower than the average net sales per case of $9.24 for the six-months ended June 30, 2017. Without the adoption of ASC 606, the overall average net sales per case (excluding net sales of AFF Third-Party Products of $11.3 million and $11.7 million for the six-months ended June 30, 2018 and 2017, respectively, as these sales do not have unit case equivalents) increased to $9.28 for the six-months ended June 30, 2018, which was 0.4% higher than the average net sales per case of $9.24 for the six-months ended June 30, 2017.

 

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Net sales for the Monster Energy® Drinks segment were $1.71 billion for the six-months ended June 30, 2018, an increase of approximately $226.1 million, or 15.2% higher than net sales of $1.48 billion for the six-months ended June 30, 2017. Net sales for the Monster Energy® Drinks segment for the six-months ended June 30, 2018 were negatively impacted by approximately $9.0 million as a result of the adoption of ASC 606.

 

Net sales for the Strategic Brands segment were $145.6 million for the six-months ended June 30, 2018, a decrease of approximately $8.1 million, or 5.3% lower than net sales of $153.7 million for the six-months ended June 30, 2017. Net sales for the Strategic Brands segment for the six-months ended June 30, 2018 were negatively impacted by approximately $13.2 million as a result of the adoption of ASC 606.

 

Net sales for the Other segment were $11.3 million for the six-months ended June 30, 2018, a decrease of approximately $0.4 million, or 3.7% lower than net sales of $11.7 million for the six-months ended June 30, 2017.

 

Gross Profit.  Gross profit was $1.14 billion for the six-months ended June 30, 2018, an increase of approximately $71.1 million, or 6.7% higher than the gross profit of $1.06 billion for the six-months ended June 30, 2017. Gross profit as a percentage of net sales decreased to 60.8% for the six-months ended June 30, 2018 from 64.5% for the six-months ended June 30, 2017.  The increase in gross profit dollars was primarily the result of the $225.3 million increase in net sales of our Monster Energy® brand energy drinks for the six-months ended June 30, 2018. The decrease in gross profit as a percentage of net sales was primarily attributable to (i) increases in promotional allowances as a percentage of gross sales; (ii) the $22.2 million of commissions accounted for as a reduction to net sales due to the adoption of ASC 606; (iii) geographical sales mix, as a result of our international sales increasing as a percentage of total net sales (our foreign operations generally have lower gross profit margins); (iv) a change in domestic product sales mix (principally a higher percentage of sales of Java Monster®, Caffe Monster®, Espresso MonsterTM and Monster Hydro® products); (v) increases in certain input costs, principally aluminum cans, freight in and other costs; and (vi) Monster Hydro® production issues in the U.S. and EMEA.

 

Operating Expenses.  Total operating expenses were $498.0 million for the six-months ended June 30, 2018, an increase of approximately $47.9 million, or 10.6% higher than total operating expenses of $450.1 million for the six-months ended June 30, 2017. The increase in operating expenses was primarily due to increased out-bound freight and warehouse costs of $20.6 million, increased payroll expenses of $17.8 million (of which $2.4 million was related to an increase in stock-based compensation), increased expenditures of $8.0 million for sponsorships and endorsements, increased expenditures of $6.2 million for other marketing expenses, increased expenditures of $4.6 million for merchandise displays and increased expenditures of $3.7 million for allocated trade development.  The increase in operating expenses was partially offset by the $7.6 million decrease in costs associated with distributor terminations. Commissions included in operating expenses were $8.3 million, or 62.5% lower than commissions included in operating expenses of $22.1 million for the six-months ended June 30, 2017. Without of the adoption of ASC 606, an additional $22.2 million of commissions would have been included in operating expenses for the six-months ended June 30, 2018 (such commissions were included as a reduction to net sales).

 

Operating Income.  Operating income was $637.5 million for the six-months ended June 30, 2018, an increase of approximately $23.2 million, or 3.8% higher than operating income of $614.3 million for the six-months ended June 30, 2017. Operating income as a percentage of net sales decreased to 34.2% for the six-months ended June 30, 2018 from 37.2% for the six-months ended June 30, 2017. Operating income was $91.2 million and $77.4 million for the six-months ended June 30, 2018 and 2017, respectively, in connection with our operations in Africa, Asia, Australia, Europe, the Middle East and South America.

 

Operating income for the Monster Energy® Drinks segment was $674.8 million for the six-months ended June 30, 2018, an increase of approximately $39.2 million, or 6.2% higher than operating income of $635.7 million for the six-months ended June 30, 2017. The increase in operating income for the Monster Energy® Drinks segment was primarily the result of the $225.3 million increase in net sales of our Monster Energy® brand energy drinks for the six-months ended June 30, 2018.

 

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Operating income for the Strategic Brands segment was $93.4 million for the six-months ended June 30, 2018, a decrease of approximately $1.9 million, or 2.0% lower than operating income of $95.3 million for the six-months ended June 30, 2017.

 

Operating income for the Other segment was $2.8 million for the six-months ended June 30, 2018, a decrease of approximately $0.3 million, or 10.7% lower than operating income of $3.1 million for the six-months ended June 30, 2017.

 

Interest and Other Income (expense), net.  Interest and other non-operating income (expense), net, was $2.3 million for the six-months ended June 30, 2018, as compared to interest and other non-operating income (expense), net of ($1.9) million for the six-months ended June 30, 2017. Foreign currency transaction (losses) were ($3.3) million and ($3.8) million for the six-months ended June 30, 2018 and 2017, respectively. Interest income was $5.7 million and $2.2 million for the six-months ended June 30, 2018 and 2017, respectively.

 

Provision for Income Taxes.  Provision for income taxes was $153.7 million for the six-months ended June 30, 2018, a decrease of $58.1 million, or 27.5% lower than the provision for income taxes of $211.8 million for the six-months ended June 30, 2017. The effective combined federal, state and foreign tax rate decreased to 24.0% from 34.6% for the six-months ended June 30, 2018 and 2017, respectively. The decrease in the effective tax rate was primarily due to the reduction in the U.S. federal statutory tax rate as a result of the Tax Reform Act signed into law on December 22, 2017, before considering the potential impact of further clarification of certain matters related to the Tax Reform Act.  The decrease in the provision for income taxes was partially offset by the elimination of the domestic production deduction under the Tax Reform Act as well as a decrease in the stock based compensation tax deduction.

 

The recorded impact of the Tax Reform Act is provisional and the final amount may differ, possibly materially, due to, among other things, changes in estimates, interpretations and assumptions we have made, changes in IRS interpretations, the issuance of new guidance, legislative actions, changes in accounting standards or related interpretations in response to the Tax Reform Act as well as any and future actions by certain states within the United States that have not currently adopted the Tax Reform Act.

 

Net Income.  Net income was $486.2 million for the six-months ended June 30, 2018, an increase of $85.6 million, or 21.4% higher than net income of $400.6 million for the six-months ended June 30, 2017. The increase in net income was primarily due to the $71.1 million increase in gross profit and the $58.1 million decrease in the provision for income taxes. The increase in net income was partially offset by the increase in operating expenses of $47.9 million.

 

Non-GAAP Financial Measures

 

Gross Sales**.  Gross sales were $1.19 billion for the three-months ended June 30, 2018, an increase of approximately $152.3 million, or 14.7% higher than gross sales of $1.04 billion for the three-months ended June 30, 2017. Gross sales of our Monster Energy® brand energy drinks were $1.08 billion for the three-months ended June 30, 2018, an increase of $148.6 million, or 16.0% higher than gross sales of $927.6 million for the three-months ended June 30, 2017. Gross sales of our Monster Energy® brand energy drinks increased partially due to increased sales by volume as a result of increased domestic and international consumer demand.  Gross sales of our Strategic Brands were $92.4 million for the three-months ended June 30, 2018, an increase of $2.6 million, or 2.8% higher than gross sales of $89.8 million for the three-months ended June 30, 2017. Gross sales of our AFF Third-Party Products were $6.6 million for the three-months ended June 30, 2018, an increase of $0.4 million, or 7.3% higher than gross sales of $6.2 million for the three-months ended June 30, 2017. No other individual product line contributed either a material increase or decrease to net sales for the three-months ended June 30, 2018. Promotional and other allowances, as described in the footnote

 

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below, were $175.4 million for the three-months ended June 30, 2018, an increase of $43.5 million, or 33.0% higher than promotional and other allowances of $131.9 million for the three-months ended June 30, 2017. Promotional and other allowances as a percentage of gross sales increased to 14.7% from 12.7% for the three-months ended June 30, 2018 and 2017, respectively, partially due to commissions of $12.2 million included in net sales related to the adoption of ASC 606 described above.

 

Net changes in foreign currency exchange rates had a favorable impact on gross sales in the Monster Energy® Drinks segment of approximately $20.2 million for the three-months ended June 30, 2018. Net changes in foreign currency exchange rates had a favorable impact on gross sales in the Strategic Brands segment of approximately $1.3 million for the three-months ended June 30, 2018.

 

Gross Sales**.  Gross sales were $2.18 billion for the six-months ended June 30, 2018, an increase of approximately $297.4 million, or 15.8% higher than gross sales of $1.88 billion for the six-months ended June 30, 2017. Gross sales of our Monster Energy® brand energy drinks were $1.97 billion for the six-months ended June 30, 2018, an increase of $289.4 million, or 17.2% higher than gross sales of $1.68 billion for the six-months ended June 30, 2017. Gross sales of our Monster Energy® brand energy drinks increased partially due to increased sales by volume as a result of increased domestic and international consumer demand.  Gross sales of our Strategic Brands were $168.3 million for the six-months ended June 30, 2018, an increase of $5.0 million, or 3.1% higher than gross sales of $163.3 million for the six-months ended June 30, 2017. Gross sales of our AFF Third-Party Products were $11.3 million for the six-months ended June 30, 2018, a decrease of $0.4 million, or 3.7% lower than gross sales of $11.7 million for the six-months ended June 30, 2017. No other individual product line contributed either a material increase or decrease to net sales for the six-months ended June 30, 2018. Promotional and other allowances, as described in the footnote below, were $315.1 million for the six-months ended June 30, 2018, an increase of $79.8 million, or 33.9% higher than promotional and other allowances of $235.3 million for the six-months ended June 30, 2017. Promotional and other allowances as a percentage of gross sales increased to 14.4% from 12.5% for the six-months ended June 30, 2018 and 2017, respectively, partially due to an increase in commissions of $22.2 million included in net sales related to the adoption of ASC 606 described above.

 

Net changes in foreign currency exchange rates had a favorable impact on gross sales in the Monster Energy® Drinks segment of approximately $40.0 million for the six-months ended June 30, 2018. Net changes in foreign currency exchange rates had a favorable impact on gross sales in the Strategic Brands segment of approximately $3.6 million for the six-months ended June 30, 2018.

 

**Gross sales are used internally by management as an indicator of and to monitor operating performance, including sales performance of particular products, salesperson performance, product growth or declines and overall Company performance. The use of gross sales allows evaluation of sales performance before the effect of any promotional items, which can mask certain performance issues. We therefore believe that the presentation of gross sales provides a useful measure of our operating performance. The use of gross sales is not a measure that is recognized under GAAP and should not be considered as an alternative to net sales, which is determined in accordance with GAAP, and should not be used alone as an indicator of operating performance in place of net sales. Additionally, gross sales may not be comparable to similarly titled measures used by other companies, as gross sales has been defined by our internal reporting practices. In addition, gross sales may not be realized in the form of cash receipts as promotional payments and allowances may be deducted from payments received from certain customers.

 

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The following table reconciles the non-GAAP financial measure of gross sales with the most directly comparable GAAP financial measure of net sales:

 

(In thousands)

 

Three-Months Ended
June 30,

 

Percentage
Change

 

Six-Months Ended
June 30,

 

Percentage
Change

 

 

 

2018

 

2017

 

18 vs. 17

 

2018

 

2017

 

18 vs. 17

 

Gross sales, net of discounts and returns

 

 $

1,191,251

 

 $

1,038,970

 

14.7%

 

 $

2,181,890

 

 $

1,884,518

 

15.8%

 

Less: Promotional and other allowances***

 

175,378

 

131,902

 

33.0%

 

315,097

 

235,304

 

33.9%

 

Net Sales

 

 $

1,015,873

 

 $

907,068

 

12.0%

 

 $

1,866,793

 

 $

1,649,214

 

13.2%

 

 

***Although the expenditures described in this line item are determined in accordance with GAAP and meet GAAP requirements, the presentation thereof does not conform with GAAP presentation requirements. Additionally, our definition of promotional and other allowances may not be comparable to similar items presented by other companies. Promotional and other allowances primarily include consideration given to the Company’s bottlers/distributors or retail customers including, but not limited to the following: (i) discounts granted off list prices to support price promotions to end-consumers by retailers; (ii) reimbursements given to the Company’s bottlers/distributors for agreed portions of their promotional spend with retailers, including slotting, shelf space allowances and other fees for both new and existing products; (iii) the Company’s agreed share of fees given to bottlers/distributors and/or directly to retailers for advertising, in-store marketing and promotional activities; (iv) the Company’s agreed share of slotting, shelf space allowances and other fees given directly to retailers; (v) incentives given to the Company’s bottlers/distributors and/or retailers for achieving or exceeding certain predetermined sales goals; (vi) discounted or free products; (vii) contractual fees given to the Company’s bottlers/distributors related to sales made by the Company direct to certain customers that fall within the bottlers’/distributors’ sales territories; and (viii) commissions paid to our customers. The presentation of promotional and other allowances facilitates an evaluation of their impact on the determination of net sales and the spending levels incurred or correlated with such sales. Promotional and other allowances constitute a material portion of our marketing activities. The Company’s promotional allowance programs with its numerous bottlers/distributors and/or retailers are executed through separate agreements in the ordinary course of business. These agreements generally provide for one or more of the arrangements described above and are of varying durations, ranging from one week to one year. The primary drivers of our promotional and other allowance activities for the three- and six-months ended June 30, 2018 and 2017 were (i) to increase sales volume and trial, (ii) to address market conditions, and (iii) to secure shelf and display space at retail.

 

Sales

 

The table below discloses selected quarterly data regarding sales for the three- and six-months ended June 30, 2018 and 2017, respectively. Data from any one or more quarters or periods is not necessarily indicative of annual results or continuing trends.

 

Sales of beverages are expressed in unit case volume. A “unit case” means a unit of measurement equal to 192 U.S. fluid ounces of finished beverage (24 eight-ounce servings).  Unit case volume means the number of unit cases (or unit case equivalents) of finished products or concentrates as if converted into finished products sold by us.

 

Our quarterly results of operations reflect seasonal trends that are primarily the result of increased demand in the warmer months of the year. It has been our experience that beverage sales tend to be lower during the first and fourth quarters of each calendar year. However, our experience with our energy drink products suggests they may be less seasonal than the seasonality of traditional beverages. In addition, our continued growth internationally may further reduce the impact of seasonality on our business. Quarterly fluctuations may also be affected by other factors including the introduction of new products, the opening of new markets where temperature fluctuations are more pronounced, the addition of new bottlers, customers and distributors, changes in the sales mix of our products and changes in advertising and promotional expenses.

 

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(In thousands, except average
net sales per case)

 

Three-Months Ended
June 30,

 

Six-Months Ended
June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

Net sales1

 

$

1,015,873

 

$

907,068

 

$

1,866,793

 

$

1,649,214

 

Less: AFF third-party sales

 

(6,623)

 

(6,174)

 

(11,280)

 

(11,713)

 

Adjusted net sales2

 

$

1,009,250

 

$

900,894

 

$

1,855,513

 

$

1,637,501

 

Case sales by segment:

 

 

 

 

 

 

 

 

 

Monster Energy® Drinks

 

90,827

 

78,323

 

165,939

 

142,103

 

Strategic Brands

 

19,230

 

18,910

 

36,433

 

35,122

 

Other2

 

 -

 

 -

 

 -

 

 -

 

Total case sales

 

110,057

 

97,233

 

202,372

 

177,225

 

Average net sales per case3

 

$

9.17

 

$

9.27

 

$

9.17

 

$

9.24

 

 

1Includes $11.0 million and $10.2 million for the three-months ended June 30, 2018 and 2017, respectively, related to the recognition of deferred revenue. Includes $22.2 million and $20.1 million for the six-months ended June 30, 2018 and 2017, respectively, related to the recognition of deferred revenue.

 

2Excludes Other segment net sales of $6.6 million and $6.2 million for the three-months ended June 30, 2018 and 2017, respectively, comprised of net sales of AFF Third-Party Products to independent third-party customers, as these sales do not have unit case equivalents. Excludes Other segment net sales of $11.3 million and $11.7 million for the six-months ended June 30, 2018 and 2017, respectively, comprised of net sales of AFF Third-Party Products to independent third-party customers, as these sales do not have unit case equivalents.

 

3Without the adoption of ASC 606, the overall average net sales per case increased to $9.28 for the three-months ended June 30, 2018, which was 0.2% higher than the average net sales per case of $9.27 for the three-months ended June 30, 2017. Without the adoption of ASC 606, the overall average net sales per case increased to $9.28 for the six-months ended June 30, 2018, which was 0.4% higher than the average net sales per case of $9.24 for the six-months ended June 30, 2017.

 

See Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Our Business” for additional information related to the increase in sales.

 

Liquidity and Capital Resources

 

Cash flows provided by operating activities.  Cash provided by operating activities was $501.3 million for the six-months ended June 30, 2018, as compared with cash provided by operating activities of $533.2 million for the six-months ended June 30, 2017.

 

For the six-months ended June 30, 2018, cash provided by operating activities was primarily attributable to net income earned of $486.2 million and adjustments for certain non-cash expenses, consisting of $28.3 million of stock-based compensation and $28.2 million of depreciation and other amortization. For the six-months ended June 30, 2018, cash provided by operating activities also increased due to a $105.0 million decrease in prepaid income taxes, a $43.2 million increase in accrued promotional allowances, a $24.7 million increase in accounts payable, a $8.0 million increase in income taxes payable and a $5.8 million decrease in distributor receivables. For the six-months ended June 30, 2018, cash used in operating activities was primarily attributable to a $154.4 million increase in accounts receivable, a $22.8 million increase in inventories, a $16.0 million increase in prepaid expenses and other current assets, a $15.6 million decrease in accrued liabilities, a $12.3 million decrease in deferred revenue and an $8.4 million decrease in accrued compensation.

 

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For the six-months ended June 30, 2017, cash provided by operating activities was primarily attributable to net income earned of $400.6 million and adjustments for certain non-cash expenses, consisting of $26.0 million of stock-based compensation and $22.8 million of depreciation and other amortization. For the six-months ended June 30, 2017, cash provided by operating activities also increased due to a $125.0 million decrease in the TCCC Transaction receivables, a $60.7 million decrease in prepaid income taxes, an $8.8 million increase in accounts payable and a $25.8 million increase in accrued promotional allowances. For the six-months ended June 30, 2017, cash used in operating activities was primarily attributable to a $75.2 million increase in accounts receivable, a $24.9 million increase in inventories, a $8.1 million increase in prepaid expenses and other current assets, a $7.9 million decrease in accrued distributor terminations, a $7.1 million decrease in deferred revenue, a $7.2 million decrease in accrued compensation and a $5.4 million decrease in income taxes payable.

 

Cash flows provided by (used in) investing activities. Cash provided by investing activities was $426.2 million for the six-months ended June 30, 2018 as compared to cash used in investing activities of ($154.7) million for the six-months ended June 30, 2017.

 

For both the six-months ended June 30, 2018 and 2017, cash used in investing activities was primarily attributable to purchases of available-for-sale investments. For both the six-months ended June 30, 2018 and 2017, cash provided by investing activities was primarily attributable to sales of available-for-sale investments. For both the six-months ended June 30, 2018 and 2017, cash used in investing activities also included the acquisitions of fixed assets consisting of vans and promotional vehicles, coolers and other equipment to support our marketing and promotional activities, production equipment, furniture and fixtures, office and computer equipment, computer software, equipment used for sales and administrative activities, certain leasehold improvements, as well as acquisitions of and/or improvements to real property. We expect to continue to use a portion of our cash in excess of our requirements for operations for purchasing short-term and long-term investments, leasehold improvements, the acquisition of capital equipment (specifically, vans, trucks and promotional vehicles, coolers, other promotional equipment, merchandise displays, warehousing racks as well as items of production equipment required to produce certain of our existing and/or new products and to develop our brand in international markets) and for other corporate purposes. From time to time, we may also use cash to purchase additional real property related to our beverage business and/or acquire compatible businesses.

 

Cash flows (used in) provided by financing activities.  Cash used in financing activities was ($792.5) million for the six-months ended June 30, 2018 as compared to cash provided by financing activities of $17.5 million for the six-months ended June 30, 2017. The cash flows used in financing activities for the six-months ended June 30, 2018 was primarily the result of the repurchases of our common stock. The cash flows provided by financing activities for both the six-months ended June 30, 2018, and 2017 was primarily attributable to the issuance of our common stock under our stock-based compensation plans.

 

Purchases of inventories, increases in accounts receivable and other assets, acquisition of property and equipment (including real property, personal property and coolers), leasehold improvements, advances for or the purchase of equipment for our bottlers, acquisition and maintenance of trademarks, payments of accounts payable, income taxes payable and purchases of our common stock are expected to remain our principal recurring use of cash.

 

Cash and cash equivalents, short-term and long-term investments.  At June 30, 2018, we had $659.7 million in cash and cash equivalents and $211.1 million in short-term investments. We have historically invested these amounts in U.S. Treasury bills, U.S. government agency securities and municipal securities, commercial paper, certificates of deposit, variable rate demand notes and money market funds meeting certain criteria. We maintain our investments for cash management purposes and not for purposes of speculation. Our risk management policies emphasize credit quality (primarily based on short-term ratings by nationally recognized statistical organizations) in selecting and maintaining our investments. We regularly assess market risk of our investments and believe our current policies and investment practices adequately limit those risks. However, certain of these investments are subject to general credit, liquidity, market and interest rate risks. These market risks associated with our investment portfolio may have an adverse effect on our future results of operations, liquidity and financial condition.

 

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Of our $659.7 million of cash and cash equivalents held at June 30, 2018, $285.1 million was held by our foreign subsidiaries. No short-term or long-term investments were held by our foreign subsidiaries at June 30, 2018. We do not currently intend, nor do we foresee a need, to repatriate undistributed earnings of our foreign subsidiaries other than to repay certain intercompany debt owed to our U.S. operations.

 

We believe that cash available from operations, including our cash resources and access to credit, will be sufficient for our working capital needs, including purchase commitments for raw materials and inventory, increases in accounts receivable, payments of tax liabilities, expansion and development needs, purchases of capital assets, purchases of equipment and properties, and purchases of shares of our common stock, through at least the next 12 months. Based on our current plans, at this time we estimate that capital expenditures are likely to be less than $100.0 million through June 30, 2019. However, future business opportunities may cause a change in this estimate.

 

The following represents a summary of the Company’s contractual commitments and related scheduled maturities as of June 30, 2018:

 

 

 

Payments due by period (in thousands)

 

Obligations

 

Total

 

Less than
1 year

 

1-3
years

 

3-5
years

 

More than

5 years

 

 

 

 

 

 

 

 

 

 

 

 

 

Contractual Obligations1

 

$

154,220

 

$

88,773

 

$

63,780

 

$

1,667

 

$

-

 

Capital Leases

 

940

 

940

 

-

 

-

 

-

 

Operating Leases

 

16,286

 

2,756

 

3,665

 

2,899

 

6,966

 

Purchase Commitments2

 

50,014

 

50,014

 

-

 

-

 

-

 

 

 

$

221,460

 

$

142,483

 

$

67,445

 

$

4,566

 

$

6,966

 

 

1Contractual obligations include our obligations related to sponsorships and other commitments.

 

2Purchase commitments include obligations made by us and our subsidiaries to various suppliers for raw materials used in the production of our products. These obligations vary in terms, but are generally satisfied within one year.

 

In addition, approximately $5.3 million of unrecognized tax benefits have been recorded as liabilities as of June 30, 2018. It is expected that the amount of unrecognized tax benefits will not significantly change within the next 12 months. As of June 30, 2018, we had $1.0 million of accrued interest and penalties related to unrecognized tax benefits.

 

Critical Accounting Policies

 

There have been no material changes to our critical accounting policies from the information provided in Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017 (“Form 10-K”).

 

Cost of Sales — Cost of sales consists of the costs of concentrates and/or beverage bases, the costs of raw materials utilized in the manufacture of products, co-packing fees, repacking fees, in-bound freight charges, as well as certain internal transfer costs, warehouse expenses incurred prior to the manufacture of the Company’s finished products and certain quality control costs.  In addition, the Company includes in costs of sales, certain costs such as depreciation, amortization and payroll costs that relate to the direct manufacture by the Company of certain flavors.  Raw materials account for the largest portion of the cost of sales.  Raw materials include cans, bottles, other containers, flavors, ingredients and packaging materials.

 

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Recently issued accounting pronouncements not yet adopted

 

In February 2018, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2018-02, “Income Statement - Reporting Comprehensive Income (Topic 220)”, which amends the previous guidance to allow for certain tax effects “stranded” in accumulated other comprehensive income, which are impacted by the Tax Reform Act, to be reclassified from accumulated other comprehensive income into retained earnings. This amendment pertains only to those items impacted by the new tax law and will not apply to any future tax effects stranded in accumulated other comprehensive income. This standard is effective for fiscal years beginning after December 15, 2018, and allows for early adoption. The Company is currently evaluating the impact of ASU No. 2018-02 on its financial position, results of operations and liquidity.

 

In January 2017, the FASB issued ASU No. 2017-04, “Intangibles and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminates the requirement to calculate the implied fair value of goodwill, but rather requires an entity to record an impairment charge based on the excess of a reporting unit’s carrying value over its fair value. This amendment is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact of ASU No. 2017-04 on its financial position, results of operations and liquidity.

 

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The accounting standard changes the methodology for measuring credit losses on financial instruments and the timing when such losses are recorded. ASU No. 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company is currently evaluating the impact of ASU No. 2016-13 on its financial position, results of operations and liquidity.

 

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”. This update is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This update is effective for annual and interim reporting periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of ASU No. 2016-02 on its financial position, results of operations and liquidity.

 

Recently adopted accounting pronouncements

 

In May 2017, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2017-09, “Compensation–Stock Compensation (Topic 718): Scope of Modification Accounting,” clarifying when a change to the terms or conditions of a share-based payment award must be accounted for as a modification. The new guidance requires modification accounting if the fair value, vesting condition or the classification of the award is not the same immediately before and after a change to the terms and conditions of the award. The new guidance was effective for the Company on a prospective basis beginning on January 1, 2018, with early adoption permitted. The adoption of ASU No. 2017-09 did not have a material impact on the Company’s financial position, results of operations and liquidity.

 

In January 2017, the FASB issued ASU No. 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business, which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. This amendment was effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The adoption of ASU No. 2017-01 did not have a material impact on the Company’s financial position, results of operations and liquidity.

 

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In October 2016, the FASB issued ASU No. 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory”, in an effort to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. FASB ASU No. 2016-16 establishes the requirement that an entity recognizes the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. ASU No. 2016-16 was effective for financial statements issued for annual periods beginning after December 15, 2017 and interim periods within those annual periods. The Company adopted ASU No. 2016-16 effective January 1, 2018 on a modified retrospective basis, resulting in a $6.6 million reclassification of the unrecognized income tax effects related to assets transfers that occurred prior to the adoption from deferred income taxes to opening retained earnings.

 

In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230)”. The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. ASU No. 2016-15 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted, provided that all of the amendments are adopted in the same period. The guidance requires application using a retrospective transition method. The adoption of ASU No. 2016-15 did not have a material impact on the Company’s financial position, results of operations and liquidity.

 

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”, which superseded previous revenue recognition guidance. ASU No. 2014-09 and its amendments were included in Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers”. ASC 606 requires that a company recognize revenue at an amount that reflects the consideration to which the company expects to be entitled in exchange for transferring goods or services to a customer. The Company adopted ASC 606 effective January 1, 2018, using the modified retrospective approach, with no impact to the opening retained earnings. Results for periods beginning on or after January 1, 2018 are presented under ASC 606, while prior periods are not adjusted and continue to be reported in accordance with the prior accounting guidance under ASC 605 “Revenue Recognition”.

 

Inflation

 

We believe inflation did not have a significant impact on our results of operations for the periods presented.

 

Forward-Looking Statements

 

Certain statements made in this report may constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) (the “Exchange Act”) regarding the expectations of management with respect to revenues, profitability, adequacy of funds from operations and our existing credit facility, among other things. All statements containing a projection of revenues, income (loss), earnings (loss) per share, capital expenditures, dividends, capital structure or other financial items, a statement of management’s plans and objectives for future operations, or a statement of future economic performance contained in management’s discussion and analysis of financial condition and results of operations, including statements related to new products, volume growth and statements encompassing general optimism about future operating results and non-historical information, are forward-looking statements within the meaning of the Act. Without limiting the foregoing, the words “believes,” “thinks,” “anticipates,” “plans,” “expects,” and similar expressions are intended to identify forward-looking statements.

 

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Management cautions that these statements are qualified by their terms and/or important factors, many of which are outside our control, and involve a number of risks, uncertainties and other factors, that could cause actual results and events to differ materially from the statements made including, but not limited to, the following:

 

·

Our ability to recognize any and/or all of the benefits from the TCCC transaction and the AFF Transaction;

·

The effect of our extensive commercial arrangements with TCCC on our future performance;

·

The effect of TCCC becoming one of our significant shareholders and the potential divergence of TCCC’s interests from those of our other shareholders;

·

The effect of TCCC’s refranchising initiative to transition from a TCCC owned system to an independent bottling system, including our ability to maintain relationships with the bottlers/distributors and manage their ongoing commitment to focus on our products;

·

Our ability to successfully enter into new distribution agreements with bottlers/distributors within the TCCC distribution system for new international territories;

·

The potential slowing of and/or decline in the sales growth rates of the energy drink category and/or the U.S. convenience store market generally;

·

Disruption in distribution or sales and/or decline in sales due to the termination and/or appointment of existing and/or new domestic and/or international distributors;

·

Lack of anticipated demand for our products in domestic and/or international markets;

·

Fluctuations in the inventory levels of our bottlers/distributors, planned or otherwise, and the resultant impact on our revenues;

·

Unfavorable regulations, including taxation requirements, product registration requirements, tariffs, trade restrictions, container size limitations and/or ingredient restrictions;

·

The effect of inquiries from, and/or actions by, state attorneys general, the Federal Trade Commission (the “FTC”), the Food and Drug Administration (the “FDA”), municipalities, city attorneys, other government agencies, quasi-government agencies and/or government officials (including members of Congress), into the advertising, marketing, promotion, ingredients, sale and/or consumption of our energy drink products, including voluntary and/or required changes to our business practices;

·

Our ability to comply with regulations and evolving industry standards regarding consumer privacy and data use and security, including with respect to the General Data Protection Regulation approved by the European Union;

·

Our ability to achieve profitability from certain of our operations outside the United States;

·

Our ability to manage legal and regulatory requirements in foreign jurisdictions, potential difficulties in staffing and managing foreign operations and potentially higher incidence of fraud or corruption and credit risk of foreign customers and/or distributors;

·

Our ability to produce our products in international markets in which they are sold, thereby reducing freight costs and/or product damages;

·

Our ability to effectively manage our inventories and/or our accounts receivables;

·

Our foreign currency exchange rate risk with respect to our sales, expenses, profits, assets and liabilities denominated in currencies other than the U.S. dollar, which will continue to increase as foreign sales increase;

·

Changes in accounting standards may affect our reported profitability;

·

Any proceedings which may be brought against us by the Securities and Exchange Commission (the “SEC”), the FDA, the FTC or other governmental agencies or bodies;

·

The outcome and/or possibility of future shareholder derivative actions or shareholder securities litigation filed against us and/or against certain of our officers and directors, and the possibility of other private shareholder litigation;

·

The outcome of product liability litigation and/or class action litigation regarding the safety of our products and/or the ingredients in and/or claims made in connection with our products and/or alleging false advertising, marketing and/or promotion, and the possibility of future product liability and/or class action lawsuits;

·

The outcome of any other litigation;

·

Unfavorable resolution of tax matters;

·

Uncertainty and volatility in the domestic and global economies;

·

Our ability to address any significant deficiencies or material weakness in our internal controls over financial reporting;

·

Our ability to continue to generate sufficient cash flows to support our expansion plans and general operating activities;

 

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·

Decreased demand for our products resulting from changes in consumer preferences, obesity and other perceived health concerns, including concerns relating to certain ingredients in our products or packaging, product safety concerns and/or from decreased consumer discretionary spending power;

·

Changes in demand that are weather related and/or for other reasons, including changes in product category consumption;

·

The impact on our business of competitive products and pricing pressures and our ability to gain or maintain our share of sales in the marketplace as a result of actions by competitors;

·

Our ability to introduce new products;

·

An inability to achieve volume growth through product and packaging initiatives;

·

Our ability to sustain the current level of sales and/or achieve growth for our Monster Energy® brand energy drinks and/or our other products, including the Strategic Brands acquired from TCCC;

·

The impact of criticism of our energy drink products and/or the energy drink market generally and/or legislation enacted (whether as a result of such criticism or otherwise) that restricts the sale of energy drinks (including prohibiting the sale of energy drinks at certain establishments or pursuant to certain governmental programs), limit caffeine content in beverages, require certain product labeling disclosures and/or warnings, impose excise and/or sales taxes, limit product sizes and/or impose age restrictions for the sale of energy drinks;

·

Our ability to comply with and/or resulting lower consumer demand for energy drinks due to proposed and/or future U.S. federal, state and local laws and regulations and/or proposed or existing laws and regulations in certain foreign jurisdictions and/or any changes therein, including changes in taxation requirements (including tax rate changes, new tax laws, new and/or increased excise, sales and/or other taxes on our products and revised tax law interpretations) and environmental laws, as well as the Federal Food Drug & Cosmetic Act, as amended by the Dietary Supplement Health and Education Act, and regulations made thereunder or in connection therewith, as well as changes in any other food, drug or similar laws in the United States and internationally, especially those that may restrict the sale of energy drinks (including prohibiting the sale of energy drinks at certain establishments or pursuant to certain governmental programs), limit caffeine content in beverages, require certain product labeling disclosures and/or warnings, impose excise taxes, impose sugar taxes, limit product sizes, or impose age restrictions for the sale of energy drinks, as well as laws and regulations or rules made or enforced by the FDA, the Bureau of Alcohol, Tobacco and Firearms and Explosives and/or the FTC;

·

Our ability to satisfy all criteria set forth in any model energy drink guidelines, including, without limitation, those adopted by the American Beverage Association, of which the Company is a member, and/or any international beverage association and the impact on the Company of such guidelines;

·

Disruptions in the timely import or export of our products and/or ingredients due to port strikes and related labor issues;

·

The effect of unfavorable or adverse public relations, press, articles, comments and/or media attention;

·

Changes in the cost, quality and availability of containers, packaging materials, aluminum, the Midwest and other premiums, raw materials and other ingredients and juice concentrates, and our ability to obtain and/or maintain favorable supply arrangements and relationships and procure timely and/or sufficient production of all or any of our products to meet customer demand;

·

Any shortages that may be experienced in the procurement of containers and/or other raw materials including, without limitation, the PET containers used for our Monster Hydro® energy drinks;

·

The impact of corporate activity among the limited number of suppliers from whom we purchase certain raw materials on our cost of sales;

·

Our ability to pass on to our customers all or a portion of any increases in the costs of raw materials, ingredients, commodities and/or other cost inputs affecting our business;

·

Our ability to achieve both internal domestic and international forecasts, which may be based on projected volumes and sales of many product types and/or new products, certain of which are more profitable than others; there can be no assurance that we will achieve projected levels of sales as well as forecasted product and/or geographic mixes;

·

Our ability to penetrate new domestic and/or international markets and/or gain approval or mitigate the delay in securing approval for the sale of our products in various countries;

 

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·

Economic or political instability in one or more of our international markets;

·

The effectiveness of sales and/or marketing efforts by us and/or by the full service bottlers/distributors of our products, most of whom distribute products that may be regarded as competitive with our products;

·

Unilateral decisions by full service bottlers/distributors, convenience chains, grocery chains, mass merchandisers, specialty chain stores, club stores and other customers to discontinue carrying all or any of our products that they are carrying at any time, restrict the range of our products they carry and/or devote less resources to the sale of our products;

·

The effects of retailer consolidation on our business;

·

The costs and/or effectiveness, now or in the future, of our advertising, marketing and promotional strategies;

·

The success of our sports marketing endeavors both domestically and internationally;

·

Unforeseen economic and political changes and local or international catastrophic events;

·

Possible recalls of our products and/or defective production;

·

Our ability to make suitable arrangements for the co-packing of any of our products both domestically and internationally, the timely replacement of discontinued co-packing arrangements and/or limitations on co-packing availability, including for retort production;

·

Our ability to make suitable arrangements for the timely procurement of non-defective raw materials;

·

Our inability to protect and/or the loss of our intellectual property rights and/or our inability to use our trademarks, trade names or designs and/or trade dress in certain countries;

·

Volatility of stock prices which may restrict stock sales, stock purchases or other opportunities;

·

Provisions in our organizational documents and/or control by insiders which may prevent changes in control even if such changes would be beneficial to other stockholders;

·

The failure of our bottlers and/or contract packers to manufacture our products on a timely basis or at all;

·

Exposure to significant liabilities due to litigation, legal or regulatory proceedings;

·

Any disruption in and/or lack of effectiveness of our information technology systems, including a breach of cyber security, that disrupts our business or negatively impacts customer relationships; and

·

Recruitment and retention of senior management, other key employees and our employee base in general.

 

The foregoing list of important factors and other risks detailed from time to time in our reports filed with the SEC is not exhaustive.  See the section entitled “Risk Factors” in our Form 10-K for a more complete discussion of these risks and uncertainties and for other risks and uncertainties. Those factors and the other risk factors described therein are not necessarily all of the important factors that could cause actual results or developments to differ materially from those expressed in any of our forward-looking statements.  Other unknown or unpredictable factors also could harm our results. Consequently, our actual results could be materially different from the results described or anticipated by our forward-looking statements, due to the inherent uncertainty of estimates, forecasts and projections and may be better or worse than anticipated. Given these uncertainties, you should not rely on forward-looking statements. Forward-looking statements represent our estimates and assumptions only as of the date that they were made. We expressly disclaim any duty to provide updates to forward-looking statements, and the estimates and assumptions associated with them, after the date of this report, in order to reflect changes in circumstances or expectations or the occurrence of unanticipated events except to the extent required by applicable securities laws.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

There have been no material changes in our market risk during the three-months ended June 30, 2018 compared with the disclosures in Part II, Item 7A of our Form 10-K.

 

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ITEM 4.  CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures – Under the supervision and with the participation of the Company's management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13(a)-15(e) and 15(d)-15(e) of the Exchange Act) as of the end of the period covered by this report. Based upon this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures are adequate and effective to ensure that information we are required to disclose in reports that we file or submit under the Exchange Act is (1) recorded, processed, summarized and reported within the time periods specified in rules and forms of the SEC and (2) accumulated and communicated to our management, including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required disclosures.

 

Changes in Internal Control Over Financial Reporting — There were no changes in the Company’s internal controls over financial reporting during the quarter ended June 30, 2018, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

PART II - OTHER INFORMATION

 

ITEM 1.                                        LEGAL PROCEEDINGS

 

The information required by this Item is incorporated herein by reference to the Notes to Condensed Consolidated Financial Statements - Note 11. Commitments and Contingencies: Legal Proceedings in Part I, Item 1, of this Quarterly Report on Form 10-Q.

 

ITEM 1A.                             RISK FACTORS

 

Our risk factors are discussed in our Form 10-K.  There have been no material changes with respect to the risk factors disclosed in our Form 10-K.

 

ITEM 2.                                        UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

On February 27, 2018, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to $250.0 million of the Company’s outstanding common stock (the “February 2018 Repurchase Program”). During the three-months ended June 30, 2018, the Company purchased 5.0 million shares of common stock at an average purchase price of $49.81 per share, for a total amount of $249.9 million (excluding broker commissions), under the February 2018 Repurchase Program, which exhausted the availability under the February 2018 Repurchase Program.

 

On May 29, 2018, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to $500.0 million of the Company’s outstanding common stock (the “May 2018 Repurchase Program”). During the three-months ended June 30, 2018, the Company purchased 5.5 million shares of common stock at an average purchase price of $54.78 per share, for a total amount of $303.2 million (excluding broker commissions), under the May 2018 Repurchase Program. As of August 9, 2018, $196.7 million remained available for repurchase under the May 2018 Repurchase Program.

 

On August 7, 2018, the Company’s Board of Directors authorized a new repurchase program for the repurchase of up to an additional $500.0 million of the Company’s outstanding common stock (the “August 2018 Repurchase Program”). As of August 9, 2018, $500.0 million remained available for repurchase under the August 2018 Repurchase Program.

 

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The following tabular summary reflects the Company’s repurchase activity during the quarter ended June 30, 2018:

 

Period

 

Total Number
of Shares
Purchased

 

Average Price
per Share¹

 

Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs

 

Maximum Number (or
Approximate Dollar
Value) of Shares that
May Yet Be Purchased
Under the Plans or
Programs (In
thousands)²

 

Apr 1 - Apr 30

 

-

 

  $

-

 

-

 

  $

250,000

 

May 1 - May 28

 

5,017,554

 

  $

49.81

 

5,017,554

 

  $

-

 

May 29, 2018 Authorization

 

 

 

 

 

 

 

 

  $

500,000

 

May 29 - May 31

 

-

 

  $

-

 

-

 

  $

500,000

 

Jun 1 - Jun 30

 

5,535,936

 

  $

54.78

 

5,535,936

 

  $

196,670

 

Total

 

10,553,490

 

  $

52.42

 

10,553,490

 

 

 

 

¹Excluding broker commissions paid.

²Net of broker commissions paid.

 

During the three-months ended June 30, 2018, 504 shares were purchased from employees in lieu of cash payments for options exercised or withholding taxes due, for a total amount of $0.03 million. While such purchases are considered common stock repurchases, they are not counted as purchases against the Company’s authorized share repurchase programs.

 

ITEM 3.                                        DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4.                                        MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5.                                        OTHER INFORMATION

 

None.

 

ITEM 6.                                        EXHIBITS

 

31.1*

 

Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes- Oxley Act of 2002

 

 

 

31.2*

 

Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes- Oxley Act of 2002

 

 

 

32.1*

 

Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

 

 

32.2*

 

Certification by Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

 

 

101*

 

The following financial information from Monster Beverage Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, formatted in XBRL (eXtensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets as of June 30, 2018 and December 31, 2017, (ii) Condensed Consolidated Statements of Income for the three- and six-months ended June 30, 2018 and 2017, (iii) Condensed Consolidated Statements of Comprehensive Income for the three- and six-months ended June 30, 2018 and 2017, (iv) Condensed Consolidated Statements of Cash Flows for the six-months ended June 30, 2018 and 2017, and (v) the Notes to Condensed Consolidated Financial Statements.

 

*   Filed herewith

 

51



Table of Contents

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

MONSTER BEVERAGE CORPORATION

 

Registrant

 

 

 

 

Date: August 9, 2018

/s/ RODNEY C. SACKS

 

Rodney C. Sacks

 

Chairman of the Board of Directors

 

and Chief Executive Officer

 

52


EX-31.1 2 a18-14096_1ex31d1.htm EX-31.1

EXHIBIT 31.1

 

CERTIFICATION PURSUANT TO RULE 13A-14(a) OR 15D-14(a) OF THE SECURITIES

EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

 

I, Rodney Sacks, certify that:

 

1.    I have reviewed this quarterly report on Form 10-Q of Monster Beverage Corporation;

 

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a.              designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.              designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.               evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.              disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 



 

5.              The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

 

a.              all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b.              any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:

August 9, 2018

/s/Rodney C. Sacks

 

 

Rodney C. Sacks
Chairman of the Board of Directors
and Chief Executive Officer

 


EX-31.2 3 a18-14096_1ex31d2.htm EX-31.2

EXHIBIT 31.2

 

CERTIFICATION PURSUANT TO RULE 13A-14(a) OR 15D-14(a) OF THE SECURITIES

EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

 

I, Hilton Schlosberg, certify that:

 

1.    I have reviewed this quarterly report on Form 10-Q of Monster Beverage Corporation;

 

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.    The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a.              designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.              designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.               evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.              disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 



 

5.              The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):

 

a.              all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b.              any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date:

August 9, 2018

/s/ Hilton H. Schlosberg

 

 

Hilton H. Schlosberg

 

 

Vice Chairman of the Board of Directors,

 

 

President, Chief Operating Officer, Chief

 

 

Financial Officer and Secretary

 


EX-32.1 4 a18-14096_1ex32d1.htm EX-32.1

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report of Monster Beverage Corporation (the “Company”) on Form 10-Q for the quarter ended June 30, 2018 as filed with the Securities and Exchange Commission (the “Report”), the undersigned, Rodney C. Sacks, Chairman of the Board of Directors and Chief Executive Officer of the Company, certifies, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

1.              The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.              The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date:

August 9, 2018

/s/ Rodney C. Sacks

 

 

Rodney C. Sacks

 

 

Chairman of the Board of Directors

 

 

and Chief Executive Officer

 


EX-32.2 5 a18-14096_1ex32d2.htm EX-32.2

EXHIBIT 32.2

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report of Monster Beverage Corporation (the “Company”) on Form 10-Q for the quarter ended June 30, 2018 as filed with the Securities and Exchange Commission (the “Report”), the undersigned, Hilton H. Schlosberg, Vice Chairman of the Board of Directors, President, Chief Operating Officer, Chief Financial Officer and Secretary of the Company, certifies, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

1.              The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.              The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date:

August 9, 2018

/s/ Hilton H. Schlosberg

 

 

Hilton H. Schlosberg
Vice Chairman of the Board of Directors,
President, Chief Operating Officer, Chief
Financial Officer and Secretary

 


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style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">In accordance with ASC No.&nbsp;420 &#x201C;Exit or Disposal Cost Obligations&#x201D;, the Company expenses distributor termination costs in the period in which the written notification of termination occurs. The Company incurred termination costs of $5.5 million and $0.2 million for the three-months ended June&nbsp;30, 2018 and 2017, respectively. The Company incurred termination costs of $12.5 million and $20.1 million for the six-months ended June&nbsp;30, 2018 and 2017, respectively. 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Revenue recognized was $11.0 million and $10.2 million for the three-months ended June&nbsp;30, 2018 and 2017, respectively. 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36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 70.00%;margin-left:36pt;background-color: #FFFFFF;"> <tr> <td valign="top" style="width:50.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June 30,<br />2018</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">December 31,<br />2017</font></p> </td> <td valign="bottom" style="width:02.36%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:50.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Amortizing intangibles</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:04.74%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:15.48%;background-color: #FFFFFF;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>71,355 </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:04.74%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:15.50%;background-color: #FFFFFF;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>71,400 </td> <td valign="bottom" style="width:02.36%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:50.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accumulated amortization</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.24%;background-color: #FFFFFF;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(32,387) </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.24%;background-color: #FFFFFF;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(26,383) </td> <td valign="bottom" style="width:02.36%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:50.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.36%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:50.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.24%;background-color: #FFFFFF;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38,968 </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.24%;background-color: #FFFFFF;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45,017 </td> <td valign="bottom" style="width:02.36%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:50.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Non-amortizing intangibles</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.24%;background-color: #FFFFFF;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,000,433 </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.24%;background-color: #FFFFFF;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>989,068 </td> <td valign="bottom" style="width:02.36%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:50.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.36%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:50.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:04.74%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:15.48%;background-color: #FFFFFF;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,039,401 </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:04.74%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:15.50%;background-color: #FFFFFF;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,034,085 </td> <td valign="bottom" style="width:02.36%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:50.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:04.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:15.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:04.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:15.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.36%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> 6000 32.17 39800000 2100000 245910000 267117000 45465000 34368000 95000 95000 21000 21000 32607000 42337000 449476000 592568000 10645000 15978000 87475000 82191000 1579000 1579000 1017000 1017000 138810000 156601000 -16659000 -841000 -15818000 -25196000 -113000 -25083000 4150628000 4194676000 26000000 26000000 12800000 12800000 28300000 28300000 14900000 14900000 6000000 3000000 6000000 3000000 8400000 8800000 2600000 6400000 4791012000 4542070000 2086377000 1828679000 1202437000 423733000 778704000 15720000 99903000 112848000 529984000 81230000 3397000 49954000 112848000 15720000 99903000 529984000 81230000 3397000 49954000 869784000 658737000 211047000 16127000 299949000 148997000 46919000 299949000 16127000 148997000 46919000 675299000 11869000 81026000 468865000 2366000 61219000 49954000 211093000 15177000 148997000 46919000 1000 1000 5000 5000 831000 740000 3000 88000 119000 56000 63000 676129000 11869000 81026000 469604000 2369000 61307000 49954000 211207000 15177000 149048000 46982000 831000 740000 3000 88000 119000 56000 63000 0.18 310885000 310885000 358788000 358788000 528622000 528622000 423733000 104889000 659687000 659687000 658737000 950000 400073000 131065000 377582000 777655000 528622000 659687000 <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">11.<font style="display:inline;font-family:Tms Rmn;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 26.1pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Tms Rmn;font-size:3pt;"></font><font style="display:inline;font-size:11pt;">COMMITMENTS AND CONTINGENCIES</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The Company had purchase commitments aggregating approximately $50.0 million at June&nbsp;30, 2018, 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.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The Company had contractual obligations aggregating approximately $154.2 million at June&nbsp;30, 2018, which related primarily to sponsorships and other marketing activities.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The Company had operating lease commitments aggregating approximately $16.3 million at June&nbsp;30, 2018, which related primarily to warehouse and office space.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:38.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">In February&nbsp;2018, the working capital line limit for the Company&#x2019;s credit facility with HSBC Bank (China) Company Limited, Shanghai Branch was increased from $9.0 million to $15.0 million. At June&nbsp;30, 2018, the interest rate on borrowings under the line of credit was 5.5%. As of June&nbsp;30, 2018, the Company had $11.2 million outstanding on this line of credit, including interest, which is included in accounts payable in the condensed consolidated balance sheet.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;text-decoration:underline;">Legal Proceedings</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:38.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;font-size:11pt;">Litigation</font><font style="display:inline;font-size:11pt;"> &#x2014; The Company has been named a defendant in personal injury lawsuits, claiming that the death or other serious injury of the plaintiffs was caused by consumption of Monster Energy&#xAE; brand energy drinks. The plaintiffs in these lawsuits allege strict product liability, negligence, fraudulent concealment, breach of implied warranties and wrongful death. The Company believes that each complaint is without merit and plans a vigorous defense. The Company also believes that any damages, if awarded, would not have a material adverse effect on the Company&#x2019;s financial position or results of operations.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Furthermore, from time to time in the normal course of business, the Company is named in other litigation, including consumer class actions, intellectual property litigation 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 the aggregate will likely not have a material adverse effect on the Company&#x2019;s financial position or results of operations.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">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, or in the amount of any related insurance reimbursements recorded. As of June&nbsp;30, 2018, the Company&#x2019;s condensed consolidated balance sheet includes accrued loss contingencies of approximately $3.3 million.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p><div /></div> </div> 0.005 0.005 1250000000 1250000000 629255000 630330000 566298000 552457000 3146000 3152000 407029000 227718000 477628000 258641000 <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">12.<font style="display:inline;font-family:Tms Rmn;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 26.1pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Tms Rmn;font-size:3pt;"></font><font style="display:inline;font-size:11pt;">ACCUMULATED OTHER COMPREHENSIVE LOSS</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Changes in accumulated other comprehensive loss by component, after tax, for the six-months ended June&nbsp;30, 2018 are as follows:</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td valign="bottom" style="width:46.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Currency<br />Translation<br />Losses</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Unrealized<br />(Gains) Losses<br />on Available-for-<br />Sale Securities</font></p> </td> <td valign="bottom" style="width:02.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Total</font></p> </td> <td valign="bottom" style="width:00.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:46.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Balance at December&nbsp;31, 2017</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.34%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.66%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,818 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.16%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:11.68%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>841 </td> <td valign="bottom" style="width:02.26%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.16%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.36%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,659 </td> <td valign="bottom" style="width:00.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:46.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Other comprehensive loss (gain) before reclassifications</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,265 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.84%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(728) </td> <td valign="bottom" style="width:02.26%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.50%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,537 </td> <td valign="bottom" style="width:00.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:46.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Amounts reclassified from accumulated other comprehensive loss (gain)</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.84%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.26%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:00.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:46.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:16.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:46.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Net current-period other comprehensive loss (gain)</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,265 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.84%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(728) </td> <td valign="bottom" style="width:02.26%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.50%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,537 </td> <td valign="bottom" style="width:00.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:46.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:16.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:46.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Balance at June 30, 2018</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.34%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.66%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25,083 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.16%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:11.68%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>113 </td> <td valign="bottom" style="width:02.26%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.16%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.36%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25,196 </td> <td valign="bottom" style="width:00.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:46.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:46.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> 0.12 0.25 0.09 0.04 0.13 0.17 0.09 0.05 0.13 0.04 0.10 0.13 0.13 0.04 0.09 0.12 154200000 377600000 364100000 22200000 11000000 584843000 323571000 731279000 395615000 0.055 -6600000 43236000 43888000 334354000 320259000 20100000 20100000 10200000 10200000 22200000 22200000 11000000 11000000 92333000 85253000 22775000 3418000 13413000 3638000 2306000 11593000 1725000 6873000 1842000 1153000 28185000 4217000 17770000 3872000 2326000 14194000 2121000 8960000 1946000 1167000 4892000 1534000 223000 1806000 2803000 918000 5279000 2719000 61000 18000 2000 1000 13000 2000 7000 12000 1484000 1484000 177000 8000 642000 334000 126000 18000 52000 222000 996000 996000 82000 30000 408000 129000 54000 30000 92000 192000 -9467000 -4439000 5734000 10393000 <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">6.<font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Tms Rmn;font-size:3pt;"></font><font style="display:inline;font-size:11pt;">DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;color:#000000;font-size:11pt;">The Company is exposed to foreign currency exchange rate risks related primarily to its foreign business operations. During the three- and six-months ended June&nbsp;30, 2018 and the year ended December&nbsp;31, 2017, the Company entered into forward currency exchange contracts with financial institutions to create an economic hedge to specifically manage a portion of the foreign exchange risk exposure associated with certain consolidated subsidiaries&#x2019; non-functional currency denominated assets and liabilities. All foreign currency exchange contracts of the Company that were outstanding as of June&nbsp;30, 2018 have terms of one month or less. The Company does not enter into forward currency exchange contracts for speculation or trading purposes.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;color:#000000;font-size:11pt;">The Company has not designated its foreign currency exchange contracts as hedge transactions under ASC&nbsp;815. Therefore, gains and losses on the Company&#x2019;s foreign currency exchange contracts are recognized in interest and other income (expense), net, in the condensed consolidated statements of income, and are largely offset by the changes in the fair value of the underlying economically hedged item.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;color:#000000;font-size:11pt;">The notional amount and fair value of all outstanding foreign currency derivative instruments in the condensed consolidated balance sheets consist of the following at:</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td colspan="9" valign="bottom" style="width:99.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">June&nbsp;30, 2018</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Derivatives not designated as<br />hedging instruments under<br />FASB ASC 815-20</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Notional<br />Amount</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Fair<br />Value</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Balance Sheet Location</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 29.55pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 4pt;"> <font style="display:inline;font-size:4pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.32%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Assets:</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.32%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 27.25pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Foreign currency exchange contracts:</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.32%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Receive SGD/pay USD</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:10.94%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,279 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:10.00%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accounts receivable, net</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 60pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Receive USD/pay NZD</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.32%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,719 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.38%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accounts receivable, net</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Receive NOK/pay USD</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.32%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>918 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.38%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accounts receivable, net</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.32%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.32%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.9pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Liabilities:</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.32%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 27.25pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Foreign currency exchange contracts:</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.32%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.38%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Receive USD/pay EUR</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:10.94%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,572 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:10.00%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(408) </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Receive USD/pay GBP</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.32%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,904 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.38%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(129) </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Receive USD/pay ZAR</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.32%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,633 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.38%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(192) </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Receive USD/pay AUD</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.32%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,118 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.38%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(82) </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Receive USD/pay TRY</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.32%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,277 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.38%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(92) </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Receive USD/pay COP</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.32%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,567 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.38%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(30) </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Receive USD/pay MXN</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.32%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,035 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.38%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(54) </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Receive USD/pay RUB</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.32%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,774 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.38%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(30) </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td colspan="9" valign="bottom" style="width:99.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 1.5pt 0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">December&nbsp;31, 2017</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt 0pt 1.5pt 0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 1.5pt 0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Derivatives not designated as<br />hedging instruments under<br />FASB ASC 815-20</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt 0pt 1.5pt 0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 1.5pt 0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Notional<br />Amount</font></p> </td> <td valign="bottom" style="width:02.48%;padding:0pt 0pt 1.5pt 0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 1.5pt 0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Fair<br />Value</font></p> </td> <td valign="bottom" style="width:02.48%;padding:0pt 0pt 1.5pt 0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 1.5pt 0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Balance Sheet Location</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt 0pt 1.5pt 0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 4pt;"> <font style="display:inline;font-size:4pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Assets:</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.52%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 27.4pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Foreign currency exchange contracts:</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.52%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive CAD/pay USD</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.36%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.98%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,892 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.36%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.16%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accounts receivable, net</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive USD/pay COP</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,803 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accounts receivable, net</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive USD/pay BRL</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,806 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accounts receivable, net</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive NOK/pay USD</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,534 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accounts receivable, net</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive SGD/pay USD</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>223 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accounts receivable, net</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.34%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.52%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.34%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.52%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Liabilities:</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.34%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.52%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 27.4pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Foreign currency exchange contracts:</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.34%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.52%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive USD/pay EUR</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.36%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.98%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>65,131 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.36%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.16%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(642) </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive USD/pay GBP</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31,342 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(334) </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive USD/pay ZAR</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,311 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(222) </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive USD/pay AUD</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,238 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(177) </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive USD/pay MXN</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,720 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(126) </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive USD/pay TRY</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,483 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(52) </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive USD/pay NZD</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,826 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18) </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive USD/pay CLP</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,112 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(8) </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;color:#000000;font-size:11pt;">The net gains (losses) on derivative instruments in the condensed consolidated statements of income were as follows:</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td valign="bottom" style="width:30.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:34.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:31.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Amount of gain (loss)<br />recognized in income on<br />derivatives</font></p> </td> </tr> <tr> <td valign="bottom" style="width:30.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:34.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:31.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Three-months ended</font></p> </td> </tr> <tr> <td valign="bottom" style="width:30.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Derivatives not designated as<br /> hedging instruments under<br /> FASB ASC 815-20</font></p> </td> <td valign="bottom" style="width:01.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:34.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Location of gain (loss)<br />recognized in income on<br />derivatives</font></p> </td> <td valign="bottom" style="width:01.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June&nbsp;30, 2018</font></p> </td> <td valign="bottom" style="width:01.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June&nbsp;30, 2017</font></p> </td> </tr> <tr> <td valign="top" style="width:30.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 5pt;"> <font style="display:inline;font-size:5pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:34.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.16%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.50%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:30.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Foreign currency exchange contracts</font></p> </td> <td valign="bottom" style="width:01.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:34.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Interest and other income (expense), net </font></p> </td> <td valign="bottom" style="width:01.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;"> &nbsp;$</font></p> </td> <td valign="bottom" style="width:11.50%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,393 </td> <td valign="bottom" style="width:01.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;"> &nbsp;$</font></p> </td> <td valign="bottom" style="width:10.94%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,439) </td> </tr> <tr> <td valign="top" style="width:30.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:34.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td valign="bottom" style="width:30.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:34.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:31.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Amount of gain (loss)<br />recognized in income on<br />derivatives</font></p> </td> </tr> <tr> <td valign="bottom" style="width:30.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:34.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:31.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Six-months ended</font></p> </td> </tr> <tr> <td valign="bottom" style="width:30.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Derivatives not designated as<br /> hedging instruments under<br /> FASB ASC 815-20</font></p> </td> <td valign="bottom" style="width:01.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:34.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Location of gain (loss)<br />recognized in income on<br />derivatives</font></p> </td> <td valign="bottom" style="width:01.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June&nbsp;30, 2018</font></p> </td> <td valign="bottom" style="width:01.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June&nbsp;30, 2017</font></p> </td> </tr> <tr> <td valign="top" style="width:30.90%;height:6.25pt;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> <font style="display:inline;font-size:5pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.76%;height:6.25pt;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:34.10%;height:6.25pt;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;height:6.25pt;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.16%;height:6.25pt;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;height:6.25pt;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.50%;height:6.25pt;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:30.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Foreign currency exchange contracts</font></p> </td> <td valign="bottom" style="width:01.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:34.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Interest and other income (expense), net </font></p> </td> <td valign="bottom" style="width:01.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;"> &nbsp;$</font></p> </td> <td valign="bottom" style="width:11.50%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,734 </td> <td valign="bottom" style="width:01.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;"> &nbsp;$</font></p> </td> <td valign="bottom" style="width:10.94%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,467) </td> </tr> <tr> <td valign="top" style="width:30.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:34.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> 17238000 1112000 65131000 31342000 7720000 1826000 5483000 21311000 14118000 3567000 50572000 37904000 3035000 2774000 5277000 16633000 P1M <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;"><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:18pt;"> <tr> <td valign="top" style="width:26.62%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="14" valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Three-Months Ended June&nbsp;30, 2018</font></p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:26.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Net Sales</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">U.S. and<br />Canada</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">EMEA</font><font style="display:inline;font-family:Tms Rmn;font-size:7pt;">1</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Asia Pacific</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Latin<br />America<br />and<br />Caribbean</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Total</font></p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:26.62%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Monster Energy&#xAE; Drinks</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.84%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:08.94%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>695,963 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:09.10%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>138,608 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.38%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:08.40%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>60,606 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.22%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:08.58%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,262 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.02%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:08.74%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>929,439 </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:26.62%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Strategic Brands</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,133 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,967 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,368 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.80%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>343 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>79,811 </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:26.62%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Other</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,623 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.80%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,623 </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:26.62%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:11.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:26.62%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Total Net Sales</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.84%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:08.94%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>752,719 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:09.10%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>161,575 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.38%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:08.40%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66,974 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.22%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:08.58%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,605 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.02%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:08.74%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,015,873 </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:26.62%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:18pt;"> <tr> <td valign="top" style="width:26.84%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="14" valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Six-Months Ended June&nbsp;30, 2018</font></p> </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:26.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Net Sales</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">U.S. and<br />Canada</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">EMEA</font><font style="display:inline;font-family:Tms Rmn;font-size:7pt;">1</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Asia Pacific</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Latin<br />America<br />and<br />Caribbean</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Total</font></p> </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Monster Energy&#xAE; Drinks</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.84%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.94%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,284,778 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:09.10%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>249,538 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.38%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.40%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>108,037 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.22%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.58%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>67,590 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.02%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.76%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,709,943 </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Strategic Brands</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>89,857 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42,280 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,916 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.80%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,517 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>145,570 </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Other</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,280 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.80%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,280 </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:11.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:26.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Total Net Sales</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.84%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.94%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,385,915 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:09.10%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>291,818 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.38%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.40%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>119,953 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.22%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.58%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>69,107 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.02%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.76%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,866,793 </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-style:italic;color:#252525;font-size:6.5pt;">1</font><font style="display:inline;font-style:italic;color:#252525;font-size:9pt;">Europe, Middle East and Africa (&#x201C;EMEA&#x201D;)</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">14.<font style="display:inline;font-family:Tms Rmn;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 26.1pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Tms Rmn;font-size:3pt;"></font><font style="display:inline;font-size:11pt;">STOCK-BASED COMPENSATION</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The Company has two stock-based compensation plans under which shares were available for grant at June&nbsp;30, 2018: the Monster Beverage Corporation 2011 Omnibus Incentive Plan (the &#x201C;2011 Omnibus Incentive Plan&#x201D;), including the Monster Beverage Deferred Compensation Plan (the &#x201C;Deferred Compensation Plan&#x201D;) as a sub plan thereunder, and the Monster Beverage Corporation 2017 Compensation Plan for Non-Employee Directors (the &#x201C;2017 Directors Plan&#x201D;), including the Monster Beverage Deferred Compensation Plan for Non-Employee Directors (the &#x201C;Non-Employee Director Deferral Plan&#x201D;) as a sub plan thereunder.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The Company recorded $14.9 million and $12.8 million of compensation expense relating to outstanding options and restricted stock units during the three-months ended June&nbsp;30, 2018 and 2017, respectively. The Company recorded $28.3 million and $26.0 million of compensation expense relating to outstanding options and restricted stock units during the six-months ended June&nbsp;30, 2018 and 2017, respectively.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The excess tax benefit for tax deductions from non-qualified stock option exercises, disqualifying dispositions of incentive stock options and vesting of restricted stock units for the three-months ended June&nbsp;30, 2018 and 2017 was $1.7 million and $1.9 million, respectively. The excess tax benefit for tax deductions from non-qualified stock option exercises, disqualifying dispositions of incentive stock options and vesting of restricted stock units for the six-months ended June&nbsp;30, 2018 and 2017 was $4.5 million and $11.3 million, respectively.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;font-size:11pt;text-decoration:underline;">Stock Options</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Under the Company&#x2019;s stock-based compensation plans, all stock options granted as of June&nbsp;30, 2018 were granted at prices based on the fair value of the Company&#x2019;s common stock on the date of grant. The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes-Merton option pricing formula with the assumptions included in the table below. The Company records compensation expense for non-employee stock options based on the estimated fair value of the options as of the earlier of (1)&nbsp;the date at which a commitment for performance by the non-employee to earn the stock option is reached or (2)&nbsp;the date at which the non-employee&#x2019;s performance is complete, using the Black-Scholes-Merton option pricing formula with the assumptions included in the table below. The Company uses historical data to determine the exercise behavior, volatility and forfeiture rate of the options.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The following weighted-average assumptions were used to estimate the fair value of options granted during:</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 96.00%;margin-left:18pt;"> <tr> <td valign="top" style="width:38.96%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:27.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Three-Months Ended June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:27.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Six-Months Ended June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:01.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:38.96%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">2018</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">2017</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">2018</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">2017</font></p> </td> <td valign="bottom" style="width:01.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:38.96%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Dividend yield</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;;font-family:Tms Rmn;font-size:11pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.0% </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;;font-family:Tms Rmn;font-size:11pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.0% </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;;font-family:Tms Rmn;font-size:11pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.0% </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;;font-family:Tms Rmn;font-size:11pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.0% </td> <td valign="bottom" style="width:01.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:38.96%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Expected volatility</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;;font-family:Tms Rmn;font-size:11pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34.9% </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;;font-family:Tms Rmn;font-size:11pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36.5% </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;;font-family:Tms Rmn;font-size:11pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34.9% </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;;font-family:Tms Rmn;font-size:11pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36.6% </td> <td valign="bottom" style="width:01.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:38.96%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Risk-free interest rate</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;;font-family:Tms Rmn;font-size:11pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.7% </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;;font-family:Tms Rmn;font-size:11pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.8% </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;;font-family:Tms Rmn;font-size:11pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.8% </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;;font-family:Tms Rmn;font-size:11pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.1% </td> <td valign="bottom" style="width:01.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:38.96%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Expected term</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;padding:0pt;"> <p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">6.1 years</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;padding:0pt;"> <p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">6.1 years</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;padding:0pt;"> <p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">6.1 years</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;padding:0pt;"> <p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">6.1 years</font></p> </td> <td valign="bottom" style="width:01.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:38.96%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;padding:0pt;"> <p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;padding:0pt;"> <p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;padding:0pt;"> <p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;padding:0pt;"> <p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;font-size:11pt;">Expected Volatility</font><font style="display:inline;font-size:11pt;">: The Company uses historical volatility as it provides a reasonable estimate of the expected volatility. Historical volatility is based on the most recent volatility of the stock price over a period of time equivalent to the expected term of the option.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;font-size:11pt;">Risk-Free Interest Rate</font><font style="display:inline;font-size:11pt;">: The risk-free interest rate is based on the U.S. Treasury zero coupon yield curve in effect at the time of grant for the expected term of the option.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;font-size:11pt;">Expected Term</font><font style="display:inline;font-size:11pt;">: The Company&#x2019;s expected term represents the weighted-average period that the Company&#x2019;s stock options are expected to be outstanding. The expected term is based on the expected time to post-vesting exercise of options by employees. The Company uses historical exercise patterns of previously granted options to derive employee behavioral patterns used to forecast expected exercise patterns.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The following table summarizes the Company&#x2019;s activities with respect to its stock option plans as follows:</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td valign="bottom" style="width:41.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30.3pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Options</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Number of<br />Shares (In<br />thousands)</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Weighted-<br />Average<br />Exercise<br />Price Per<br />Share</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Weighted-<br />Average<br />Remaining<br />Contractual<br />Term (In<br />years)</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Aggregate<br />Intrinsic Value</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Outstanding at January&nbsp;1, 2018</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,819 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.66%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29.62 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.1 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:09.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">600,032 </font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 40pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Granted 01/01/18 - 03/31/18</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,615 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.66%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58.76 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 40pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Granted 04/01/18 - 06/30/18</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>360 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.66%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51.72 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 40pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Exercised</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(814) </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.66%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16.73 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 40pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Cancelled or forfeited</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(216) </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.66%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42.60 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Outstanding at June 30, 2018</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,764 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.66%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34.26 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.2 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:09.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>459,527 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Vested and expected to vest in the</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">future at June 30, 2018</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,673 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.66%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33.32 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.1 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:09.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">451,327 </font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Exercisable at June 30, 2018</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,639 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.66%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22.40 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.5 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:09.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">371,252 </font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The weighted-average grant-date fair value of options granted during the three-months ended June&nbsp;30, 2018 and 2017 was $20.20 per share and $18.97 per share, respectively. The weighted-average grant-date fair value of options granted during the six-months ended June&nbsp;30, 2018 and 2017 was $22.51 per share and $18.01 per share, respectively. The total intrinsic value of options exercised during the three-months ended June&nbsp;30, 2018 and 2017 was $14.7 million and $8.5 million, respectively. The total intrinsic value of options exercised during the six-months ended June&nbsp;30, 2018 and 2017 was $32.9 million and $40.9 million, respectively.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Cash received from option exercises under all plans for the three-months ended June&nbsp;30, 2018 and 2017 was approximately $7.1 million and $5.5 million, respectively. Cash received from option exercises under all plans for the six-months ended June&nbsp;30, 2018 and 2017 was approximately $13.6 million and $19.1 million, respectively.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">At June&nbsp;30, 2018, there was $121.1 million of total unrecognized compensation expense related to non-vested options granted to employees under the Company&#x2019;s share-based payment plans. That cost is expected to be recognized over a weighted-average period of 3.0 years.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;font-size:11pt;text-decoration:underline;">Restricted Stock Units</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The cost of stock-based compensation for restricted stock units is measured based on the closing fair market value of the Company&#x2019;s common stock at the date of grant. In the event that the Company has the option and intent to settle a restricted stock unit in cash, the award is classified as a liability and revalued at each balance sheet date.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The following table summarizes the Company&#x2019;s activities with respect to non-vested restricted stock units as follows:</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 66.00%;margin-left:36pt;"> <tr> <td valign="top" style="width:55.04%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Number of<br />Shares (in<br />thousands)</font></p> </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:18.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Weighted<br />Average<br />Grant-Date<br />Fair Value</font></p> </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.04%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Non-vested at January&nbsp;1, 2018</font></p> </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>530 </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.34%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:12.90%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45.09 </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.04%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Granted 01/01/18- 03/31/18</font></p> </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>221 </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.34%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:12.90%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58.75 </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.04%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Granted 04/01/18- 06/30/18</font></p> </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>48 </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.34%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:12.90%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>52.31 </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.04%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Vested</font></p> </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(262) </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.34%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:12.90%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45.36 </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.04%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Forfeited/cancelled</font></p> </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6) </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.34%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:12.90%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32.17 </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:55.04%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Non-vested at June 30, 2018</font></p> </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>531 </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.34%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:12.90%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51.45 </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The weighted-average grant-date fair value of restricted stock units granted during the three-months ended June&nbsp;30, 2018 and 2017 was $52.31 per share and $50.86 per share, respectively. The weighted-average grant-date fair value of restricted stock units granted during the six-months ended June&nbsp;30, 2018 and 2017 was $57.59 per share and $46.65 per share, respectively.&nbsp;&nbsp;As of June&nbsp;30, 2018, 0.5 million of restricted stock units are expected to vest over their respective terms.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">At June&nbsp;30, 2018, total unrecognized compensation expense relating to non-vested restricted stock units was $22.2 million, which is expected to be recognized over a weighted-average period of 2.1 years.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">16.<font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 26.1pt 0pt 0pt;"></font></font><font style="display:inline;font-size:3pt;"></font><font style="display:inline;font-size:11pt;">EARNINGS PER SHARE</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">A reconciliation of the weighted-average shares used in the basic and diluted earnings per common share computations is presented below (in thousands):</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:36pt;"> <tr> <td valign="bottom" style="width:36.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:28.40%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Three-Months&nbsp;Ended</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:28.40%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Six-Months&nbsp;Ended</font></p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:36.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:28.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:28.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2018</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2017</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2018</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2017</font></p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Weighted-average shares outstanding:</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Basic</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>559,867 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>567,910 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>562,917 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>567,384 </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Dilutive</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,485 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,110 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,314 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,335 </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:36.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Diluted</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>566,352 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>578,020 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>570,231 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>577,719 </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">For the three-months ended June&nbsp;30, 2018 and 2017, options and awards outstanding totaling 6.4 million shares and 8.8 million shares, respectively, were excluded from the calculations as their effect would have been antidilutive. For the six-months ended June&nbsp;30, 2018 and 2017, options and awards outstanding totaling 2.6 million shares and 8.4 million shares, respectively, were excluded from the calculations as their effect would have been antidilutive.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> 0.35 0.21 4074000 -3908000 34996000 26357000 11300000 1900000 4500000 1700000 <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">5.<font style="display:inline;font-family:Tms Rmn;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Tms Rmn;font-size:3pt;"></font><font style="display:inline;font-size:11pt;">FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">ASC 820 provides a framework for measuring fair value and requires disclosures regarding fair value measurements. ASC 820 defines fair value as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available. The three levels of inputs required by the standard that the Company uses to measure fair value are summarized below.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;"> <p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;"> <font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:11pt;;"> &#xB7;</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;"> <font style="display:inline;font-weight:bold;font-size:11pt;">Level&nbsp;1: </font><font style="display:inline;font-size:11pt;">Quoted prices in active markets for identical assets or liabilities.</font></p></td></tr></table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;"> <p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;"> <font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:11pt;;"> &#xB7;</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;"> <font style="display:inline;font-weight:bold;font-size:11pt;">Level&nbsp;2: </font><font style="display:inline;font-size:11pt;">Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.</font></p></td></tr></table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt;"> <p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;"> <font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:11pt;;"> &#xB7;</font> </p> </td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;margin:0pt;"> <font style="display:inline;font-weight:bold;font-size:11pt;">Level&nbsp;3: </font><font style="display:inline;font-size:11pt;">Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.</font></p></td></tr></table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">ASC 820 requires the use of observable market inputs (quoted market prices) when measuring fair value and requires a Level 1 quoted price to be used to measure fair value whenever possible.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The following tables present the fair value of the Company&#x2019;s financial assets and liabilities that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy at:</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td valign="top" style="width:42.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">June&nbsp;30, 2018</font></p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Level 1</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Level 2</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Level 3</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Total</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Cash</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.84%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>358,788 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>358,788 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Money market funds</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>299,949 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>299,949 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Commercial paper</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,127 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,127 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Municipal securities</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>148,997 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>148,997 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">U.S. government agency securities</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>46,919 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>46,919 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Foreign currency derivatives</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(996 </td> <td valign="bottom" style="width:02.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(996 </td> <td valign="bottom" style="width:01.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Total</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.84%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>658,737 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>211,047 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>869,784 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Amounts included in:</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Cash and cash equivalents</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.84%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>658,737 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>950 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>659,687 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Short-term investments</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>211,093 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>211,093 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accounts receivable, net</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Investments</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,017 </td> <td valign="bottom" style="width:02.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,017 </td> <td valign="bottom" style="width:01.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Total</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.84%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>658,737 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>211,047 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>869,784 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">December&nbsp;31, 2017</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Level 1</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Level 2</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Level 3</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Total</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Cash</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.84%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>310,885 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>310,885 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Money market funds</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>112,848 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>112,848 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Certificates of deposit</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,720 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,720 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Commercial paper</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>99,903 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>99,903 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Variable rate demand notes</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>49,954 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>49,954 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Municipal securities</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>529,984 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>529,984 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">U.S. government agency securities</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>81,230 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>81,230 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">U.S. Treasuries</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,397 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,397 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Foreign currency derivatives</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,484 </td> <td valign="bottom" style="width:02.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,484 </td> <td valign="bottom" style="width:01.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Total</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.84%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>423,733 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>778,704 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,202,437 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Amounts included in:</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Cash and cash equivalents</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.84%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>423,733 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>104,889 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>528,622 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Short-term investments</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>672,933 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>672,933 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accounts receivable, net</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>95 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>95 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Investments</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,366 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,366 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,579 </td> <td valign="bottom" style="width:02.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,579 </td> <td valign="bottom" style="width:01.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Total</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.84%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>423,733 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>778,704 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,202,437 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">All of the Company&#x2019;s short-term investments are classified within Level&nbsp;1 or Level&nbsp;2 of the fair value hierarchy.&nbsp;&nbsp;The Company&#x2019;s valuation of its Level 1 investments, which include money market funds, is based on quoted market prices in active markets for identical securities. The Company&#x2019;s valuation of its Level 2 investments, which include municipal securities, commercial paper, certificates of deposit, VRDNs, U.S. Treasuries and U.S. government agency securities, is based on other observable inputs, specifically a market approach which utilizes valuation models, pricing systems, mathematical tools and other relevant information for the same or similar securities. The Company&#x2019;s valuation of its Level 2 foreign currency exchange contracts is based on quoted market prices of the same or similar instruments, adjusted for counterparty risk. There were no transfers between Level 1 and Level 2 measurements during the six-months ended June&nbsp;30, 2018 or the year ended December&nbsp;31, 2017, and there were no changes in the Company&#x2019;s valuation techniques.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> 26383000 32387000 71400000 71355000 45017000 38968000 P7Y P5Y 20100000 200000 12500000 5500000 436000 308000 1331643000 693644000 637999000 1331643000 693644000 637999000 1331643000 693644000 637999000 1331643000 693644000 637999000 1064371000 583497000 1135514000 620258000 612410000 -121643000 635651000 95268000 3134000 347490000 -63718000 356316000 53174000 1718000 639816000 -131702000 675305000 93416000 2797000 358097000 -67904000 373342000 50833000 1826000 0.71 0.39 0.86 0.48 0.69 0.39 0.85 0.48 <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">15.<font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 26.1pt 0pt 0pt;"></font></font><font style="display:inline;font-size:3pt;"></font><font style="display:inline;font-size:11pt;">INCOME TAXES</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">On December&nbsp;22, 2017, the President of the United States signed into law the Tax Reform Act.&nbsp;&nbsp;The legislation significantly changes U.S. tax law by, among other things, lowering corporate income tax rates, implementing a territorial tax system and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. The Tax Reform Act permanently reduces the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January&nbsp;1, 2018. The SEC staff issued Staff Accounting Bulletin No.&nbsp;118 (&#x201C;SAB 118&#x201D;) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. A company may select between one of three scenarios to determine a reasonable estimate for certain income tax effects arising from the Tax Reform Act. Those scenarios are (i)&nbsp;a final estimate which effectively closes the measurement window; (ii)&nbsp;a reasonable estimate leaving the measurement window open for future revisions; and (iii)&nbsp;no estimate as the law is still being analyzed. The Company was able to provide a reasonable estimate for the revaluation of deferred taxes and the effects of the toll charge on undistributed foreign subsidiary earnings and profits (&#x201C;E&amp;P&#x201D;). As a result of the reduction in the U.S. corporate income tax rate from 35% to 21% under the Tax Reform Act, the Company revalued its net deferred tax assets at December&nbsp;31, 2017, resulting in a provisional $39.8 million charge included in the provision for income taxes for the year ended December&nbsp;31, 2017. The Tax Reform Act also provided for a one-time deemed mandatory repatriation of Post-1986 E&amp;P through the year ended December&nbsp;31, 2017.&nbsp;&nbsp;As a result, the Company recognized a provisional $2.1 million charge in the provision for income taxes for the year ended December&nbsp;31, 2017 related to such deemed mandatory repatriation.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The Company has not made additional measurement window adjustments to these items during the three- and six-months ended June&nbsp;30, 2018. The Company continues to evaluate the various provisions of the Tax Reform Act, including, the global intangible low-taxed income (&#x201C;GILTI&#x201D;) and the foreign derived intangible income (&#x201C;FDII&#x201D;) provisions. The ultimate impact of the Tax Reform Act may differ from these provisional amounts, possibly materially, due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued, as well as any related actions the Company may take. The measurement window begins in the reporting period that includes the enactment date and ends when an entity has obtained, prepared and analyzed the information needed in order to complete the accounting requirements under ASC Topic 740.</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The following is a roll-forward of the Company&#x2019;s total gross unrecognized tax benefits, not including interest and penalties, for the six-months ended June&nbsp;30, 2018:</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 61.00%;margin-left:50.4pt;"> <tr> <td valign="top" style="width:56.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:37.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Gross&nbsp;Unrecognized&nbsp;Tax<br />Benefits</font></p> </td> <td valign="bottom" style="width:01.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:56.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Balance at December&nbsp;31, 2017</font></p> </td> <td valign="bottom" style="width:04.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.20%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:28.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,540 </td> <td valign="bottom" style="width:01.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:56.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Additions for tax positions related to the current year</font></p> </td> <td valign="bottom" style="width:04.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:37.04%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>210 </td> <td valign="bottom" style="width:01.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:56.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Additions for tax positions related to the prior year</font></p> </td> <td valign="bottom" style="width:04.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:37.04%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,172 </td> <td valign="bottom" style="width:01.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:56.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Decreases related to settlement with taxing authority</font></p> </td> <td valign="bottom" style="width:04.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:37.04%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,665) </td> <td valign="bottom" style="width:01.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:56.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:37.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:56.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Balance at June 30, 2018</font></p> </td> <td valign="bottom" style="width:04.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.20%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:28.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,257 </td> <td valign="bottom" style="width:01.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:56.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:28.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Company&#x2019;s condensed consolidated financial statements. As of June&nbsp;30, 2018, the Company had approximately $1.0 million in accrued interest and penalties related to unrecognized tax benefits. If the Company were to prevail on all uncertain tax positions, the resultant impact on the Company&#x2019;s effective tax rate would not be significant. It is expected that any change in the amount of unrecognized tax benefits within the next 12 months will not be significant.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The Company is subject to U.S. federal income tax as well as to income tax in multiple state and foreign jurisdictions.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">On October&nbsp;18, 2016, the IRS began its examination of the Company&#x2019;s U.S. federal income tax return for the year ended December&nbsp;31, 2014. On March&nbsp;27, 2017, the IRS began its examination of the Company&#x2019;s U.S. federal income tax return for the year ended December&nbsp;31, 2015.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The Company is in various stages of examination with certain states and certain foreign jurisdictions. The Company&#x2019;s 2014 through 2017 U.S. federal income tax returns are subject to examination by the IRS. The Company&#x2019;s state income tax returns are subject to examination for the 2013 through 2017 tax years.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> 156039000 41780000 211797000 124857000 153651000 87981000 8784000 24684000 75178000 154369000 -125000000 -5362000 8043000 -667000 -15617000 -1862000 76000 -7069000 -12342000 -7225000 -8413000 -26000 42000 24859000 22753000 1344000 8131000 15977000 -60696000 -104969000 10335000 10110000 7314000 6485000 989068000 1000433000 <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">9.<font style="display:inline;font-family:Tms Rmn;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Tms Rmn;font-size:3pt;"></font><font style="display:inline;font-size:11pt;">GOODWILL AND OTHER INTANGIBLE ASSETS</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The following is a roll-forward of goodwill for the six-months ended June&nbsp;30, 2018 and 2017 by reportable segment:</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:36pt;"> <tr> <td valign="top" style="width:37.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Monster<br />Energy&#xAE;<br />Drinks</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Strategic<br />Brands</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Other</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Total</font></p> </td> <td valign="bottom" style="width:00.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:37.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Balance at December&nbsp;31, 2017</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.02%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:09.82%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>693,644 </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:10.14%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>637,999 </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.26%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:08.12%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">-</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.48%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:10.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,331,643 </td> <td valign="bottom" style="width:00.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:37.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Acquisitions</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.84%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">-</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.82%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">-</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:11.38%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">-</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:14.34%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:00.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:37.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:12.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:12.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:11.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:14.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:37.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Balance at June 30, 2018</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.02%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:09.82%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>693,644 </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:10.14%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>637,999 </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.26%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:08.12%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">-</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.48%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:10.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,331,643 </td> <td valign="bottom" style="width:00.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:37.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:09.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:10.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:08.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:36pt;"> <tr> <td valign="top" style="width:37.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Monster<br />Energy&#xAE;<br />Drinks</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Strategic<br />Brands</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Other</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Total</font></p> </td> <td valign="bottom" style="width:00.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:37.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Balance at December 31, 2016</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.02%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:09.82%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>693,644 </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:10.14%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>637,999 </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.26%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:08.12%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">-</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.48%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:10.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,331,643 </td> <td valign="bottom" style="width:00.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:37.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Acquisitions</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.84%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">-</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.82%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">-</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:11.38%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">-</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:14.34%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:00.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:37.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:12.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:12.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:11.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:14.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:37.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Balance at June 30, 2017</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.02%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:09.82%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>693,644 </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:10.14%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>637,999 </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.26%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:08.12%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">-</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.48%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:10.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,331,643 </td> <td valign="bottom" style="width:00.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:37.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:09.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:10.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:08.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Intangible assets consist of the following at:</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 70.00%;margin-left:36pt;background-color: #FFFFFF;"> <tr> <td valign="top" style="width:50.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June 30,<br />2018</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">December 31,<br />2017</font></p> </td> <td valign="bottom" style="width:02.36%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:50.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Amortizing intangibles</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:04.74%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:15.48%;background-color: #FFFFFF;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>71,355 </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:04.74%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:15.50%;background-color: #FFFFFF;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>71,400 </td> <td valign="bottom" style="width:02.36%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:50.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accumulated amortization</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.24%;background-color: #FFFFFF;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(32,387) </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.24%;background-color: #FFFFFF;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(26,383) </td> <td valign="bottom" style="width:02.36%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:50.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.36%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:50.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.24%;background-color: #FFFFFF;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38,968 </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.24%;background-color: #FFFFFF;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45,017 </td> <td valign="bottom" style="width:02.36%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:50.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Non-amortizing intangibles</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.24%;background-color: #FFFFFF;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,000,433 </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.24%;background-color: #FFFFFF;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>989,068 </td> <td valign="bottom" style="width:02.36%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:50.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:20.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.36%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:50.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:04.74%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:15.48%;background-color: #FFFFFF;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,039,401 </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:04.74%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:15.50%;background-color: #FFFFFF;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,034,085 </td> <td valign="bottom" style="width:02.36%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:50.00%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:04.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:15.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.58%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:04.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:15.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.36%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">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 five to seven years. Total amortization expense recorded was $3.0 million for both the three-months ended June&nbsp;30, 2018 and 2017. Total amortization expense recorded was $6.0 million for both the six-months ended June&nbsp;30, 2018 and 2017.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p><div /></div> </div> 1034085000 1039401000 38000 28000 <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">7.<font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Tms Rmn;font-size:3pt;"></font><font style="display:inline;font-size:11pt;">INVENTORIES</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Inventories consist of the following at:</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;"><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 92.00%;margin-left:36pt;"> <tr> <td valign="bottom" style="width:58.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.72%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June 30,<br />2018</font></p> </td> <td valign="bottom" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">December 31,<br />2017</font></p> </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:58.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Raw materials</font></p> </td> <td valign="bottom" style="width:02.72%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:13.94%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>89,362 </td> <td valign="bottom" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:13.98%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>78,834 </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:58.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Finished goods</font></p> </td> <td valign="bottom" style="width:02.72%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.32%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>186,204 </td> <td valign="bottom" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.32%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>176,911 </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:58.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.72%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:16.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:16.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:58.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.72%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:13.94%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>275,566 </td> <td valign="bottom" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:13.98%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>255,745 </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:58.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.72%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:13.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:13.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> 176911000 186204000 255745000 275566000 78834000 89362000 <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;"><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:36pt;"> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:28.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">June&nbsp;30, 2018</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:28.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">December&nbsp;31, 2017</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:28.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:28.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Amortized Cost</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Fair Value</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Amortized Cost</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Fair Value</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Less than 1 year:</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">Commercial paper</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.40%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">15,177&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.62%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">15,177&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">81,026&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.84%;;font-family:Tms Rmn;font-size:10.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>81,026 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">Municipal securities</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">149,048&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">148,997&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">469,604&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;;font-family:Tms Rmn;font-size:10.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>468,865 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">U.S. government agency securities</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">46,982&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">46,919&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">61,307&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;;font-family:Tms Rmn;font-size:10.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61,219 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">Certificates of deposit</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">11,869&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;;font-family:Tms Rmn;font-size:10.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,869 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Due 1 -10 years:</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">U.S. government agency securities</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">2,369&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;;font-family:Tms Rmn;font-size:10.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,366 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">Variable rate demand notes</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">6,366&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;;font-family:Tms Rmn;font-size:10.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,366 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Due 11 - 20 years:</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Variable </font><font style="display:inline;font-size:10.5pt;">rate</font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;"> demand notes</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">28,377&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;;font-family:Tms Rmn;font-size:10.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,377 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Due 21 - 30 years:</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Variable </font><font style="display:inline;font-size:10.5pt;">rate</font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;"> demand notes</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">15,211&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;;font-family:Tms Rmn;font-size:10.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,211 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Total</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.40%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">211,207&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.62%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">211,093&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">676,129&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.84%;;font-family:Tms Rmn;font-size:10.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>675,299 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> 675299000 11869000 81026000 468865000 2366000 61219000 28377000 6366000 15211000 211093000 15177000 148997000 46919000 <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">4.<font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Tms Rmn;font-size:3pt;"></font><font style="display:inline;font-size:11pt;">INVESTMENTS</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The following table summarizes the Company&#x2019;s investments at:</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td valign="bottom" style="width:26.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">June&nbsp;30, 2018</font></p> </td> <td valign="top" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Amortized<br />Cost</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Gross<br />Unrealized<br />Holding<br />Gains</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Gross<br />Unrealized<br />Holding<br />Losses</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Fair<br />Value</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Continuous<br />Unrealized<br />Loss Position<br />less than 12<br />Months</font></p> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Continuous<br />Unrealized<br />Loss Position<br />greater than 12<br />Months</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-weight:bold;font-size:8.5pt;">Available-for-sale</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Short-term:</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Commercial paper</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:08.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">15,177&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.40%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.22%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.36%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.54%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">15,177&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.62%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.28%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Municipal securities</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">149,048&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">5&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">56&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">148,997&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">56&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">U.S. government agency securities</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">46,982&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">63&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">46,919&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">63&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Variable rate demand notes</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 40pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Total</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:08.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">211,207&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.40%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">5&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.22%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">119&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.36%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.54%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">211,093&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.62%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.28%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">119&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:08.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:07.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:26.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">December&nbsp;31, 2017</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Amortized<br />Cost</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Gross<br />Unrealized<br />Holding<br />Gains</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Gross<br />Unrealized<br />Holding<br />Losses</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Fair<br />Value</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Continuous<br />Unrealized<br />Loss Position<br />less than 12<br />Months</font></p> </td> <td valign="bottom" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Continuous<br />Unrealized<br />Loss Position<br />greater than 12<br />Months</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:26.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-weight:bold;font-size:8.5pt;">Available-for-sale</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Short-term:</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Commercial paper</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:08.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">81,026&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.40%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.22%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.36%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.54%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">81,026&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.62%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.28%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Certificates of deposit</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">11,869&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">11,869&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Municipal securities</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">469,604&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">1&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">740&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">468,865&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">740&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">U.S. government agency securities</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">61,307&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">88&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">61,219&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">88&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Variable rate demand notes</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">49,954&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">49,954&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Long-term:</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">U.S. government agency securities</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">2,369&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">3&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">2,366&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">3&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 40pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Total</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:08.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">676,129&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.40%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">1&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.22%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">831&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.36%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.54%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">675,299&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.62%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.28%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">831&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:08.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:07.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">During the six-months ended June&nbsp;30, 2018 and 2017, realized gains or losses recognized on the sale of investments were not significant.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The Company&#x2019;s investments at June&nbsp;30, 2018 and December&nbsp;31, 2017 in commercial paper, certificates of deposit, municipal securities, U.S. government agency securities and/or variable rate demand notes (&#x201C;VRDNs&#x201D;) carried investment grade credit ratings. VRDNs are floating rate municipal bonds with embedded put options that allow the bondholder to sell the security at par plus accrued interest. All of the put options are secured by a pledged liquidity source. While they are classified as marketable investment securities, the put option allows the VRDNs to be liquidated at par on a same day, or more generally, on a seven-day settlement basis.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;background-color: #FFFFFF;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;color:#000000;font-size:11pt;">The following table summarizes the underlying contractual maturities of the Company&#x2019;s investments at:</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:36pt;"> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:28.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">June&nbsp;30, 2018</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:28.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">December&nbsp;31, 2017</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:28.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:28.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Amortized Cost</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Fair Value</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Amortized Cost</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Fair Value</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Less than 1 year:</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">Commercial paper</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.40%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">15,177&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.62%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">15,177&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">81,026&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.84%;;font-family:Tms Rmn;font-size:10.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>81,026 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">Municipal securities</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">149,048&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">148,997&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">469,604&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;;font-family:Tms Rmn;font-size:10.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>468,865 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">U.S. government agency securities</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">46,982&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">46,919&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">61,307&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;;font-family:Tms Rmn;font-size:10.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61,219 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">Certificates of deposit</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">11,869&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;;font-family:Tms Rmn;font-size:10.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,869 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Due 1 -10 years:</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">U.S. government agency securities</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">2,369&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;;font-family:Tms Rmn;font-size:10.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,366 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">Variable rate demand notes</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">6,366&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;;font-family:Tms Rmn;font-size:10.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,366 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Due 11 - 20 years:</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Variable </font><font style="display:inline;font-size:10.5pt;">rate</font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;"> demand notes</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">28,377&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;;font-family:Tms Rmn;font-size:10.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,377 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Due 21 - 30 years:</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Variable </font><font style="display:inline;font-size:10.5pt;">rate</font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;"> demand notes</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">15,211&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;;font-family:Tms Rmn;font-size:10.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,211 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Total</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.40%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">211,207&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.62%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">211,093&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">676,129&nbsp;&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.84%;;font-family:Tms Rmn;font-size:10.5pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>675,299 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> 76100000 38400000 87800000 44700000 11200000 4791012000 4542070000 560351000 614212000 9000000 15000000 2366000 2366000 2366000 50000000 P1Y 3300000 17457000 -792505000 -154680000 426178000 533222000 501300000 400613000 222633000 486165000 270116000 <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">2.<font style="display:inline;font-family:Tms Rmn;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Tms Rmn;font-size:3pt;"></font><font style="display:inline;font-size:11pt;">RECENT ACCOUNTING PRONOUNCEMENTS</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;color:#252525;font-size:11pt;text-decoration:underline;">Recently issued accounting pronouncements not yet adopted</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;color:#252525;font-size:11pt;">In February&nbsp;2018, the Financial Accounting Standards Board (the &#x201C;FASB&#x201D;) issued Accounting Standards Update (&#x201C;ASU&#x201D;) No.&nbsp;2018-02 (ASU No.&nbsp;2018-02),&nbsp;&#x201C;Income Statement - Reporting Comprehensive Income (Topic 220)&#x201D;,&nbsp;which&nbsp;amends the previous guidance to allow for certain tax effects &#x201C;stranded&#x201D; in accumulated other comprehensive income, which are impacted by the </font><font style="display:inline;font-size:11pt;">Tax Cuts and Jobs Act (the &#x201C;Tax Reform Act&#x201D;)</font><font style="display:inline;color:#252525;font-size:11pt;">, to be reclassified from accumulated other comprehensive income into retained earnings. This amendment pertains only to those items impacted by the new tax law and will not apply to any future tax effects stranded in accumulated other comprehensive income.&nbsp;This standard is effective for fiscal years beginning after December&nbsp;15, 2018, and allows for early adoption. </font><font style="display:inline;font-size:11pt;">The Company is currently evaluating the impact of ASU No.&nbsp;2018-02 on its financial position, results of operations and liquidity.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;color:#252525;font-size:11pt;">In January&nbsp;2017, the FASB issued ASU No.&nbsp;2017-04, &#x201C;Intangibles and Other (Topic 350): Simplifying the Test for Goodwill Impairment</font><font style="display:inline;font-style:italic;color:#252525;font-size:11pt;">&#x201D;</font><font style="display:inline;color:#252525;font-size:11pt;">, which eliminates the requirement to calculate the implied fair value of goodwill, but rather requires an entity to record an impairment charge based on the excess of a reporting unit&#x2019;s carrying value over its fair value. This amendment is effective for annual or interim goodwill impairment tests in fiscal years beginning after December&nbsp;15, 2019. Early adoption is permitted. </font><font style="display:inline;font-size:11pt;">The Company is currently evaluating the impact of ASU No.&nbsp;2017-04 on its financial position, results of operations and liquidity.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">In June&nbsp;2016, the FASB issued ASU No.&nbsp;2016-13, &#x201C;Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments&#x201D;. The accounting standard changes the methodology for measuring credit losses on financial instruments and the timing when such losses are recorded. ASU No.&nbsp;2016-13 is effective for fiscal years, and interim periods within those years, beginning after December&nbsp;15, 2019. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December&nbsp;15, 2018. The Company is currently evaluating the impact of ASU No.&nbsp;2016-13 on its financial position, results of operations and liquidity.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">In February&nbsp;2016, the FASB issued&nbsp;ASU&nbsp;No.&nbsp;2016-02, &#x201C;Leases (Topic 842)&#x201D;. This update is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This update is effective for annual and interim reporting periods beginning after December&nbsp;15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of ASU No.&nbsp;2016-02 on its financial position, results of operations and liquidity.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;font-size:11pt;text-decoration:underline;">Recently adopted accounting pronouncements</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;color:#252525;font-size:11pt;">In October&nbsp;2016, the FASB issued ASU No.&nbsp;2016-16, &#x201C;Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory&#x201D;, in an effort to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. FASB ASU No.&nbsp;2016-16 establishes the requirement that an entity recognizes the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. ASU No.&nbsp;2016-16 was effective for financial statements issued for annual periods beginning after December&nbsp;15, 2017 and interim periods within those annual periods. </font><font style="display:inline;font-size:11pt;">The Company adopted ASU No.&nbsp;2016-16 effective January&nbsp;1, 2018 on a modified retrospective basis, resulting in a $6.6 million reclassification of the unrecognized income tax effects related to assets transfers that occurred prior to the adoption from deferred income taxes to opening retained earnings.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">In May&nbsp;2014, the FASB issued ASU No.&nbsp;2014-09, &#x201C;Revenue from Contracts with Customers (Topic 606)&#x201D;, which superseded previous revenue recognition guidance. ASU No.&nbsp;2014-09 and its amendments were included in Accounting Standards Codification (&#x201C;ASC&#x201D;) 606 &#x201C;Revenue from Contracts with Customers&#x201D;. ASC 606 requires that a company recognize revenue at an amount that reflects the consideration to which the company expects to be entitled in exchange for transferring goods or services to a customer. The Company adopted ASC 606 effective January&nbsp;1, 2018, using the modified retrospective approach, with no impact to the opening retained earnings. Results for periods beginning on or after January&nbsp;1, 2018 are presented under ASC 606, while prior periods are not adjusted and continue to be reported in accordance with the prior accounting guidance under ASC 605 &#x201C;Revenue Recognition&#x201D;. See Note 3.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> -1893000 -2551000 2281000 476000 3 3 450068000 233456000 497979000 520131000 -22152000 262637000 274849000 -12212000 614303000 -119766000 635654000 95281000 3134000 350041000 -61075000 356223000 53175000 1718000 637535000 -133460000 674805000 93393000 2797000 357621000 -68099000 373103000 50791000 1826000 16300000 <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">1.<font style="display:inline;font-family:Tms Rmn;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Tms Rmn;font-size:3pt;"></font><font style="display:inline;font-size:11pt;">BASIS OF PRESENTATION</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Reference is made to the Notes to Consolidated Financial Statements, in Monster Beverage Corporation and Subsidiaries (the &#x201C;Company&#x201D;) Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2017 (&#x201C;Form&nbsp;10-K&#x201D;) for a summary of significant accounting policies utilized by the Company and its consolidated subsidiaries and other disclosures, which should be read in conjunction with this Quarterly Report on Form&nbsp;10-Q (&#x201C;Form&nbsp;10-Q&#x201D;).</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The Company&#x2019;s condensed consolidated financial statements included in this Form&nbsp;10-Q have been prepared in accordance with accounting principles generally accepted in the United States of America (&#x201C;GAAP&#x201D;) and Securities and Exchange Commission (&#x201C;SEC&#x201D;) rules&nbsp;and regulations applicable to interim financial reporting. They do not include all the information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP. The information set forth in these interim condensed consolidated financial statements for the three- and six-months ended June&nbsp;30, 2018 and 2017, respectively, is unaudited and reflects all adjustments, which include only normal recurring adjustments and which in the opinion of management are necessary to make the interim condensed consolidated financial statements not misleading. Results of operations for periods covered by this report may not necessarily be indicative of results of operations for the full year.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The preparation of financial statements in conformity with GAAP necessarily requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> 13932000 16436000 105000 -26000 728000 513000 6311000 5111000 -9265000 -11988000 -8537000 728000 -9265000 -8537000 728000 -9265000 6416000 5085000 -8537000 -11475000 105000 -26000 728000 513000 17300000 8600000 21400000 11600000 16800000 8600000 22200000 11200000 1095000 2439000 632000 7684000 302000 805149000 30000 286858000 342463000 40477000 34619000 40877000 57320000 138724000 32445000 19093000 13616000 172528000 807396000 733000 3590000 19100000 5500000 13600000 7100000 26400000 14000000 24200000 11800000 400613000 486165000 <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">8.<font style="display:inline;font-family:Tms Rmn;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Tms Rmn;font-size:3pt;"></font><font style="display:inline;font-size:11pt;">PROPERTY AND EQUIPMENT, NET</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Property and equipment consist of the following at:</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 92.00%;margin-left:36pt;"> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:16.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June 30,</font></p> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2018</font></p> </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:16.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">December 31,<br />2017</font></p> </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Land</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:12.90%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44,261 </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.40%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:13.14%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47,373 </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Leasehold improvements</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.32%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,278 </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.54%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,109 </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Furniture and fixtures</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.32%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,732 </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.54%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,461 </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Office and computer equipment</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.32%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,683 </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.54%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,506 </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Computer software</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.32%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,334 </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.54%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,650 </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Equipment</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.32%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>165,861 </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.54%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>148,434 </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Buildings</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.32%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>116,143 </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.54%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>107,374 </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Vehicles</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.32%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,967 </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.54%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38,179 </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:16.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:16.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:16.32%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>397,259 </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.54%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>369,086 </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Less: accumulated depreciation and amortization</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:16.32%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(156,601) </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:16.54%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(138,810) </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:16.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:16.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:12.90%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>240,658 </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.40%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:13.14%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>230,276 </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:12.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Total depreciation and amortization expense recorded was $11.2 million and $8.6 million for the three-months ended June&nbsp;30, 2018 and 2017, respectively. Total depreciation and amortization expense recorded was $22.2 million and $16.8 million for the six-months ended June&nbsp;30, 2018 and 2017, respectively.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p><div /></div> </div> 369086000 107374000 148434000 6461000 47373000 3109000 14506000 3650000 38179000 397259000 116143000 165861000 6732000 44261000 3278000 17683000 3334000 39967000 230276000 240658000 <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 92.00%;margin-left:36pt;"> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:16.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June 30,</font></p> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2018</font></p> </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:16.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">December 31,<br />2017</font></p> </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Land</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:12.90%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>44,261 </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.40%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:13.14%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>47,373 </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Leasehold improvements</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.32%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,278 </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.54%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,109 </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Furniture and fixtures</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.32%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,732 </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.54%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,461 </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Office and computer equipment</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.32%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,683 </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.54%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,506 </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Computer software</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.32%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,334 </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.54%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,650 </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Equipment</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.32%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>165,861 </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.54%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>148,434 </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Buildings</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.32%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>116,143 </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.54%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>107,374 </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Vehicles</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.32%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>39,967 </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.54%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>38,179 </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:16.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:16.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:16.32%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>397,259 </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.54%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>369,086 </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Less: accumulated depreciation and amortization</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:16.32%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(156,601) </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:16.54%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(138,810) </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:16.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:16.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:12.90%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>240,658 </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.40%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:13.14%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>230,276 </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:58.20%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.70%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:12.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:13.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:00.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> 1400000 1200000 1400000 600000 12500000 6600000 14200000 11300000 <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">18.<font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 26.1pt 0pt 0pt;"></font></font><font style="display:inline;font-size:3pt;"></font><font style="display:inline;font-size:11pt;">RELATED PARTY TRANSACTIONS</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">TCCC controls approximately 18% of the voting interests of the Company.&nbsp;&nbsp;The TCCC Subsidiaries, the TCCC Related Parties and the TCCC Independent Bottlers, purchase and distribute certain of the Company&#x2019;s products in certain domestic and international markets. The Company also pays TCCC a commission based on certain sales within the TCCC distribution network.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">TCCC commissions, based on sales to the TCCC Subsidiaries and the TCCC Related Parties, for the three- and six-months ended June&nbsp;30, 2018 were $13.2 million and $24.5 million, respectively, and are included as a reduction to net sales. TCCC commissions, based on sales to the TCCC Independent Bottlers for the three- and six-months ended June&nbsp;30, 2018 were $4.3 million and $7.5 million, respectively, and are included in operating expenses.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">TCCC commissions, based on sales to the TCCC Subsidiaries, for the three- and six-months ended June&nbsp;30, 2017 were $2.1 million and $5.7 million, respectively, and are included as a reduction to net sales. TCCC commissions, based on sales to the TCCC Related Parties and the TCCC Independent Bottlers, for the three- and six-months ended June&nbsp;30, 2017 were $12.8 million and $20.7 million, respectively, and are included in operating expenses.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Upon adoption of ASC 606, commissions paid to TCCC, based on sales to the TCCC Related Parties, are included as a reduction to net sales. Prior to January&nbsp;1, 2018, such commissions, based on sales to the TCCC Related Parties, were included in operating expenses.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Net sales to the TCCC Subsidiaries for the three-months ended June&nbsp;30, 2018 and 2017 were $39.6 million and $154.5 million, respectively.&nbsp;&nbsp;Net sales to the TCCC Subsidiaries for the six-months ended June&nbsp;30, 2018 and 2017 were $74.6 million and $409.7 million, respectively. As part of the North America Refranchising, the territories of certain TCCC Subsidiaries have been transitioned to certain independent TCCC bottlers/distributors and/or TCCC Related Parties. Accordingly, the Company&#x2019;s net sales classified as sales to the TCCC Subsidiaries significantly decreased for the three- and six-months ended June&nbsp;30, 2018.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The Company also purchases concentrates from TCCC which are then sold to certain of the Company&#x2019;s bottlers/distributors. Concentrate purchases from TCCC were $11.3 million and $6.6 million for the three-months ended June&nbsp;30, 2018 and 2017, respectively. Concentrate purchases from TCCC were $14.2 million and $12.5 million for the six-months ended June&nbsp;30, 2018 and 2017, respectively.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Certain TCCC Subsidiaries also contract manufacture certain of the Company&#x2019;s Monster Energy&#xAE; brand energy drinks. Such contract manufacturing expenses were $6.4 million and $2.9 million for the three-months ended June&nbsp;30, 2018 and 2017, respectively. Such contract manufacturing expenses were $11.8 million and $5.1 million for the six-months ended June&nbsp;30, 2018 and 2017, respectively.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accounts receivable, accounts payable and accrued promotional allowances related to the TCCC Subsidiaries are as follows at:</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 64.00%;margin-left:36pt;"> <tr> <td valign="top" style="width:47.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:22.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June&nbsp;30,<br /></font><font style="display:inline;font-family:Tms Rmn;font-size:11pt;">2018</font></p> </td> <td valign="top" style="width:03.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:22.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">December&nbsp;31,<br /></font><font style="display:inline;font-family:Tms Rmn;font-size:11pt;">2017</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:47.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:22.52%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:22.52%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:47.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accounts receivable, net</font></p> </td> <td valign="top" style="width:03.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:06.52%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:16.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42,337 </td> <td valign="top" style="width:03.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:06.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:16.18%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,607 </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:47.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accounts payable</font></p> </td> <td valign="top" style="width:03.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:06.52%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:16.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(34,368) </td> <td valign="top" style="width:03.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:06.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:16.18%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45,465) </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:47.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accrued promotional allowances</font></p> </td> <td valign="top" style="width:03.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:06.52%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:16.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,851) </td> <td valign="top" style="width:03.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:06.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:16.18%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,884) </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Two directors and officers of the Company and their families are principal owners of a company that provides promotional materials to the Company. Expenses incurred with such company in connection with promotional materials purchased during the three-months ended June&nbsp;30, 2018 and 2017 were $0.6 million and $1.2 million, respectively. Expenses incurred with such company in connection with promotional materials purchased during both the six-months ended June&nbsp;30, 2018 and 2017 were $1.4 million.</font> </p><div /></div> </div> 1334000 972000 2928226000 3407806000 6600000 1866793000 69107000 1709943000 145570000 1385915000 11280000 119953000 1888945000 -22152000 291818000 67590000 1284778000 108037000 249538000 1517000 89857000 11916000 42280000 11280000 1015873000 34605000 929439000 79811000 752719000 6623000 66974000 1028085000 -12212000 161575000 34262000 695963000 60606000 138608000 343000 50133000 6368000 22967000 6623000 <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">3.<font style="display:inline;font-family:Tms Rmn;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 29.4pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Tms Rmn;font-size:3pt;"></font><font style="display:inline;font-size:11pt;">REVENUE RECOGNITION</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The Company currently has three operating and reportable segments, (i)&nbsp;Monster Energy&#xAE; Drinks segment (&#x201C;Monster Energy&#xAE; Drinks&#x201D;), which is comprised of the Company&#x2019;s Monster Energy&#xAE; drinks and Mutant&#xAE; Super Soda drinks, (ii)&nbsp;Strategic Brands segment (&#x201C;Strategic Brands&#x201D;), which is comprised of the various energy drink brands acquired from The Coca-Cola Company (&#x201C;TCCC&#x201D;) in 2015, and (iii)&nbsp;Other segment (&#x201C;Other&#x201D;), which is comprised of certain products sold by American Fruits&nbsp;&amp; Flavors LLC, a wholly-owned subsidiary of the Company, to independent third-party customers.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The Company&#x2019;s Monster Energy&#xAE; Drinks segment generates net operating revenues by selling ready-to-drink packaged energy drinks primarily to bottlers and full service beverage distributors. In some cases, the Company sells directly to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience chains, drug stores, food service customers and the military.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">The Company&#x2019;s</font><font style="display:inline;font-size:11pt;"> Strategic Brands segment primarily generates net operating revenues by selling &#x201C;concentrates&#x201D; and/or &#x201C;beverage bases&#x201D; 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 to other bottlers and full service distributors and to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience chains, food service customers, drug stores and the military. To a lesser extent, our Strategic Brands segment generates net operating revenues by selling certain ready-to-drink packaged energy drinks to bottlers and full service beverage distributors.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The majority of the Company&#x2019;s revenue is recognized when it satisfies a single performance obligation by transferring control of its products to a customer. Control is generally transferred when the Company&#x2019;s products are either shipped or delivered based on the terms contained within the underlying contracts or agreements. Certain of the Company&#x2019;s bottlers/distributors may also perform a separate function as a co-packer on the Company&#x2019;s behalf. In such cases, control of the Company&#x2019;s products passes to such bottlers/distributors when they notify the Company that they have taken possession or transferred the relevant portion of the Company&#x2019;s finished goods. The Company&#x2019;s general payment terms are short-term in duration. The Company does not have significant financing components or payment terms. The Company did not have any material unsatisfied performance obligations as of June&nbsp;30, 2018 or December&nbsp;31, 2017.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The Company excludes from revenues all taxes assessed by a governmental authority that are imposed on the sale of its products and collected from customers.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Distribution expenses to transport the Company&#x2019;s products, where applicable, and warehousing expense after manufacture are accounted for within operating expenses.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">There were no changes to the Company&#x2019;s accounting for variable consideration under ASC 606. Promotional and other allowances (variable consideration) recorded as a reduction to net sales, primarily include consideration given to the Company&#x2019;s bottlers/distributors or retail customers including, but not limited to the following:</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 90.00%;margin-left:54pt;"> <tr> <td valign="top" style="width:02.32%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Symbol;font-size:11pt;font-family:Symbol;">&#xF0B7;</font></p> </td> <td valign="top" style="width:01.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:96.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">discounts granted off list prices to support price promotions to end-consumers by retailers;</font></p> </td> </tr> <tr> <td valign="top" style="width:02.32%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Symbol;font-size:11pt;font-family:Symbol;">&#xF0B7;</font></p> </td> <td valign="top" style="width:01.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:96.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">reimbursements given to the Company&#x2019;s bottlers/distributors for agreed portions of their promotional spend with retailers, including slotting, shelf space allowances and other fees for both new and existing products;</font></p> </td> </tr> <tr> <td valign="top" style="width:02.32%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Symbol;font-size:11pt;font-family:Symbol;">&#xF0B7;</font></p> </td> <td valign="top" style="width:01.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:96.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">the Company&#x2019;s agreed share of fees given to bottlers/distributors and/or directly to retailers for advertising, in-store marketing and promotional activities;</font></p> </td> </tr> <tr> <td valign="top" style="width:02.32%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Symbol;font-size:11pt;font-family:Symbol;">&#xF0B7;</font></p> </td> <td valign="top" style="width:01.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:96.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">the Company&#x2019;s agreed share of slotting, shelf space allowances and other fees given directly to retailers;</font></p> </td> </tr> <tr> <td valign="top" style="width:02.32%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Symbol;font-size:11pt;font-family:Symbol;">&#xF0B7;</font></p> </td> <td valign="top" style="width:01.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:96.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">incentives given to the Company&#x2019;s bottlers/distributors and/or retailers for achieving or exceeding certain predetermined sales goals;</font></p> </td> </tr> <tr> <td valign="top" style="width:02.32%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Symbol;font-size:11pt;font-family:Symbol;">&#xF0B7;</font></p> </td> <td valign="top" style="width:01.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:96.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">discounted or free products;</font></p> </td> </tr> <tr> <td valign="top" style="width:02.32%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Symbol;font-size:11pt;font-family:Symbol;">&#xF0B7;</font></p> </td> <td valign="top" style="width:01.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:96.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">contractual fees given to the Company&#x2019;s bottlers/distributors related to sales made by the Company direct to certain customers that fall within the bottlers&#x2019;/distributors&#x2019; sales territories; and</font></p> </td> </tr> <tr> <td valign="top" style="width:02.32%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Symbol;font-size:11pt;font-family:Symbol;">&#xF0B7;</font></p> </td> <td valign="top" style="width:01.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:96.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">certain commissions paid based on sales to the Company&#x2019;s bottlers/distributors.</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The Company&#x2019;s promotional allowance programs with its bottlers/distributors and/or retailers are executed through separate agreements in the ordinary course of business. These agreements generally provide for one or more of the arrangements described above and are of varying durations, ranging from one week to one year. The Company&#x2019;s promotional and other allowances are calculated based on various programs with bottlers/distributors and retail customers, and accruals are established during the year for its anticipated liabilities.&nbsp;These accruals are based on agreed upon terms as well as the Company&#x2019;s historical experience with similar programs and require management&#x2019;s judgment with respect to estimating consumer participation and/or distributor and retail customer performance levels. Differences between such estimated expenses and actual expenses for promotional and other allowance costs have historically been insignificant and are recognized in earnings in the period such differences are determined.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Upon adoption of ASC 606, commissions paid to TCCC based on sales to certain of the Company&#x2019;s bottlers/distributors who are (i)&nbsp;consolidated subsidiaries of TCCC (the &#x201C;TCCC Subsidiaries&#x201D;), (ii)&nbsp;accounted for under the equity method by TCCC (the &#x201C;TCCC Related Parties&#x201D;) and (iii)&nbsp;those not included in (i)&nbsp;or (ii)&nbsp;(the &#x201C;TCCC Independent Bottlers&#x201D;) are accounted for as follows:</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 73.00%;margin-left:72pt;"> <tr> <td valign="bottom" style="width:34.40%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:62.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;">Three- and Six-Months Ended June&nbsp;30, 2018</font></p> </td> </tr> <tr> <td valign="bottom" style="width:34.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;">Commissions Related To:</font></p> </td> <td valign="bottom" style="width:02.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:30.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;">As Reported</font></p> </td> <td valign="bottom" style="width:02.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:30.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;">Without Adoption of<br />ASC 606</font></p> </td> </tr> <tr> <td valign="top" style="width:34.40%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">TCCC Subsidiaries</font></p> </td> <td valign="bottom" style="width:02.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:30.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Reduction to net sales</font></p> </td> <td valign="bottom" style="width:02.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:30.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Reduction to net sales</font></p> </td> </tr> <tr> <td valign="top" style="width:34.40%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">TCCC Related Parties</font></p> </td> <td valign="bottom" style="width:02.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:30.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Reduction to net sales</font></p> </td> <td valign="bottom" style="width:02.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:30.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Operating expenses</font></p> </td> </tr> <tr> <td valign="top" style="width:34.40%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">TCCC Independent Bottlers</font></p> </td> <td valign="bottom" style="width:02.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:30.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Operating expenses</font></p> </td> <td valign="bottom" style="width:02.80%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:30.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Operating expenses</font></p> </td> </tr> </table></div> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The impact of the adoption of ASC 606 on the Company&#x2019;s condensed consolidated statement of income for the three- and six-months ended June&nbsp;30, 2018 was as follows:</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;"> <tr> <td valign="top" style="width:38.26%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="8" valign="bottom" style="width:57.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Three-Months Ended June&nbsp;30, 2018</font></p> </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:38.26%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:17.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">As Reported</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:17.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Without Adoption<br />of ASC 606</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:17.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Decrease due to<br />Adoption of ASC<br />606</font></p> </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:38.26%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Net Sales</font></p> </td> <td valign="bottom" style="width:02.88%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.08%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:13.22%;background-color: #FFFFFF;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,015,873 </td> <td valign="bottom" style="width:02.88%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.04%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:12.26%;background-color: #FFFFFF;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,028,085 </td> <td valign="bottom" style="width:02.88%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.10%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:13.24%;background-color: #FFFFFF;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12,212) </td> <td valign="bottom" style="width:01.16%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 7pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:7pt;">1</font></p> </td> </tr> <tr> <td valign="top" style="width:38.26%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Operating Expenses</font></p> </td> <td valign="bottom" style="width:02.88%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.08%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:13.22%;background-color: #FFFFFF;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>262,637 </td> <td valign="bottom" style="width:02.88%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.04%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:12.26%;background-color: #FFFFFF;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>274,849 </td> <td valign="bottom" style="width:02.88%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.10%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:13.24%;background-color: #FFFFFF;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12,212) </td> <td valign="bottom" style="width:01.16%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 7pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:7pt;">1</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;"> <tr> <td valign="top" style="width:38.26%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="8" valign="bottom" style="width:57.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Six-Months Ended June&nbsp;30, 2018</font></p> </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:38.26%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:17.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">As Reported</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:17.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Without Adoption<br />of ASC 606</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:17.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Decrease due to<br />Adoption of ASC<br />606</font></p> </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:38.26%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Net Sales</font></p> </td> <td valign="bottom" style="width:02.88%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.08%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:13.22%;background-color: #FFFFFF;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,866,793 </td> <td valign="bottom" style="width:02.88%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.04%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:12.26%;background-color: #FFFFFF;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,888,945 </td> <td valign="bottom" style="width:02.88%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.10%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:13.24%;background-color: #FFFFFF;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(22,152) </td> <td valign="bottom" style="width:01.16%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 7pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:7pt;">1</font></p> </td> </tr> <tr> <td valign="top" style="width:38.26%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Operating Expenses</font></p> </td> <td valign="bottom" style="width:02.88%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.08%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:13.22%;background-color: #FFFFFF;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>497,979 </td> <td valign="bottom" style="width:02.88%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.04%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:12.26%;background-color: #FFFFFF;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>520,131 </td> <td valign="bottom" style="width:02.88%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.10%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:13.24%;background-color: #FFFFFF;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(22,152) </td> <td valign="bottom" style="width:01.16%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 7pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:7pt;">1</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;font-size:7pt;">1</font><font style="display:inline;font-style:italic;font-size:11pt;"> TCCC Commissions based on sales to the TCCC Related Parties. There were no other identified changes to our revenue recognition policies as a result of the adoption of ASC 606.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;font-size:11pt;text-decoration:underline;">Disaggregation of Revenue</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;color:#252525;font-size:11pt;">The following table disaggregates the Company&#x2019;s revenue by geographical markets and reportable segments:</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:18pt;"> <tr> <td valign="top" style="width:26.62%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="14" valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Three-Months Ended June&nbsp;30, 2018</font></p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:26.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Net Sales</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">U.S. and<br />Canada</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">EMEA</font><font style="display:inline;font-family:Tms Rmn;font-size:7pt;">1</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Asia Pacific</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Latin<br />America<br />and<br />Caribbean</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Total</font></p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:26.62%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Monster Energy&#xAE; Drinks</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.84%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:08.94%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>695,963 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:09.10%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>138,608 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.38%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:08.40%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>60,606 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.22%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:08.58%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,262 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.02%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:08.74%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>929,439 </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:26.62%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Strategic Brands</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,133 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,967 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,368 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.80%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>343 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>79,811 </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:26.62%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Other</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,623 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.80%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,623 </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:26.62%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:11.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:26.62%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Total Net Sales</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.84%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:08.94%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>752,719 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:09.10%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>161,575 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.38%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:08.40%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>66,974 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.22%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:08.58%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34,605 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.02%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:08.74%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,015,873 </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:26.62%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.74%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:18pt;"> <tr> <td valign="top" style="width:26.84%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="14" valign="bottom" style="width:69.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Six-Months Ended June&nbsp;30, 2018</font></p> </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:26.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Net Sales</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">U.S. and<br />Canada</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">EMEA</font><font style="display:inline;font-family:Tms Rmn;font-size:7pt;">1</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Asia Pacific</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Latin<br />America<br />and<br />Caribbean</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Total</font></p> </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Monster Energy&#xAE; Drinks</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.84%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.94%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,284,778 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:09.10%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>249,538 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.38%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.40%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>108,037 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.22%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.58%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>67,590 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.02%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.76%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,709,943 </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Strategic Brands</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>89,857 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42,280 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,916 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.80%;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,517 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>145,570 </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Other</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,280 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.80%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">-</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.78%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,280 </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:11.80%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:11.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:26.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Total Net Sales</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.84%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.94%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,385,915 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:09.10%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>291,818 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.38%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.40%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>119,953 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.22%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.58%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>69,107 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.02%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.76%;;font-family:Tms Rmn;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,866,793 </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 18pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 9pt;"> <font style="display:inline;font-style:italic;color:#252525;font-size:6.5pt;">1</font><font style="display:inline;font-style:italic;color:#252525;font-size:9pt;">Europe, Middle East and Africa (&#x201C;EMEA&#x201D;)</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;color:#252525;font-size:11pt;text-decoration:underline;">Contract Liabilities</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt 7.2pt 0pt 0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;color:#252525;font-size:11pt;">Amounts received from certain bottlers/distributors at inception of their distribution contracts or at the inception of certain sales/marketing programs are accounted for as deferred revenue. As of June&nbsp;30, 2018, the Company had $364.1 million of deferred revenue, which is included in current and long-term deferred revenue in the Company&#x2019;s condensed consolidated balance sheet. As of December&nbsp;31, 2017, the Company had $377.6 million of deferred revenue, which is included in current and long-term deferred revenue in the Company&#x2019;s condensed consolidated balance sheet. During the three- and six-months ended June&nbsp;30, 2018, $11.0 million and $22.2 million, respectively, of deferred revenue was recognized in net sales. See Note 10.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> 409700000 154500000 74600000 39600000 1649214000 438800000 1483831000 153669000 11714000 907068000 247900000 815261000 85633000 6174000 1866793000 535900000 1709943000 145570000 11280000 1015873000 293800000 929439000 79811000 6623000 <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td valign="bottom" style="width:46.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-size:8pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Currency<br />Translation<br />Losses</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Unrealized<br />(Gains) Losses<br />on Available-for-<br />Sale Securities</font></p> </td> <td valign="bottom" style="width:02.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Total</font></p> </td> <td valign="bottom" style="width:00.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:46.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Balance at December&nbsp;31, 2017</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.34%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.66%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,818 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.16%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:11.68%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>841 </td> <td valign="bottom" style="width:02.26%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.16%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.36%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,659 </td> <td valign="bottom" style="width:00.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:46.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Other comprehensive loss (gain) before reclassifications</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,265 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.84%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(728) </td> <td valign="bottom" style="width:02.26%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.50%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,537 </td> <td valign="bottom" style="width:00.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:46.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Amounts reclassified from accumulated other comprehensive loss (gain)</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.84%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.26%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:00.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:46.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:16.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:46.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Net current-period other comprehensive loss (gain)</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>9,265 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.84%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(728) </td> <td valign="bottom" style="width:02.26%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.50%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,537 </td> <td valign="bottom" style="width:00.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:46.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:15.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:16.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:46.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Balance at June 30, 2018</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.34%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.66%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25,083 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.16%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:11.68%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>113 </td> <td valign="bottom" style="width:02.26%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.16%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.36%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>25,196 </td> <td valign="bottom" style="width:00.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:46.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:11.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:46.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;"><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td valign="bottom" style="width:30.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:34.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:31.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Amount of gain (loss)<br />recognized in income on<br />derivatives</font></p> </td> </tr> <tr> <td valign="bottom" style="width:30.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:34.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:31.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Three-months ended</font></p> </td> </tr> <tr> <td valign="bottom" style="width:30.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Derivatives not designated as<br /> hedging instruments under<br /> FASB ASC 815-20</font></p> </td> <td valign="bottom" style="width:01.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:34.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Location of gain (loss)<br />recognized in income on<br />derivatives</font></p> </td> <td valign="bottom" style="width:01.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June&nbsp;30, 2018</font></p> </td> <td valign="bottom" style="width:01.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June&nbsp;30, 2017</font></p> </td> </tr> <tr> <td valign="top" style="width:30.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 5pt;"> <font style="display:inline;font-size:5pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:34.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.16%;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.50%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:30.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Foreign currency exchange contracts</font></p> </td> <td valign="bottom" style="width:01.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:34.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Interest and other income (expense), net </font></p> </td> <td valign="bottom" style="width:01.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;"> &nbsp;$</font></p> </td> <td valign="bottom" style="width:11.50%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,393 </td> <td valign="bottom" style="width:01.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;"> &nbsp;$</font></p> </td> <td valign="bottom" style="width:10.94%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(4,439) </td> </tr> <tr> <td valign="top" style="width:30.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:34.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td valign="bottom" style="width:30.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:34.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:31.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Amount of gain (loss)<br />recognized in income on<br />derivatives</font></p> </td> </tr> <tr> <td valign="bottom" style="width:30.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:34.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:31.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Six-months ended</font></p> </td> </tr> <tr> <td valign="bottom" style="width:30.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Derivatives not designated as<br /> hedging instruments under<br /> FASB ASC 815-20</font></p> </td> <td valign="bottom" style="width:01.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:34.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Location of gain (loss)<br />recognized in income on<br />derivatives</font></p> </td> <td valign="bottom" style="width:01.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June&nbsp;30, 2018</font></p> </td> <td valign="bottom" style="width:01.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June&nbsp;30, 2017</font></p> </td> </tr> <tr> <td valign="top" style="width:30.90%;height:6.25pt;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> <font style="display:inline;font-size:5pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.76%;height:6.25pt;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:34.10%;height:6.25pt;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.66%;height:6.25pt;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:15.16%;height:6.25pt;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.92%;height:6.25pt;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.50%;height:6.25pt;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:30.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Foreign currency exchange contracts</font></p> </td> <td valign="bottom" style="width:01.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:34.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Interest and other income (expense), net </font></p> </td> <td valign="bottom" style="width:01.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;"> &nbsp;$</font></p> </td> <td valign="bottom" style="width:11.50%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,734 </td> <td valign="bottom" style="width:01.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;"> &nbsp;$</font></p> </td> <td valign="bottom" style="width:10.94%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,467) </td> </tr> <tr> <td valign="top" style="width:30.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:34.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:11.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.56%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td valign="top" style="width:42.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">June&nbsp;30, 2018</font></p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Level 1</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Level 2</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Level 3</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Total</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Cash</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.84%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>358,788 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>358,788 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Money market funds</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>299,949 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>299,949 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Commercial paper</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,127 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,127 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Municipal securities</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>148,997 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>148,997 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">U.S. government agency securities</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>46,919 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>46,919 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Foreign currency derivatives</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(996 </td> <td valign="bottom" style="width:02.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(996 </td> <td valign="bottom" style="width:01.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Total</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.84%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>658,737 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>211,047 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>869,784 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Amounts included in:</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Cash and cash equivalents</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.84%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>658,737 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>950 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>659,687 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Short-term investments</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>211,093 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>211,093 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accounts receivable, net</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Investments</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,017 </td> <td valign="bottom" style="width:02.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,017 </td> <td valign="bottom" style="width:01.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Total</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.84%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>658,737 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>211,047 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>869,784 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">December&nbsp;31, 2017</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Level 1</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Level 2</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Level 3</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Total</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Cash</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.84%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>310,885 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>310,885 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Money market funds</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>112,848 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>112,848 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Certificates of deposit</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,720 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>15,720 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Commercial paper</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>99,903 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>99,903 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Variable rate demand notes</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>49,954 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>49,954 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Municipal securities</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>529,984 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>529,984 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">U.S. government agency securities</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>81,230 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>81,230 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">U.S. Treasuries</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,397 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,397 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Foreign currency derivatives</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,484 </td> <td valign="bottom" style="width:02.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,484 </td> <td valign="bottom" style="width:01.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Total</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.84%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>423,733 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>778,704 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,202,437 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Amounts included in:</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Cash and cash equivalents</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.84%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>423,733 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>104,889 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>528,622 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Short-term investments</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>672,933 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>672,933 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accounts receivable, net</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>95 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>95 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Investments</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,366 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,366 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,579 </td> <td valign="bottom" style="width:02.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">)</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(1,579 </td> <td valign="bottom" style="width:01.00%;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">)</font></p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Total</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.84%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>423,733 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>778,704 </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.12%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:10.88%;;font-family:Tms Rmn;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,202,437 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:42.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.88%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;"><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td colspan="9" valign="bottom" style="width:99.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">June&nbsp;30, 2018</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Derivatives not designated as<br />hedging instruments under<br />FASB ASC 815-20</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Notional<br />Amount</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Fair<br />Value</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Balance Sheet Location</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 29.55pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 4pt;"> <font style="display:inline;font-size:4pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.32%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Assets:</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.32%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 27.25pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Foreign currency exchange contracts:</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.32%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Receive SGD/pay USD</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:10.94%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,279 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:10.00%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accounts receivable, net</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 60pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Receive USD/pay NZD</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.32%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,719 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.38%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>12 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accounts receivable, net</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Receive NOK/pay USD</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.32%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>918 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.38%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accounts receivable, net</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.32%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.32%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.9pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Liabilities:</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.32%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 27.25pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Foreign currency exchange contracts:</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.32%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.38%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Receive USD/pay EUR</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:10.94%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,572 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:10.00%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(408) </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Receive USD/pay GBP</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.32%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>37,904 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.38%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(129) </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Receive USD/pay ZAR</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.32%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16,633 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.38%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(192) </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Receive USD/pay AUD</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.32%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,118 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.38%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(82) </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Receive USD/pay TRY</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.32%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,277 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.38%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(92) </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Receive USD/pay COP</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.32%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,567 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.38%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(30) </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Receive USD/pay MXN</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.32%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,035 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.38%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(54) </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.32%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Receive USD/pay RUB</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.32%;;font-family:Tms Rmn;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,774 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.38%;;font-family:Tms Rmn;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(30) </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.98%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td colspan="9" valign="bottom" style="width:99.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 1.5pt 0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">December&nbsp;31, 2017</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt 0pt 1.5pt 0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 1.5pt 0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Derivatives not designated as<br />hedging instruments under<br />FASB ASC 815-20</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt 0pt 1.5pt 0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 1.5pt 0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Notional<br />Amount</font></p> </td> <td valign="bottom" style="width:02.48%;padding:0pt 0pt 1.5pt 0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 1.5pt 0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Fair<br />Value</font></p> </td> <td valign="bottom" style="width:02.48%;padding:0pt 0pt 1.5pt 0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt 0pt 1.5pt 0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Balance Sheet Location</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt 0pt 1.5pt 0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 4pt;"> <font style="display:inline;font-size:4pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Assets:</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.52%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 27.4pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Foreign currency exchange contracts:</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.52%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive CAD/pay USD</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.36%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.98%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,892 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.36%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.16%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>61 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accounts receivable, net</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive USD/pay COP</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,803 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accounts receivable, net</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive USD/pay BRL</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,806 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accounts receivable, net</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive NOK/pay USD</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,534 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accounts receivable, net</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive SGD/pay USD</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>223 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accounts receivable, net</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.34%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.52%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.34%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.52%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.30%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Liabilities:</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.34%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.52%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 27.4pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Foreign currency exchange contracts:</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.34%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.52%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive USD/pay EUR</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.36%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.98%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>65,131 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.36%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.16%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(642) </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive USD/pay GBP</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>31,342 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(334) </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive USD/pay ZAR</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,311 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(222) </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive USD/pay AUD</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,238 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(177) </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive USD/pay MXN</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,720 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(126) </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive USD/pay TRY</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,483 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(52) </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive USD/pay NZD</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,826 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(18) </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:43.30%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 59.8pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Receive USD/pay CLP</font></p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,112 </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(8) </td> <td valign="top" style="width:02.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:22.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accrued liabilities</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:36pt;"> <tr> <td valign="top" style="width:37.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Monster<br />Energy&#xAE;<br />Drinks</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Strategic<br />Brands</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Other</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Total</font></p> </td> <td valign="bottom" style="width:00.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:37.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Balance at December&nbsp;31, 2017</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.02%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:09.82%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>693,644 </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:10.14%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>637,999 </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.26%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:08.12%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">-</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.48%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:10.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,331,643 </td> <td valign="bottom" style="width:00.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:37.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Acquisitions</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.84%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">-</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.82%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">-</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:11.38%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">-</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:14.34%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:00.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:37.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:12.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:12.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:11.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:14.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:37.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Balance at June 30, 2018</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.02%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:09.82%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>693,644 </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:10.14%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>637,999 </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.26%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:08.12%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">-</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.48%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:10.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,331,643 </td> <td valign="bottom" style="width:00.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:37.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:09.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:10.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:08.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:36pt;"> <tr> <td valign="top" style="width:37.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Monster<br />Energy&#xAE;<br />Drinks</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Strategic<br />Brands</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:11.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Other</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Total</font></p> </td> <td valign="bottom" style="width:00.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:37.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Balance at December 31, 2016</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.02%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:09.82%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>693,644 </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:10.14%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>637,999 </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.26%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:08.12%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">-</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.48%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:10.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,331,643 </td> <td valign="bottom" style="width:00.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:37.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Acquisitions</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.84%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">-</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.82%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">-</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:11.38%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">-</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:14.34%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:00.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:37.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:12.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:12.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:11.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:14.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:37.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Balance at June 30, 2017</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.02%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:09.82%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>693,644 </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:10.14%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>637,999 </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.26%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:08.12%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">-</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.48%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="top" style="width:10.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,331,643 </td> <td valign="bottom" style="width:00.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:37.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:09.82%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:10.14%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:08.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:10.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;"><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 70.00%;margin-left:36pt;"> <tr> <td valign="top" style="width:51.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June&nbsp;30,</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">December&nbsp;31,</font></p> </td> </tr> <tr> <td valign="top" style="width:51.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2018</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2017</font></p> </td> </tr> <tr> <td valign="top" style="width:51.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Goodwill and other intangible assets:</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:51.02%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Monster Energy&#xAE; Drinks</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:06.16%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:14.78%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,357,017 </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:06.04%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:14.90%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,346,648 </td> </tr> <tr> <td valign="top" style="width:51.02%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Strategic Brands</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.94%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>992,800 </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.92%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>995,582 </td> </tr> <tr> <td valign="top" style="width:51.02%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Other</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.94%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,227 </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.92%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,498 </td> </tr> <tr> <td valign="top" style="width:51.02%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Corporate and unallocated</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.94%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.92%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> </tr> <tr> <td valign="top" style="width:51.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:20.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:20.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:51.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:06.16%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:14.78%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,371,044 </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:06.04%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:14.90%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,365,728 </td> </tr> <tr> <td valign="top" style="width:51.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:06.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:14.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:06.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:14.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;"><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 92.00%;margin-left:36pt;"> <tr> <td valign="bottom" style="width:58.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.72%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June 30,<br />2018</font></p> </td> <td valign="bottom" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">December 31,<br />2017</font></p> </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:58.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Raw materials</font></p> </td> <td valign="bottom" style="width:02.72%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:13.94%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>89,362 </td> <td valign="bottom" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:13.98%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>78,834 </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:58.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Finished goods</font></p> </td> <td valign="bottom" style="width:02.72%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.32%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>186,204 </td> <td valign="bottom" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:16.32%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>176,911 </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:58.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.72%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:16.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:16.32%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="bottom" style="width:58.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.72%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.38%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:13.94%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>275,566 </td> <td valign="bottom" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:13.98%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>255,745 </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:58.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.72%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.38%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:13.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:13.98%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;"><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;"> <tr> <td valign="top" style="width:38.26%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="8" valign="bottom" style="width:57.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Three-Months Ended June&nbsp;30, 2018</font></p> </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:38.26%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:17.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">As Reported</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:17.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Without Adoption<br />of ASC 606</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:17.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Decrease due to<br />Adoption of ASC<br />606</font></p> </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:38.26%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Net Sales</font></p> </td> <td valign="bottom" style="width:02.88%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.08%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:13.22%;background-color: #FFFFFF;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,015,873 </td> <td valign="bottom" style="width:02.88%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.04%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:12.26%;background-color: #FFFFFF;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,028,085 </td> <td valign="bottom" style="width:02.88%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.10%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:13.24%;background-color: #FFFFFF;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12,212) </td> <td valign="bottom" style="width:01.16%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 7pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:7pt;">1</font></p> </td> </tr> <tr> <td valign="top" style="width:38.26%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Operating Expenses</font></p> </td> <td valign="bottom" style="width:02.88%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.08%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:13.22%;background-color: #FFFFFF;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>262,637 </td> <td valign="bottom" style="width:02.88%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.04%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:12.26%;background-color: #FFFFFF;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>274,849 </td> <td valign="bottom" style="width:02.88%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.10%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:13.24%;background-color: #FFFFFF;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(12,212) </td> <td valign="bottom" style="width:01.16%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 7pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:7pt;">1</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 86.00%;margin-left:36pt;"> <tr> <td valign="top" style="width:38.26%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="8" valign="bottom" style="width:57.70%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Six-Months Ended June&nbsp;30, 2018</font></p> </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:38.26%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-size:10.5pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:17.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">As Reported</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:17.30%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Without Adoption<br />of ASC 606</font></p> </td> <td valign="bottom" style="width:02.88%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:17.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Decrease due to<br />Adoption of ASC<br />606</font></p> </td> <td valign="bottom" style="width:01.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:38.26%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Net Sales</font></p> </td> <td valign="bottom" style="width:02.88%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.08%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:13.22%;background-color: #FFFFFF;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,866,793 </td> <td valign="bottom" style="width:02.88%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.04%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:12.26%;background-color: #FFFFFF;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,888,945 </td> <td valign="bottom" style="width:02.88%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.10%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:13.24%;background-color: #FFFFFF;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(22,152) </td> <td valign="bottom" style="width:01.16%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 7pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:7pt;">1</font></p> </td> </tr> <tr> <td valign="top" style="width:38.26%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">Operating Expenses</font></p> </td> <td valign="bottom" style="width:02.88%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.08%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:13.22%;background-color: #FFFFFF;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>497,979 </td> <td valign="bottom" style="width:02.88%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.04%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:12.26%;background-color: #FFFFFF;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>520,131 </td> <td valign="bottom" style="width:02.88%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.10%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt 3.6pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:10.5pt;">$</font></p> </td> <td valign="bottom" style="width:13.24%;background-color: #FFFFFF;;font-family:Tms Rmn;font-size:10.5pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(22,152) </td> <td valign="bottom" style="width:01.16%;background-color: #FFFFFF;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 7pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:7pt;">1</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-style:italic;font-size:7pt;">1</font><font style="display:inline;font-style:italic;font-size:11pt;"> TCCC Commissions based on sales to the TCCC Related Parties. There were no other identified changes to our revenue recognition policies as a result of the adoption of ASC 606.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;"><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 64.00%;margin-left:36pt;"> <tr> <td valign="top" style="width:47.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:22.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June&nbsp;30,<br /></font><font style="display:inline;font-family:Tms Rmn;font-size:11pt;">2018</font></p> </td> <td valign="top" style="width:03.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:22.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">December&nbsp;31,<br /></font><font style="display:inline;font-family:Tms Rmn;font-size:11pt;">2017</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:47.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:22.52%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:22.52%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:47.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accounts receivable, net</font></p> </td> <td valign="top" style="width:03.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:06.52%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:16.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42,337 </td> <td valign="top" style="width:03.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:06.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:16.18%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32,607 </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:47.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accounts payable</font></p> </td> <td valign="top" style="width:03.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:06.52%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:16.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(34,368) </td> <td valign="top" style="width:03.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:06.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:16.18%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(45,465) </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:47.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Accrued promotional allowances</font></p> </td> <td valign="top" style="width:03.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:06.52%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:16.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(9,851) </td> <td valign="top" style="width:03.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:06.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:16.18%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(5,884) </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Three-Months Ended</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Six-Months Ended</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2018</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2017</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2018</font></p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2017</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Net sales:</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Monster Energy&#xAE; Drinks</font><font style="display:inline;font-size:7pt;">(</font><font style="display:inline;font-size:11pt;">&#xB9;</font><font style="display:inline;font-size:7pt;">)</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.26%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.26%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>929,439 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.08%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.58%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>815,261 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.84%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.58%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,709,943 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.08%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.92%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,483,831 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Strategic Brands</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.50%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>79,811 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.66%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>85,633 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>145,570 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>153,669 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Other</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.50%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,623 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.66%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,174 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,280 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,714 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Corporate and unallocated</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.50%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.66%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.00%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.26%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.26%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,015,873 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.08%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.58%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>907,068 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.84%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.58%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,866,793 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.08%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.92%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,649,214 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.28%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Three-Months Ended</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Six-Months Ended</font></p> </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June 30,</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June 30,</font></p> </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2018</font></p> </td> <td valign="top" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2017</font></p> </td> <td valign="top" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2018</font></p> </td> <td valign="top" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:14.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2017</font></p> </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Operating Income:</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.52%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Monster Energy&#xAE; Drinks</font><font style="display:inline;font-size:7pt;">(</font><font style="display:inline;font-size:11pt;">&#xB9;</font><font style="display:inline;font-size:7pt;">) (2)</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.26%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.26%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>373,103 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.42%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.26%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>356,223 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.66%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.76%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>674,805 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.26%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.76%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>635,654 </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Strategic Brands</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,791 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.68%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,175 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>93,393 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.02%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>95,281 </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Other</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,826 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.68%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,718 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,797 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.02%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,134 </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Corporate and unallocated</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(68,099) </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.68%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(61,075) </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(133,460) </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.02%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(119,766) </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:14.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.26%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.26%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>357,621 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.42%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.26%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>350,041 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.66%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.76%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>637,535 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.26%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.76%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>614,303 </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.28%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Three-Months Ended</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Six-Months Ended</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June 30,</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June 30,</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2018</font></p> </td> <td valign="top" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2017</font></p> </td> <td valign="top" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2018</font></p> </td> <td valign="top" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:14.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2017</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Income before tax:</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.52%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Monster Energy&#xAE; Drinks</font><font style="display:inline;font-size:7pt;">(</font><font style="display:inline;font-size:11pt;">&#xB9;</font><font style="display:inline;font-size:7pt;">) (2)</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.26%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.26%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>373,342 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.42%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.26%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>356,316 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.34%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.08%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>675,305 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.84%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.16%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>635,651 </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Strategic Brands</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,833 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.68%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,174 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>93,416 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>95,268 </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Other</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,826 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.68%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,718 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,797 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,134 </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Corporate and unallocated</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(67,904) </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.68%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(63,718) </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(131,702) </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(121,643) </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.26%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.26%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>358,097 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.42%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.26%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>347,490 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.34%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.08%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>639,816 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.84%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.16%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>612,410 </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;"> <p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 8pt;margin:0pt;"> <font style="margin:0pt;font-weight:normal;font-style:italic;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size:8pt;;"> (1)</font> </p> </td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 8pt;margin:0pt;"> <font style="display:inline;font-style:italic;font-size:8pt;">Includes $11.0 million and $10.2 million for the three-months ended June&nbsp;30, 2018 and 2017, respectively, related to the recognition of deferred revenue. Includes $22.2 million and $20.1 million for the six-months ended June&nbsp;30, 2018 and 2017, respectively, related to the recognition of deferred revenue.</font></p></td></tr></table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;"> <p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 8pt;margin:0pt;"> <font style="margin:0pt;font-weight:normal;font-style:italic;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size:8pt;;"> (2)</font> </p> </td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 8pt;margin:0pt;"> <font style="display:inline;font-style:italic;font-size:8pt;">Includes $5.5 million and $0.2 million for the three-months ended June&nbsp;30, 2018 and 2017, respectively, related to distributor termination costs. Includes $12.5 million and $20.1 million for the six-months ended June&nbsp;30, 2018 and 2017, respectively, related to distributor termination costs.</font></p></td></tr></table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:26.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Three-Months Ended</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:27.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Six-Months Ended</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:27.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June&nbsp;30,</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2018</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2017</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2018</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2017</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Depreciation and amortization:</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Monster Energy&#xAE; Drinks</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.92%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,960 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,873 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.16%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,770 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.16%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,413 </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Strategic Brands</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,946 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,842 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,872 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,638 </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Other</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,167 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,153 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,326 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,306 </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Corporate and unallocated</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,121 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,725 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,217 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,418 </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.92%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,194 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,593 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.16%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,185 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.16%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,775 </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 66.00%;margin-left:36pt;"> <tr> <td valign="top" style="width:55.04%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Number of<br />Shares (in<br />thousands)</font></p> </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:18.24%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Weighted<br />Average<br />Grant-Date<br />Fair Value</font></p> </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.04%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Non-vested at January&nbsp;1, 2018</font></p> </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>530 </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.34%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:12.90%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45.09 </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.04%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Granted 01/01/18- 03/31/18</font></p> </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>221 </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.34%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:12.90%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58.75 </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.04%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Granted 04/01/18- 06/30/18</font></p> </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>48 </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.34%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:12.90%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>52.31 </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.04%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Vested</font></p> </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(262) </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.34%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:12.90%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>45.36 </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.04%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Forfeited/cancelled</font></p> </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(6) </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.34%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:12.90%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>32.17 </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:55.04%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Non-vested at June 30, 2018</font></p> </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:18.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>531 </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:05.34%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:12.90%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51.45 </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:55.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:18.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:05.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.24%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td valign="bottom" style="width:41.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt 0pt 0pt 30.3pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Options</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Number of<br />Shares (In<br />thousands)</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Weighted-<br />Average<br />Exercise<br />Price Per<br />Share</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Weighted-<br />Average<br />Remaining<br />Contractual<br />Term (In<br />years)</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Aggregate<br />Intrinsic Value</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Outstanding at January&nbsp;1, 2018</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,819 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.66%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>29.62 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.1 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:09.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">600,032 </font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 40pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Granted 01/01/18 - 03/31/18</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,615 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.66%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>58.76 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 40pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Granted 04/01/18 - 06/30/18</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>360 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.66%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>51.72 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 40pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Exercised</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(814) </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.66%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>16.73 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 40pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Cancelled or forfeited</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(216) </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.66%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>42.60 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Outstanding at June 30, 2018</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>19,764 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.66%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34.26 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.2 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:09.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>459,527 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Vested and expected to vest in the</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">future at June 30, 2018</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>18,673 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.66%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>33.32 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6.1 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:09.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">451,327 </font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Exercisable at June 30, 2018</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,639 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.66%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:08.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22.40 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.9pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4.5 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 5.75pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">$</font></p> </td> <td valign="bottom" style="width:09.00%;padding:0pt;"> <p style="margin:0pt 2.9pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">371,252 </font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 96.00%;margin-left:18pt;"> <tr> <td valign="top" style="width:38.96%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:27.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Three-Months Ended June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:27.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Six-Months Ended June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:01.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:38.96%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">2018</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">2017</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">2018</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">2017</font></p> </td> <td valign="bottom" style="width:01.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:38.96%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Dividend yield</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;;font-family:Tms Rmn;font-size:11pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.0% </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;;font-family:Tms Rmn;font-size:11pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.0% </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;;font-family:Tms Rmn;font-size:11pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.0% </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;;font-family:Tms Rmn;font-size:11pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>0.0% </td> <td valign="bottom" style="width:01.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:38.96%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Expected volatility</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;;font-family:Tms Rmn;font-size:11pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34.9% </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;;font-family:Tms Rmn;font-size:11pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36.5% </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;;font-family:Tms Rmn;font-size:11pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>34.9% </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;;font-family:Tms Rmn;font-size:11pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>36.6% </td> <td valign="bottom" style="width:01.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:38.96%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Risk-free interest rate</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;;font-family:Tms Rmn;font-size:11pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.7% </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;;font-family:Tms Rmn;font-size:11pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1.8% </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;;font-family:Tms Rmn;font-size:11pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.8% </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;;font-family:Tms Rmn;font-size:11pt;padding-right:14.4pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2.1% </td> <td valign="bottom" style="width:01.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:38.96%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">Expected term</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;padding:0pt;"> <p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">6.1 years</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;padding:0pt;"> <p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">6.1 years</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;padding:0pt;"> <p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">6.1 years</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;padding:0pt;"> <p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">6.1 years</font></p> </td> <td valign="bottom" style="width:01.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:38.96%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;padding:0pt;"> <p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;padding:0pt;"> <p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;padding:0pt;"> <p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.58%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.42%;padding:0pt;"> <p style="margin:0pt 14.4pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.04%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> </table></div> <p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p><div /></div> </div> <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">A reconciliation of the weighted-average shares used in the basic and diluted earnings per common share computations is presented below (in thousands):</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 93.00%;margin-left:36pt;"> <tr> <td valign="bottom" style="width:36.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:28.40%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Three-Months&nbsp;Ended</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:28.40%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Six-Months&nbsp;Ended</font></p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:36.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:28.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="3" valign="bottom" style="width:28.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2018</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2017</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2018</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2017</font></p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Weighted-average shares outstanding:</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Basic</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>559,867 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>567,910 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>562,917 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>567,384 </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Dilutive</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,485 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,110 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>7,314 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>10,335 </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:36.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Diluted</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>566,352 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>578,020 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>570,231 </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:12.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>577,719 </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:36.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:12.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">17.<font style="display:inline;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 26.1pt 0pt 0pt;"></font></font><font style="display:inline;font-size:3pt;"></font><font style="display:inline;font-size:11pt;">SEGMENT INFORMATION</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The Company currently has three operating and reportable segments, (i)&nbsp;Monster Energy&#xAE; Drinks segment, which is comprised of the Company&#x2019;s Monster Energy&#xAE; drinks and Mutant&#xAE; Super Soda drinks, (ii)&nbsp;Strategic Brands segment, which is comprised of the various energy drink brands acquired from TCCC in 2015, and (iii)&nbsp;Other segment, which is comprised of certain products sold by American Fruits&nbsp;&amp; Flavors LLC, a wholly-owned subsidiary of the Company, to independent third-party customers.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The Company&#x2019;s Monster Energy&#xAE; Drinks segment primarily generates net operating revenues by selling ready-to-drink packaged drinks primarily to bottlers and full service beverage distributors. In some cases, the Company sells directly to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience chains, food service customers and the military.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:38.25pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The Company&#x2019;s Strategic Brands segment primarily generates net operating revenues by selling &#x201C;concentrates&#x201D; and/or &#x201C;beverage bases&#x201D; 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 to other bottlers, full service distributors or retailers, including, retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience chains, food service customers, drug stores and the military. To a lesser extent, the Company&#x2019;s Strategic Brands segment generates net operating revenues by selling certain ready-to-drink packaged energy drinks to bottlers and full service beverage distributors.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Generally, the Monster Energy&#xAE; Drinks segment generates higher per case net operating revenues, but lower per case gross profit margins than the Strategic Brands segment.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Corporate and unallocated amounts that do not relate to a reportable segment have been allocated to &#x201C;Corporate&nbsp;&amp; Unallocated.&#x201D; No asset information, other than goodwill and other intangible assets, has been provided for in the Company&#x2019;s reportable segments as management does not measure or allocate such assets on a segment basis.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">The net revenues derived from the Company&#x2019;s reportable segments and other financial information related thereto for the three- and six-months ended June&nbsp;30, 2018 and 2017 are as follows:</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.26%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Three-Months Ended</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Six-Months Ended</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2018</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2017</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2018</font></p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2017</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Net sales:</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Monster Energy&#xAE; Drinks</font><font style="display:inline;font-size:7pt;">(</font><font style="display:inline;font-size:11pt;">&#xB9;</font><font style="display:inline;font-size:7pt;">)</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.26%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.26%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>929,439 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.08%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.58%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>815,261 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.84%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.58%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,709,943 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.08%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.92%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,483,831 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Strategic Brands</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.50%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>79,811 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.66%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>85,633 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>145,570 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>153,669 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Other</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.50%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,623 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.66%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,174 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,280 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,714 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Corporate and unallocated</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.50%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.66%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.00%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:14.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.26%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.26%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,015,873 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.08%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.58%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>907,068 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.84%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.58%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,866,793 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.08%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.92%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,649,214 </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.58%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.28%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Three-Months Ended</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Six-Months Ended</font></p> </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June 30,</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June 30,</font></p> </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2018</font></p> </td> <td valign="top" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2017</font></p> </td> <td valign="top" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2018</font></p> </td> <td valign="top" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:14.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2017</font></p> </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Operating Income:</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.52%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Monster Energy&#xAE; Drinks</font><font style="display:inline;font-size:7pt;">(</font><font style="display:inline;font-size:11pt;">&#xB9;</font><font style="display:inline;font-size:7pt;">) (2)</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.26%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.26%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>373,103 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.42%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.26%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>356,223 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.66%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.76%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>674,805 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.26%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.76%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>635,654 </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Strategic Brands</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,791 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.68%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,175 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>93,393 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.02%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>95,281 </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Other</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,826 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.68%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,718 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,797 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.02%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,134 </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Corporate and unallocated</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(68,099) </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.68%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(61,075) </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(133,460) </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.02%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(119,766) </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:14.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.26%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.26%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>357,621 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.42%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.26%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>350,041 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.66%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.76%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>637,535 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.26%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.76%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>614,303 </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.28%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Three-Months Ended</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Six-Months Ended</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June 30,</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:29.76%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June 30,</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2018</font></p> </td> <td valign="top" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:12.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2017</font></p> </td> <td valign="top" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2018</font></p> </td> <td valign="top" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:14.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2017</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Income before tax:</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.52%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Monster Energy&#xAE; Drinks</font><font style="display:inline;font-size:7pt;">(</font><font style="display:inline;font-size:11pt;">&#xB9;</font><font style="display:inline;font-size:7pt;">) (2)</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.26%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.26%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>373,342 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.42%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.26%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>356,316 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.34%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.08%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>675,305 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.84%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.16%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>635,651 </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Strategic Brands</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>50,833 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.68%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>53,174 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>93,416 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>95,268 </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Other</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,826 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.68%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,718 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,797 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,134 </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Corporate and unallocated</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.52%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(67,904) </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.68%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(63,718) </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.42%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(131,702) </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:14.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:3.6pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(121,643) </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:14.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:14.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.26%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.26%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>358,097 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.42%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.26%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>347,490 </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.34%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.08%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>639,816 </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:04.84%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.16%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>612,410 </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:35.76%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.16%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.26%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.34%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:00.96%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;"> <p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 8pt;margin:0pt;"> <font style="margin:0pt;font-weight:normal;font-style:italic;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size:8pt;;"> (1)</font> </p> </td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 8pt;margin:0pt;"> <font style="display:inline;font-style:italic;font-size:8pt;">Includes $11.0 million and $10.2 million for the three-months ended June&nbsp;30, 2018 and 2017, respectively, related to the recognition of deferred revenue. Includes $22.2 million and $20.1 million for the six-months ended June&nbsp;30, 2018 and 2017, respectively, related to the recognition of deferred revenue.</font></p></td></tr></table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 16.00pt;"> <p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 8pt;margin:0pt;"> <font style="margin:0pt;font-weight:normal;font-style:italic;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size:8pt;;"> (2)</font> </p> </td><td style="width:2pt;"><p style="width:2pt;width:2pt;font-size:0pt;"></p></td><td align="left" valign="top"> <p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 8pt;margin:0pt;"> <font style="display:inline;font-style:italic;font-size:8pt;">Includes $5.5 million and $0.2 million for the three-months ended June&nbsp;30, 2018 and 2017, respectively, related to distributor termination costs. Includes $12.5 million and $20.1 million for the six-months ended June&nbsp;30, 2018 and 2017, respectively, related to distributor termination costs.</font></p></td></tr></table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:26.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Three-Months Ended</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:27.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Six-Months Ended</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:26.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June&nbsp;30,</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="5" valign="bottom" style="width:27.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June&nbsp;30,</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2018</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2017</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2018</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2017</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Depreciation and amortization:</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Monster Energy&#xAE; Drinks</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.92%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>8,960 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,873 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.16%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>17,770 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.16%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>13,413 </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Strategic Brands</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,946 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,842 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,872 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,638 </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Other</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,167 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,153 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,326 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,306 </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Corporate and unallocated</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,121 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,725 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:12.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>4,217 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:13.00%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>3,418 </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:12.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:13.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:03.08%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:08.92%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>14,194 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.66%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.34%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>11,593 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:09.16%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>28,185 </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.84%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:10.16%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>22,775 </td> </tr> <tr> <td valign="top" style="width:41.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:03.08%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.66%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.34%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:09.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.84%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:10.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Corporate and unallocated expenses for the three-months ended June&nbsp;30, 2018 include $44.7 million of payroll costs, of which $14.9 million was attributable to stock-based compensation expenses (see Note 14, &#x201C;Stock-Based Compensation&#x201D;), as well as $11.8 million attributable to professional service expenses, including accounting and legal costs, and $11.6 million of other operating expenses. Corporate and unallocated expenses for the three-months ended June&nbsp;30, 2017 include $38.4 million of payroll costs, of which $12.8 million was attributable to stock-based compensation expenses (see Note 14, &#x201C;Stock-Based Compensation&#x201D;), as well as $14.0 million attributable to professional service expenses, including accounting and legal costs, and $8.6 million of other operating expenses.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Corporate and unallocated expenses for the six-months ended June&nbsp;30, 2018 include $87.8 million of payroll costs, of which $28.3 million was attributable to stock-based compensation expenses (see Note 14, &#x201C;Stock-Based Compensation&#x201D;), as well as $24.2 million attributable to professional service expenses, including accounting and legal costs, and $21.4 million of other operating expenses. Corporate and unallocated expenses for the six-months ended June&nbsp;30, 2017 include $76.1 million of payroll costs, of which $26.0 million was attributable to stock-based compensation expenses (see Note 14, &#x201C;Stock-Based Compensation&#x201D;), as well as $26.4 million attributable to professional service expenses, including accounting and legal costs, and $17.3 million of other operating expenses.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">TCCC, through the TCCC Subsidiaries, accounted for approximately 4% and 17% of the Company&#x2019;s net sales for the three-months ended June&nbsp;30, 2018 and 2017, respectively. TCCC, through the TCCC Subsidiaries, accounted for approximately 4% and 25% of the Company&#x2019;s net sales for the six-months ended June&nbsp;30, 2018 and 2017, respectively. As part of TCCC&#x2019;s North America Refranchising initiative (the &#x201C;North America Refranchising&#x201D;), the territories of certain TCCC Subsidiaries have been transitioned to certain independent TCCC bottlers/distributors and/or TCCC Related Parties. Accordingly, the Company&#x2019;s percentage of net sales classified as sales to the TCCC Subsidiaries significantly decreased for three- and six-months ended June&nbsp;30, 2018.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">CCBCC Operations, LLC accounted for approximately 13% of the Company&#x2019;s net sales for both the three-months ended June&nbsp;30, 2018 and 2017. CCBCC Operations, LLC accounted for approximately 13% and 12% of the Company&#x2019;s net sales for the six-months ended June&nbsp;30, 2018 and 2017, respectively.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Coca-Cola European Partners accounted for approximately 9% of the Company&#x2019;s net sales for both the three-months ended June&nbsp;30, 2018 and 2017. Coca-Cola European Partners accounted for approximately 10% and 9% of the Company&#x2019;s net sales for the six-months ended June&nbsp;30, 2018 and 2017, respectively.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Reyes Coca-Cola Bottling accounted for approximately 12% and 5% of the Company&#x2019;s net sales for the three-months ended June&nbsp;30, 2018 and 2017, respectively. Reyes Coca-Cola Bottling accounted for approximately 13% and 4% of the Company&#x2019;s net sales for the six-months ended June&nbsp;30, 2018 and 2017, respectively.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Net sales to customers outside the United States amounted to $293.8 million and $247.9 million for the three-months ended June&nbsp;30, 2018 and 2017, respectively. Net sales to customers outside the United States amounted to $535.9 million and $438.8 million for the six-months ended June&nbsp;30, 2018 and 2017, respectively.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Goodwill and other intangible assets for the Company&#x2019;s reportable segments as of June&nbsp;30, 2018 and December&nbsp;31, 2017 are as follows:</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 70.00%;margin-left:36pt;"> <tr> <td valign="top" style="width:51.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">June&nbsp;30,</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">December&nbsp;31,</font></p> </td> </tr> <tr> <td valign="top" style="width:51.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2018</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">2017</font></p> </td> </tr> <tr> <td valign="top" style="width:51.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Goodwill and other intangible assets:</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.94%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:51.02%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Monster Energy&#xAE; Drinks</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:06.16%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:14.78%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,357,017 </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:06.04%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:14.90%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,346,648 </td> </tr> <tr> <td valign="top" style="width:51.02%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Strategic Brands</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.94%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>992,800 </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.92%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>995,582 </td> </tr> <tr> <td valign="top" style="width:51.02%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Other</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.94%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>21,227 </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.92%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>23,498 </td> </tr> <tr> <td valign="top" style="width:51.02%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 23.05pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Corporate and unallocated</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.94%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:20.92%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">-</font></p> </td> </tr> <tr> <td valign="top" style="width:51.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:20.94%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:20.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:51.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:06.16%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:14.78%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,371,044 </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:06.04%;padding:0pt;"> <p style="margin:0pt 7.2pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:14.90%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:7.2pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>2,365,728 </td> </tr> <tr> <td valign="top" style="width:51.02%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:06.16%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:14.78%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:03.56%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:06.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:14.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> 25983000 28345000 221000 48000 46.65 50.86 58.75 57.59 52.31 530000 531000 45.09 51.45 262000 45.36 0.000 0.000 0.000 0.000 P6Y1M6D P6Y1M6D P6Y1M6D P6Y1M6D 0.366 0.365 0.349 0.349 0.021 0.018 0.028 0.027 371252000 10639000 22.40 P4Y6M 40900000 8500000 32900000 14700000 216000 42.60 2615000 360000 18.01 18.97 22.51 20.20 600032000 459527000 17819000 19764000 29.62 34.26 P6Y1M6D P6Y2M12D 451327000 18673000 500000 33.32 P6Y1M6D 16.73 58.76 51.72 672933000 672933000 672933000 211093000 211093000 211093000 3895212000 3605160000 814000 196700000 249900000 303200000 250000000 500000000 500000000 500000000 <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 80.00%;margin-left:50.4pt;"> <tr> <td valign="top" style="width:56.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:37.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Gross&nbsp;Unrecognized&nbsp;Tax<br />Benefits</font></p> </td> <td valign="bottom" style="width:01.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:56.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Balance at December&nbsp;31, 2017</font></p> </td> <td valign="bottom" style="width:04.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.20%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:28.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>6,540 </td> <td valign="bottom" style="width:01.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:56.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Additions for tax positions related to the current year</font></p> </td> <td valign="bottom" style="width:04.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:37.04%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>210 </td> <td valign="bottom" style="width:01.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:56.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Additions for tax positions related to the prior year</font></p> </td> <td valign="bottom" style="width:04.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:37.04%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>1,172 </td> <td valign="bottom" style="width:01.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:56.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Decreases related to settlement with taxing authority</font></p> </td> <td valign="bottom" style="width:04.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:37.04%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:2.15pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>(2,665) </td> <td valign="bottom" style="width:01.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:56.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:37.04%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:56.78%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">Balance at June 30, 2018</font></p> </td> <td valign="bottom" style="width:04.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:08.20%;padding:0pt;"> <p style="margin:0pt 5.75pt 0pt 0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;&nbsp;$</font></p> </td> <td valign="bottom" style="width:28.86%;;font-family:Times New Roman,Times,serif;font-size:11pt;padding-right:5.75pt;text-align:right;" nowrap="nowrap"><div style="float:left"></div>5,257 </td> <td valign="bottom" style="width:01.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:56.78%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:04.44%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:08.20%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:28.86%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.74%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> </table></div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p><div /></div> </div> 49.81 54.78 62957000 77873000 5000000 5500000 <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt 0pt 0pt 36pt;text-indent: -36pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:11pt;">13.<font style="display:inline;font-family:Tms Rmn;font-size:11pt;;font-size: 11pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 26.1pt 0pt 0pt;"></font></font><font style="display:inline;font-family:Tms Rmn;font-size:3pt;"></font><font style="display:inline;font-size:11pt;">TREASURY STOCK</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">On February&nbsp;27, 2018, the Company&#x2019;s Board of Directors authorized a share repurchase program for the purchase of up to $250.0 million of the Company&#x2019;s outstanding common stock (the &#x201C;February&nbsp;2018 Repurchase Program&#x201D;). During the three-months ended June&nbsp;30, 2018, the Company purchased 5.0 million shares of common stock at an average purchase price of $49.81 per share, for a total amount of $249.9 million (excluding broker commissions), which exhausted the availability under the February&nbsp;2018 Repurchase Program. Such shares are included in common stock in treasury in the accompanying condensed consolidated balance sheet at June&nbsp;30, 2018.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">On May&nbsp;29, 2018, the Company&#x2019;s Board of Directors authorized a share repurchase program for the purchase of up to $500.0 million of the Company&#x2019;s outstanding common stock (the &#x201C;May&nbsp;2018 Repurchase Program&#x201D;). During the three-months ended June&nbsp;30, 2018, the Company purchased 5.5 million shares of common stock at an average purchase price of $54.78 per share, for a total amount of $303.2 million (excluding broker commissions), under the May&nbsp;2018 Repurchase Program. Such shares are included in common stock in treasury in the accompanying condensed consolidated balance sheet at June&nbsp;30, 2018. As of August&nbsp;9, 2018, $196.7 million remained available for repurchase under the May&nbsp;2018 Repurchase Program.</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">On August&nbsp;7, 2018, the Company&#x2019;s Board of Directors authorized a new repurchase program for the repurchase of up to an additional $500.0 million of the Company&#x2019;s outstanding common stock (the &#x201C;August&nbsp;2018 Repurchase Program&#x201D;). As of August&nbsp;9, 2018, $500.0 million remained available for repurchase under the August&nbsp;2018 Repurchase Program.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p> <p style="margin:0pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">During the three-months ended June&nbsp;30, 2018, 504 shares of common stock were purchased from employees in lieu of cash payments for options exercised or withholding taxes due, for a total amount of $0.03 million. While such purchases are considered common stock repurchases, they are not counted as purchases against the Company&#x2019;s authorized share repurchase programs. Such shares are included in common stock in treasury in the accompanying condensed consolidated balance sheet at June&nbsp;30, 2018.</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 11pt;"> <font style="display:inline;font-size:11pt;">&nbsp;</font> </p><div /></div> </div> 3170129000 3975278000 <div> <div> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font> </p> <p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;"><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font><font style="display:inline;;font-size: 10pt;font-family:Times New Roman,Times,serif;text-indent:0pt;margin-left:0pt;padding:0pt 36pt 0pt 0pt;"></font></font> </p> <div style="width:100%;"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;"> <tr> <td valign="bottom" style="width:26.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">June&nbsp;30, 2018</font></p> </td> <td valign="top" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Amortized<br />Cost</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Gross<br />Unrealized<br />Holding<br />Gains</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Gross<br />Unrealized<br />Holding<br />Losses</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Fair<br />Value</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Continuous<br />Unrealized<br />Loss Position<br />less than 12<br />Months</font></p> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Continuous<br />Unrealized<br />Loss Position<br />greater than 12<br />Months</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-weight:bold;font-size:8.5pt;">Available-for-sale</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Short-term:</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Commercial paper</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:08.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">15,177&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.40%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.22%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.36%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.54%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">15,177&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.62%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.28%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Municipal securities</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">149,048&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">5&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">56&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">148,997&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">56&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">U.S. government agency securities</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">46,982&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">63&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">46,919&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">63&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Variable rate demand notes</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 40pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Total</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:08.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">211,207&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.40%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">5&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.22%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">119&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.36%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.54%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">211,093&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.62%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.28%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">119&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:08.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:07.40%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.68%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:07.22%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:07.54%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.62%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:07.28%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.92%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:07.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 10.1pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"> <font style="display:inline;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:26.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">December&nbsp;31, 2017</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Amortized<br />Cost</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Gross<br />Unrealized<br />Holding<br />Gains</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Gross<br />Unrealized<br />Holding<br />Losses</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Fair<br />Value</font></p> </td> <td valign="bottom" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Continuous<br />Unrealized<br />Loss Position<br />less than 12<br />Months</font></p> </td> <td valign="bottom" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="bottom" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:center;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Continuous<br />Unrealized<br />Loss Position<br />greater than 12<br />Months</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:26.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:02.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.48%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="bottom" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1.5pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-weight:bold;font-size:8.5pt;">Available-for-sale</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Short-term:</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Commercial paper</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:08.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">81,026&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.40%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.22%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.36%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.54%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">81,026&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.62%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.28%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Certificates of deposit</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">11,869&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">11,869&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Municipal securities</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">469,604&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">1&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">740&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">468,865&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">740&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">U.S. government agency securities</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">61,307&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">88&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">61,219&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">88&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Variable rate demand notes</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">49,954&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">49,954&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Long-term:</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 20.2pt;line-height:106.67%;text-indent: -10.1pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">U.S. government agency securities</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.60%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">2,369&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">3&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">2,366&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:09.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">3&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td colspan="2" valign="top" style="width:10.42%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:10.60%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:09.90%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td colspan="2" valign="top" style="width:10.42%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="bottom" style="width:01.00%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt 0pt 0pt 40pt;line-height:106.67%;text-indent: -10pt;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">Total</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:08.10%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">676,129&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.40%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">1&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.68%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.22%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">831&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.36%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.54%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">675,299&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.62%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.28%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">831&nbsp;&nbsp;</font></p> </td> <td valign="top" style="width:01.48%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> <td valign="top" style="width:02.92%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">&nbsp;&nbsp;&nbsp;$</font></p> </td> <td valign="top" style="width:07.50%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;text-align:right;font-family:Times New Roman,Times,serif;font-size: 8pt;"> <font style="display:inline;font-family:Tms Rmn;font-size:8.5pt;">-</font></p> </td> <td valign="bottom" style="width:01.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 10pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="top" style="width:26.90%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.00%;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:02.50%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p style="margin:0pt;line-height:106.67%;font-family:Times New Roman,Times,serif;font-size: 1pt;"> <font style="display:inline;font-size:1pt;">&nbsp;</font></p> </td> <td valign="top" style="width:08.10%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;padding:0pt;"> <p 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Document and Entity Information - shares
6 Months Ended
Jun. 30, 2018
Aug. 01, 2018
Document and Entity Information    
Entity Registrant Name Monster Beverage Corp  
Entity Central Index Key 0000865752  
Document Type 10-Q  
Document Period End Date Jun. 30, 2018  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Current Reporting Status Yes  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding   552,523,130
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q2  
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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
CURRENT ASSETS:    
Cash and cash equivalents $ 659,687 $ 528,622
Short-term investments 211,093 672,933
Accounts receivable, net 592,568 449,476
Inventories 275,566 255,745
Prepaid expenses and other current assets 57,320 40,877
Prepaid income taxes 32,445 138,724
Total current assets 1,828,679 2,086,377
INVESTMENTS   2,366
PROPERTY AND EQUIPMENT, net 240,658 230,276
DEFERRED INCOME TAXES 85,253 92,333
GOODWILL 1,331,643 1,331,643
OTHER INTANGIBLE ASSETS, net 1,039,401 1,034,085
OTHER ASSETS 16,436 13,932
Total Assets 4,542,070 4,791,012
CURRENT LIABILITIES:    
Accounts payable 267,117 245,910
Accrued liabilities 82,191 87,475
Accrued promotional allowances 178,193 137,998
Accrued distributor terminations 488 91
Deferred revenue 43,888 43,236
Accrued compensation 26,357 34,996
Income taxes payable 15,978 10,645
Total current liabilities 614,212 560,351
DEFERRED REVENUE 320,259 334,354
OTHER LIABILITIES 2,439 1,095
COMMITMENTS AND CONTINGENCIES (Note 11)
STOCKHOLDERS' EQUITY:    
Common stock - $0.005 par value; 1,250,000 shares authorized; 630,330 shares issued and 552,457 shares outstanding as of June 30, 2018; 629,255 shares issued and 566,298 shares outstanding as of December 31, 2017 3,152 3,146
Additional paid-in capital 4,194,676 4,150,628
Retained earnings 3,407,806 2,928,226
Accumulated other comprehensive loss (25,196) (16,659)
Common stock in treasury, at cost; 77,873 shares and 62,957 shares as of June 30, 2018 and December 31, 2017, respectively (3,975,278) (3,170,129)
Total stockholders' equity 3,605,160 3,895,212
Total Liabilities and Stockholders' Equity $ 4,542,070 $ 4,791,012
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Thousands
Jun. 30, 2018
Dec. 31, 2017
CONDENSED CONSOLIDATED BALANCE SHEETS    
Common stock, par value (in dollars per share) $ 0.005 $ 0.005
Common stock, shares authorized 1,250,000 1,250,000
Common stock, shares issued 630,330 629,255
Common stock, shares outstanding 552,457 566,298
Common stock in treasury, shares 77,873 62,957
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
CONDENSED CONSOLIDATED STATEMENTS OF INCOME        
NET SALES $ 1,015,873 $ 907,068 $ 1,866,793 $ 1,649,214
COST OF SALES 395,615 323,571 731,279 584,843
GROSS PROFIT 620,258 583,497 1,135,514 1,064,371
OPERATING EXPENSES 262,637 233,456 497,979 450,068
OPERATING INCOME 357,621 350,041 637,535 614,303
INTEREST and OTHER INCOME (EXPENSE), net 476 (2,551) 2,281 (1,893)
INCOME BEFORE PROVISION FOR INCOME TAXES 358,097 347,490 639,816 612,410
PROVISION FOR INCOME TAXES 87,981 124,857 153,651 211,797
NET INCOME $ 270,116 $ 222,633 $ 486,165 $ 400,613
NET INCOME PER COMMON SHARE:        
Basic (in dollars per share) $ 0.48 $ 0.39 $ 0.86 $ 0.71
Diluted (in dollars per share) $ 0.48 $ 0.39 $ 0.85 $ 0.69
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK AND COMMON STOCK EQUIVALENTS:        
Basic (in shares) 559,867 567,910 562,917 567,384
Diluted (in shares) 566,352 578,020 570,231 577,719
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME        
Net income, as reported $ 270,116 $ 222,633 $ 486,165 $ 400,613
Other comprehensive income:        
Change in foreign currency translation adjustment (11,988) 5,111 (9,265) 6,311
Available-for-sale investments:        
Change in net unrealized gains (losses) 513 (26) 728 105
Net change in available-for-sale investments 513 (26) 728 105
Other comprehensive (loss) income (11,475) 5,085 (8,537) 6,416
Comprehensive income $ 258,641 $ 227,718 $ 477,628 $ 407,029
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 486,165 $ 400,613
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 28,185 22,775
Gain on disposal of property and equipment (308) (436)
Stock-based compensation 28,345 25,983
Deferred income taxes (76) 1,862
Effect on cash of changes in operating assets and liabilities:    
Accounts receivable (154,369) (75,178)
TCCC Transaction receivable   125,000
Distributor receivables 5,826 (1,452)
Inventories (22,753) (24,859)
Prepaid expenses and other current assets (15,977) (8,131)
Prepaid income taxes 104,969 60,696
Accounts payable 24,684 8,784
Accrued liabilities (15,617) (667)
Accrued promotional allowances 43,196 25,805
Accrued distributor terminations 398 (7,917)
Accrued compensation (8,413) (7,225)
Income taxes payable 8,043 (5,362)
Other liabilities 1,344  
Deferred revenue (12,342) (7,069)
Net cash provided by operating activities 501,300 533,222
CASH FLOWS FROM INVESTING ACTIVITIES:    
Sales of available-for-sale investments 807,396 172,528
Purchases of available-for-sale investments (342,463) (286,858)
Purchases of property and equipment (34,619) (40,477)
Proceeds from sale of property and equipment 3,590 733
Decrease (Increase) in intangibles (42) 26
Increase in other assets (7,684) (632)
Net cash provided by (used in) investing activities 426,178 (154,680)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Principal payments on debt (972) (1,334)
Issuance of common stock 13,616 19,093
Purchases of common stock held in treasury (805,149) (302)
Net cash (used in) provided by financing activities (792,505) 17,457
Effect of exchange rate changes on cash and cash equivalents (3,908) 4,074
NET INCREASE IN CASH AND CASH EQUIVALENTS 131,065 400,073
CASH AND CASH EQUIVALENTS, beginning of period 528,622 377,582
CASH AND CASH EQUIVALENTS, end of period 659,687 777,655
Cash paid during the period for:    
Interest 28 38
Income taxes $ 41,780 $ 156,039
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS SUPPLEMENTAL DISCLOSURE OF NON-CASH ITEMS (Parenthetical) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS NON-CASH SUPPLEMENTAL DATA    
Capital lease for acquisition of promotional vehicles $ 0.7 $ 1.5
Accounts payable for property and equipment 1.5 0.3
Accrued liabilities for property and equipment 0.1 12.1
Accounts payable for other intangible assets 1.8 0.0
Accrued liabilities for other intangible assets $ 9.5 $ 6.2
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
BASIS OF PRESENTATION
6 Months Ended
Jun. 30, 2018
BASIS OF PRESENTATION  
BASIS OF PRESENTATION

 

1.BASIS OF PRESENTATION

 

Reference is made to the Notes to Consolidated Financial Statements, in Monster Beverage Corporation and Subsidiaries (the “Company”) Annual Report on Form 10-K for the year ended December 31, 2017 (“Form 10-K”) for a summary of significant accounting policies utilized by the Company and its consolidated subsidiaries and other disclosures, which should be read in conjunction with this Quarterly Report on Form 10-Q (“Form 10-Q”).

 

The Company’s condensed consolidated financial statements included in this Form 10-Q have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and Securities and Exchange Commission (“SEC”) rules and regulations applicable to interim financial reporting. They do not include all the information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP. The information set forth in these interim condensed consolidated financial statements for the three- and six-months ended June 30, 2018 and 2017, respectively, is unaudited and reflects all adjustments, which include only normal recurring adjustments and which in the opinion of management are necessary to make the interim condensed consolidated financial statements not misleading. Results of operations for periods covered by this report may not necessarily be indicative of results of operations for the full year.

 

The preparation of financial statements in conformity with GAAP necessarily requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates.

 

XML 20 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
RECENT ACCOUNTING PRONOUNCEMENTS
6 Months Ended
Jun. 30, 2018
RECENT ACCOUNTING PRONOUNCEMENTS  
RECENT ACCOUNTING PRONOUNCEMENTS

 

2.RECENT ACCOUNTING PRONOUNCEMENTS

 

Recently issued accounting pronouncements not yet adopted

 

In February 2018, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2018-02 (ASU No. 2018-02), “Income Statement - Reporting Comprehensive Income (Topic 220)”, which amends the previous guidance to allow for certain tax effects “stranded” in accumulated other comprehensive income, which are impacted by the Tax Cuts and Jobs Act (the “Tax Reform Act”), to be reclassified from accumulated other comprehensive income into retained earnings. This amendment pertains only to those items impacted by the new tax law and will not apply to any future tax effects stranded in accumulated other comprehensive income. This standard is effective for fiscal years beginning after December 15, 2018, and allows for early adoption. The Company is currently evaluating the impact of ASU No. 2018-02 on its financial position, results of operations and liquidity.

 

In January 2017, the FASB issued ASU No. 2017-04, “Intangibles and Other (Topic 350): Simplifying the Test for Goodwill Impairment, which eliminates the requirement to calculate the implied fair value of goodwill, but rather requires an entity to record an impairment charge based on the excess of a reporting unit’s carrying value over its fair value. This amendment is effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company is currently evaluating the impact of ASU No. 2017-04 on its financial position, results of operations and liquidity.

 

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. The accounting standard changes the methodology for measuring credit losses on financial instruments and the timing when such losses are recorded. ASU No. 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within those years, beginning after December 15, 2018. The Company is currently evaluating the impact of ASU No. 2016-13 on its financial position, results of operations and liquidity.

 

In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”. This update is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. This update is effective for annual and interim reporting periods beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact of ASU No. 2016-02 on its financial position, results of operations and liquidity.

 

Recently adopted accounting pronouncements

 

In October 2016, the FASB issued ASU No. 2016-16, “Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory”, in an effort to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. FASB ASU No. 2016-16 establishes the requirement that an entity recognizes the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. ASU No. 2016-16 was effective for financial statements issued for annual periods beginning after December 15, 2017 and interim periods within those annual periods. The Company adopted ASU No. 2016-16 effective January 1, 2018 on a modified retrospective basis, resulting in a $6.6 million reclassification of the unrecognized income tax effects related to assets transfers that occurred prior to the adoption from deferred income taxes to opening retained earnings.

 

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”, which superseded previous revenue recognition guidance. ASU No. 2014-09 and its amendments were included in Accounting Standards Codification (“ASC”) 606 “Revenue from Contracts with Customers”. ASC 606 requires that a company recognize revenue at an amount that reflects the consideration to which the company expects to be entitled in exchange for transferring goods or services to a customer. The Company adopted ASC 606 effective January 1, 2018, using the modified retrospective approach, with no impact to the opening retained earnings. Results for periods beginning on or after January 1, 2018 are presented under ASC 606, while prior periods are not adjusted and continue to be reported in accordance with the prior accounting guidance under ASC 605 “Revenue Recognition”. See Note 3.

 

XML 21 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
REVENUE RECOGNITION
6 Months Ended
Jun. 30, 2018
REVENUE RECOGNITION  
REVENUE RECOGNITION

 

3.REVENUE RECOGNITION

 

The Company currently has three operating and reportable segments, (i) Monster Energy® Drinks segment (“Monster Energy® Drinks”), which is comprised of the Company’s Monster Energy® drinks and Mutant® Super Soda drinks, (ii) Strategic Brands segment (“Strategic Brands”), which is comprised of the various energy drink brands acquired from The Coca-Cola Company (“TCCC”) in 2015, and (iii) Other segment (“Other”), which is comprised of certain products sold by American Fruits & Flavors LLC, a wholly-owned subsidiary of the Company, to independent third-party customers.

 

The Company’s Monster Energy® Drinks segment generates net operating revenues by selling ready-to-drink packaged energy drinks primarily to bottlers and full service beverage distributors. In some cases, the Company sells directly to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience chains, drug stores, food service customers 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 to other bottlers and full service distributors and to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience chains, food service customers, drug stores and the military. To a lesser extent, our Strategic Brands segment generates net operating revenues by selling certain ready-to-drink packaged energy drinks to bottlers and full service beverage distributors.

 

The majority of the Company’s revenue is recognized when it satisfies a single performance obligation by transferring control of its products to a customer. Control is generally transferred when the Company’s products are either shipped or delivered based on the terms contained within the underlying contracts or agreements. Certain of the Company’s bottlers/distributors may also perform a separate function as a co-packer on the Company’s behalf. In such cases, control of the Company’s products passes to such bottlers/distributors when they notify the Company that they have taken possession or transferred the relevant portion of the Company’s finished goods. The Company’s general payment terms are short-term in duration. The Company does not have significant financing components or payment terms. The Company did not have any material unsatisfied performance obligations as of June 30, 2018 or December 31, 2017.

 

The Company excludes from revenues all taxes assessed by a governmental authority that are imposed on the sale of its products and collected from customers.

 

Distribution expenses to transport the Company’s products, where applicable, and warehousing expense after manufacture are accounted for within operating expenses.

 

There were no changes to the Company’s accounting for variable consideration under ASC 606. Promotional and other allowances (variable consideration) recorded as a reduction to net sales, primarily include consideration given to the Company’s bottlers/distributors or retail customers including, but not limited to the following:

 

 

discounts granted off list prices to support price promotions to end-consumers by retailers;

 

reimbursements given to the Company’s bottlers/distributors for agreed portions of their promotional spend with retailers, including slotting, shelf space allowances and other fees for both new and existing products;

 

the Company’s agreed share of fees given to bottlers/distributors and/or directly to retailers for advertising, in-store marketing and promotional activities;

 

the Company’s agreed share of slotting, shelf space allowances and other fees given directly to retailers;

 

incentives given to the Company’s bottlers/distributors and/or retailers for achieving or exceeding certain predetermined sales goals;

 

discounted or free products;

 

contractual fees given to the Company’s bottlers/distributors related to sales made by the Company direct to certain customers that fall within the bottlers’/distributors’ sales territories; and

 

certain commissions paid based on sales to the Company’s bottlers/distributors.

 

The Company’s promotional allowance programs with its bottlers/distributors and/or retailers are executed through separate agreements in the ordinary course of business. These agreements generally provide for one or more of the arrangements described above and are of varying durations, ranging from one week to one year. The Company’s promotional and other allowances are calculated based on various programs with bottlers/distributors and retail customers, and accruals are established during the year for its anticipated liabilities. These accruals are based on agreed upon terms as well as the Company’s historical experience with similar programs and require management’s judgment with respect to estimating consumer participation and/or distributor and retail customer performance levels. Differences between such estimated expenses and actual expenses for promotional and other allowance costs have historically been insignificant and are recognized in earnings in the period such differences are determined.

 

Upon adoption of ASC 606, commissions paid to TCCC based on sales to certain of the Company’s bottlers/distributors who are (i) consolidated subsidiaries of TCCC (the “TCCC Subsidiaries”), (ii) accounted for under the equity method by TCCC (the “TCCC Related Parties”) and (iii) those not included in (i) or (ii) (the “TCCC Independent Bottlers”) are accounted for as follows:

 

 

 

Three- and Six-Months Ended June 30, 2018

Commissions Related To:

 

As Reported

 

Without Adoption of
ASC 606

TCCC Subsidiaries

 

Reduction to net sales

 

Reduction to net sales

TCCC Related Parties

 

Reduction to net sales

 

Operating expenses

TCCC Independent Bottlers

 

Operating expenses

 

Operating expenses

 

The impact of the adoption of ASC 606 on the Company’s condensed consolidated statement of income for the three- and six-months ended June 30, 2018 was as follows:

 

 

 

Three-Months Ended June 30, 2018

 

 

 

As Reported

 

Without Adoption
of ASC 606

 

Decrease due to
Adoption of ASC
606

 

Net Sales

 

$

1,015,873

 

$

1,028,085

 

$

(12,212)

1

Operating Expenses

 

$

262,637

 

$

274,849

 

$

(12,212)

1

 

 

 

Six-Months Ended June 30, 2018

 

 

 

As Reported

 

Without Adoption
of ASC 606

 

Decrease due to
Adoption of ASC
606

 

Net Sales

 

$

1,866,793

 

$

1,888,945

 

$

(22,152)

1

Operating Expenses

 

$

497,979

 

$

520,131

 

$

(22,152)

1

 

1 TCCC Commissions based on sales to the TCCC Related Parties. There were no other identified changes to our revenue recognition policies as a result of the adoption of ASC 606.

 

Disaggregation of Revenue

 

The following table disaggregates the Company’s revenue by geographical markets and reportable segments:

 

 

 

Three-Months Ended June 30, 2018

 

Net Sales

 

U.S. and
Canada

 

EMEA1

 

Asia Pacific

 

Latin
America
and
Caribbean

 

Total

 

Monster Energy® Drinks

 

$

695,963

 

$

138,608

 

$

60,606

 

$

34,262

 

$

929,439

 

Strategic Brands

 

50,133

 

22,967

 

6,368

 

343

 

79,811

 

Other

 

6,623

 

-

 

-

 

-

 

6,623

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Net Sales

 

$

752,719

 

$

161,575

 

$

66,974

 

$

34,605

 

$

1,015,873

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six-Months Ended June 30, 2018

 

Net Sales

 

U.S. and
Canada

 

EMEA1

 

Asia Pacific

 

Latin
America
and
Caribbean

 

Total

 

Monster Energy® Drinks

 

$

1,284,778

 

$

249,538

 

$

108,037

 

$

67,590

 

$

1,709,943

 

Strategic Brands

 

89,857

 

42,280

 

11,916

 

1,517

 

145,570

 

Other

 

11,280

 

-

 

-

 

-

 

11,280

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Net Sales

 

$

1,385,915

 

$

291,818

 

$

119,953

 

$

69,107

 

$

1,866,793

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1Europe, Middle East and Africa (“EMEA”)

 

Contract Liabilities

 

Amounts received from certain bottlers/distributors at inception of their distribution contracts or at the inception of certain sales/marketing programs are accounted for as deferred revenue. As of June 30, 2018, the Company had $364.1 million of deferred revenue, which is included in current and long-term deferred revenue in the Company’s condensed consolidated balance sheet. As of December 31, 2017, the Company had $377.6 million of deferred revenue, which is included in current and long-term deferred revenue in the Company’s condensed consolidated balance sheet. During the three- and six-months ended June 30, 2018, $11.0 million and $22.2 million, respectively, of deferred revenue was recognized in net sales. See Note 10.

 

XML 22 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
INVESTMENTS
6 Months Ended
Jun. 30, 2018
INVESTMENTS  
INVESTMENTS

 

4.INVESTMENTS

 

The following table summarizes the Company’s investments at:

 

June 30, 2018

 

Amortized
Cost

 

Gross
Unrealized
Holding
Gains

 

Gross
Unrealized
Holding
Losses

 

Fair
Value

 

Continuous
Unrealized
Loss Position
less than 12
Months

 

Continuous
Unrealized
Loss Position
greater than 12
Months

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

   $

15,177  

 

   $

-  

 

   $

-  

 

   $

15,177  

 

   $

-  

 

   $

-

 

Municipal securities

 

149,048  

 

5  

 

56  

 

148,997  

 

56  

 

-

 

U.S. government agency securities

 

46,982  

 

-  

 

63  

 

46,919  

 

63  

 

-

 

Variable rate demand notes

 

-  

 

-  

 

-  

 

-  

 

-  

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

   $

211,207  

 

   $

5  

 

   $

119  

 

   $

211,093  

 

   $

119  

 

   $

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017

 

Amortized
Cost

 

Gross
Unrealized
Holding
Gains

 

Gross
Unrealized
Holding
Losses

 

Fair
Value

 

Continuous
Unrealized
Loss Position
less than 12
Months

 

Continuous
Unrealized
Loss Position
greater than 12
Months

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

   $

81,026  

 

   $

-  

 

   $

-  

 

   $

81,026  

 

   $

-  

 

   $

-

 

Certificates of deposit

 

11,869  

 

-  

 

-  

 

11,869  

 

-  

 

-

 

Municipal securities

 

469,604  

 

1  

 

740  

 

468,865  

 

740  

 

-

 

U.S. government agency securities

 

61,307  

 

-  

 

88  

 

61,219  

 

88  

 

-

 

Variable rate demand notes

 

49,954  

 

-  

 

-  

 

49,954  

 

-  

 

-

 

Long-term:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

2,369  

 

-  

 

3  

 

2,366  

 

3  

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

   $

676,129  

 

   $

1  

 

   $

831  

 

   $

675,299  

 

   $

831  

 

   $

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

During the six-months ended June 30, 2018 and 2017, realized gains or losses recognized on the sale of investments were not significant.

 

The Company’s investments at June 30, 2018 and December 31, 2017 in commercial paper, certificates of deposit, municipal securities, U.S. government agency securities and/or variable rate demand notes (“VRDNs”) carried investment grade credit ratings. VRDNs are floating rate municipal bonds with embedded put options that allow the bondholder to sell the security at par plus accrued interest. All of the put options are secured by a pledged liquidity source. While they are classified as marketable investment securities, the put option allows the VRDNs to be liquidated at par on a same day, or more generally, on a seven-day settlement basis.

 

The following table summarizes the underlying contractual maturities of the Company’s investments at:

 

 

 

June 30, 2018

 

December 31, 2017

 

 

 

 

 

 

 

 

 

Amortized Cost

 

Fair Value

 

Amortized Cost

 

Fair Value

 

Less than 1 year:

 

 

 

 

 

 

 

 

 

Commercial paper

 

  $

15,177  

 

  $

15,177  

 

  $

81,026  

 

  $

81,026

 

Municipal securities

 

149,048  

 

148,997  

 

469,604  

 

468,865

 

U.S. government agency securities

 

46,982  

 

46,919  

 

61,307  

 

61,219

 

Certificates of deposit

 

-  

 

-  

 

11,869  

 

11,869

 

Due 1 -10 years:

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

-  

 

-  

 

2,369  

 

2,366

 

Variable rate demand notes

 

-  

 

-  

 

6,366  

 

6,366

 

Due 11 - 20 years:

 

 

 

 

 

 

 

 

 

Variable rate demand notes

 

-  

 

-  

 

28,377  

 

28,377

 

Due 21 - 30 years:

 

 

 

 

 

 

 

 

 

Variable rate demand notes

 

-  

 

-  

 

15,211  

 

15,211

 

 

 

 

 

 

 

 

 

 

 

Total

 

  $

211,207  

 

  $

211,093  

 

  $

676,129  

 

  $

675,299

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES
6 Months Ended
Jun. 30, 2018
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES  
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

 

5.FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES

 

ASC 820 provides a framework for measuring fair value and requires disclosures regarding fair value measurements. ASC 820 defines fair value as the price that would be received on the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs, where available. The three levels of inputs required by the standard that the Company uses to measure fair value are summarized below.

 

·

Level 1: Quoted prices in active markets for identical assets or liabilities.

 

·

Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities.

 

·

Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

 

ASC 820 requires the use of observable market inputs (quoted market prices) when measuring fair value and requires a Level 1 quoted price to be used to measure fair value whenever possible.

 

The following tables present the fair value of the Company’s financial assets and liabilities that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy at:

 

June 30, 2018

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Cash

 

  $

358,788

 

$

-

 

$

-

 

$

358,788

 

Money market funds

 

299,949

 

-

 

-

 

299,949

 

Commercial paper

 

-

 

16,127

 

-

 

16,127

 

Municipal securities

 

-

 

148,997

 

-

 

148,997

 

U.S. government agency securities

 

-

 

46,919

 

-

 

46,919

 

Foreign currency derivatives

 

-

 

(996

)

-

 

(996

)

 

 

 

 

 

 

 

 

 

 

Total

 

  $

658,737

 

$

211,047

 

$

-

 

$

869,784

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts included in:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

  $

658,737

 

$

950

 

$

-

 

$

659,687

 

Short-term investments

 

-

 

211,093

 

-

 

211,093

 

Accounts receivable, net

 

-

 

21

 

-

 

21

 

Investments

 

-

 

-

 

-

 

-

 

Accrued liabilities

 

-

 

(1,017

)

-

 

(1,017

)

 

 

 

 

 

 

 

 

 

 

Total

 

  $

658,737

 

$

211,047

 

$

-

 

$

869,784

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

 

 

 

 

 

 

 

 

Cash

 

  $

310,885

 

$

-

 

$

-

 

$

310,885

 

Money market funds

 

112,848

 

-

 

-

 

112,848

 

Certificates of deposit

 

-

 

15,720

 

-

 

15,720

 

Commercial paper

 

-

 

99,903

 

-

 

99,903

 

Variable rate demand notes

 

-

 

49,954

 

-

 

49,954

 

Municipal securities

 

-

 

529,984

 

-

 

529,984

 

U.S. government agency securities

 

-

 

81,230

 

-

 

81,230

 

U.S. Treasuries

 

-

 

3,397

 

-

 

3,397

 

Foreign currency derivatives

 

-

 

(1,484

)

-

 

(1,484

)

 

 

 

 

 

 

 

 

 

 

Total

 

  $

423,733

 

$

778,704

 

$

-

 

$

1,202,437

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts included in:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

  $

423,733

 

$

104,889

 

$

-

 

$

528,622

 

Short-term investments

 

-

 

672,933

 

-

 

672,933

 

Accounts receivable, net

 

-

 

95

 

-

 

95

 

Investments

 

-

 

2,366

 

-

 

2,366

 

Accrued liabilities

 

-

 

(1,579

)

-

 

(1,579

)

 

 

 

 

 

 

 

 

 

 

Total

 

  $

423,733

 

$

778,704

 

$

-

 

$

1,202,437

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All of the Company’s short-term investments are classified within Level 1 or Level 2 of the fair value hierarchy.  The Company’s valuation of its Level 1 investments, which include money market funds, is based on quoted market prices in active markets for identical securities. The Company’s valuation of its Level 2 investments, which include municipal securities, commercial paper, certificates of deposit, VRDNs, U.S. Treasuries and U.S. government agency securities, is based on other observable inputs, specifically a market approach which utilizes valuation models, pricing systems, mathematical tools and other relevant information for the same or similar securities. The Company’s valuation of its Level 2 foreign currency exchange contracts is based on quoted market prices of the same or similar instruments, adjusted for counterparty risk. There were no transfers between Level 1 and Level 2 measurements during the six-months ended June 30, 2018 or the year ended December 31, 2017, and there were no changes in the Company’s valuation techniques.

 

XML 24 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
6 Months Ended
Jun. 30, 2018
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES  
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

 

6.DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

 

The Company is exposed to foreign currency exchange rate risks related primarily to its foreign business operations. During the three- and six-months ended June 30, 2018 and the year ended December 31, 2017, the Company entered into forward currency exchange contracts with financial institutions to create an economic hedge to specifically manage a portion of the foreign exchange risk exposure associated with certain consolidated subsidiaries’ non-functional currency denominated assets and liabilities. All foreign currency exchange contracts of the Company that were outstanding as of June 30, 2018 have terms of one month or less. The Company does not enter into forward currency exchange contracts for speculation or trading purposes.

 

The Company has not designated its foreign currency exchange contracts as hedge transactions under ASC 815. Therefore, gains and losses on the Company’s foreign currency exchange contracts are recognized in interest and other income (expense), net, in the condensed consolidated statements of income, and are largely offset by the changes in the fair value of the underlying economically hedged item.

 

The notional amount and fair value of all outstanding foreign currency derivative instruments in the condensed consolidated balance sheets consist of the following at:

 

June 30, 2018

 

Derivatives not designated as
hedging instruments under
FASB ASC 815-20

 

Notional
Amount

 

Fair
Value

 

Balance Sheet Location

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

Foreign currency exchange contracts:

 

 

 

 

 

 

 

Receive SGD/pay USD

 

  $

5,279

 

  $

7

 

Accounts receivable, net

 

Receive USD/pay NZD

 

2,719

 

12

 

Accounts receivable, net

 

Receive NOK/pay USD

 

918

 

2

 

Accounts receivable, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

Foreign currency exchange contracts:

 

 

 

 

 

 

 

Receive USD/pay EUR

 

  $

50,572

 

  $

(408)

 

Accrued liabilities

 

Receive USD/pay GBP

 

37,904

 

(129)

 

Accrued liabilities

 

Receive USD/pay ZAR

 

16,633

 

(192)

 

Accrued liabilities

 

Receive USD/pay AUD

 

14,118

 

(82)

 

Accrued liabilities

 

Receive USD/pay TRY

 

5,277

 

(92)

 

Accrued liabilities

 

Receive USD/pay COP

 

3,567

 

(30)

 

Accrued liabilities

 

Receive USD/pay MXN

 

3,035

 

(54)

 

Accrued liabilities

 

Receive USD/pay RUB

 

2,774

 

(30)

 

Accrued liabilities

 

 

December 31, 2017

 

Derivatives not designated as
hedging instruments under
FASB ASC 815-20

 

Notional
Amount

 

Fair
Value

 

Balance Sheet Location

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

Foreign currency exchange contracts:

 

 

 

 

 

 

 

Receive CAD/pay USD

 

  $

4,892

 

  $

61

 

Accounts receivable, net

 

Receive USD/pay COP

 

2,803

 

13

 

Accounts receivable, net

 

Receive USD/pay BRL

 

1,806

 

1

 

Accounts receivable, net

 

Receive NOK/pay USD

 

1,534

 

18

 

Accounts receivable, net

 

Receive SGD/pay USD

 

223

 

2

 

Accounts receivable, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

Foreign currency exchange contracts:

 

 

 

 

 

 

 

Receive USD/pay EUR

 

  $

65,131

 

  $

(642)

 

Accrued liabilities

 

Receive USD/pay GBP

 

31,342

 

(334)

 

Accrued liabilities

 

Receive USD/pay ZAR

 

21,311

 

(222)

 

Accrued liabilities

 

Receive USD/pay AUD

 

17,238

 

(177)

 

Accrued liabilities

 

Receive USD/pay MXN

 

7,720

 

(126)

 

Accrued liabilities

 

Receive USD/pay TRY

 

5,483

 

(52)

 

Accrued liabilities

 

Receive USD/pay NZD

 

1,826

 

(18)

 

Accrued liabilities

 

Receive USD/pay CLP

 

1,112

 

(8)

 

Accrued liabilities

 

 

The net gains (losses) on derivative instruments in the condensed consolidated statements of income were as follows:

 

 

 

 

 

Amount of gain (loss)
recognized in income on
derivatives

 

 

 

 

Three-months ended

Derivatives not designated as
hedging instruments under
FASB ASC 815-20

 

Location of gain (loss)
recognized in income on
derivatives

 

June 30, 2018

 

June 30, 2017

 

 

 

 

 

 

 

Foreign currency exchange contracts

 

Interest and other income (expense), net

 

 $

10,393

 

 $

(4,439)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount of gain (loss)
recognized in income on
derivatives

 

 

 

 

Six-months ended

Derivatives not designated as
hedging instruments under
FASB ASC 815-20

 

Location of gain (loss)
recognized in income on
derivatives

 

June 30, 2018

 

June 30, 2017

 

 

 

 

 

 

 

Foreign currency exchange contracts

 

Interest and other income (expense), net

 

 $

5,734

 

 $

(9,467)

 

 

 

 

 

 

 

 

 

 

XML 25 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
INVENTORIES
6 Months Ended
Jun. 30, 2018
INVENTORIES  
INVENTORIES

 

7.INVENTORIES

 

Inventories consist of the following at:

 

 

 

June 30,
2018

 

December 31,
2017

 

Raw materials

 

  $

89,362

 

  $

78,834

 

Finished goods

 

186,204

 

176,911

 

 

 

 

 

 

 

 

 

  $

275,566

 

  $

255,745

 

 

 

 

 

 

 

 

 

 

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
PROPERTY AND EQUIPMENT, NET
6 Months Ended
Jun. 30, 2018
PROPERTY AND EQUIPMENT, NET  
PROPERTY AND EQUIPMENT, NET

 

8.PROPERTY AND EQUIPMENT, NET

 

Property and equipment consist of the following at:

 

 

 

June 30,

2018

 

December 31,
2017

 

Land

 

  $

44,261

 

  $

47,373

 

Leasehold improvements

 

3,278

 

3,109

 

Furniture and fixtures

 

6,732

 

6,461

 

Office and computer equipment

 

17,683

 

14,506

 

Computer software

 

3,334

 

3,650

 

Equipment

 

165,861

 

148,434

 

Buildings

 

116,143

 

107,374

 

Vehicles

 

39,967

 

38,179

 

 

 

 

 

 

 

 

 

397,259

 

369,086

 

Less: accumulated depreciation and amortization

 

(156,601)

 

(138,810)

 

 

 

 

 

 

 

 

 

  $

240,658

 

  $

230,276

 

 

 

 

 

 

 

 

 

 

Total depreciation and amortization expense recorded was $11.2 million and $8.6 million for the three-months ended June 30, 2018 and 2017, respectively. Total depreciation and amortization expense recorded was $22.2 million and $16.8 million for the six-months ended June 30, 2018 and 2017, respectively.

 

XML 27 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS
6 Months Ended
Jun. 30, 2018
GOODWILL AND OTHER INTANGIBLE ASSETS  
GOODWILL AND OTHER INTANGIBLE ASSETS

 

9.GOODWILL AND OTHER INTANGIBLE ASSETS

 

The following is a roll-forward of goodwill for the six-months ended June 30, 2018 and 2017 by reportable segment:

 

 

 

Monster
Energy®
Drinks

 

Strategic
Brands

 

Other

 

Total

 

Balance at December 31, 2017

 

$

693,644

 

$

637,999

 

$

-

 

$

1,331,643

 

Acquisitions

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2018

 

$

693,644

 

$

637,999

 

$

-

 

$

1,331,643

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monster
Energy®
Drinks

 

Strategic
Brands

 

Other

 

Total

 

Balance at December 31, 2016

 

$

693,644

 

$

637,999

 

$

-

 

$

1,331,643

 

Acquisitions

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2017

 

$

693,644

 

$

637,999

 

$

-

 

$

1,331,643

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Intangible assets consist of the following at:

 

 

 

June 30,
2018

 

December 31,
2017

 

Amortizing intangibles

 

$

71,355

 

$

71,400

 

Accumulated amortization

 

(32,387)

 

(26,383)

 

 

 

 

 

 

 

 

 

38,968

 

45,017

 

Non-amortizing intangibles

 

1,000,433

 

989,068

 

 

 

 

 

 

 

 

 

$

1,039,401

 

$

1,034,085

 

 

 

 

 

 

 

 

 

 

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 five to seven years. Total amortization expense recorded was $3.0 million for both the three-months ended June 30, 2018 and 2017. Total amortization expense recorded was $6.0 million for both the six-months ended June 30, 2018 and 2017.

 

XML 28 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
DISTRIBUTION AGREEMENTS
6 Months Ended
Jun. 30, 2018
DISTRIBUTION AGREEMENTS  
DISTRIBUTION AGREEMENTS

 

10.DISTRIBUTION AGREEMENTS

 

In accordance with ASC No. 420 “Exit or Disposal Cost Obligations”, the Company expenses distributor termination costs in the period in which the written notification of termination occurs. The Company incurred termination costs of $5.5 million and $0.2 million for the three-months ended June 30, 2018 and 2017, respectively. The Company incurred termination costs of $12.5 million and $20.1 million for the six-months ended June 30, 2018 and 2017, respectively. Such termination costs have been expensed in full and are included in operating expenses for the three- and six-months ended June 30, 2018 and 2017.

 

In the normal course of business, amounts received pursuant to new and/or amended distribution agreements entered into with certain distributors, relating to the costs associated with terminating agreements with the Company’s prior distributors, are accounted for as deferred revenue and are recognized as revenue ratably over the anticipated life of the respective distribution agreement, generally 20 years. Revenue recognized was $11.0 million and $10.2 million for the three-months ended June 30, 2018 and 2017, respectively. Revenue recognized was $22.2 million and $20.1 million for the six-months ended June 30, 2018 and 2017, respectively.

 

XML 29 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
COMMITMENTS AND CONTINGENCIES
6 Months Ended
Jun. 30, 2018
COMMITMENTS AND CONTINGENCIES  
COMMITMENTS AND CONTINGENCIES

 

11.COMMITMENTS AND CONTINGENCIES

 

The Company had purchase commitments aggregating approximately $50.0 million at June 30, 2018, 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 $154.2 million at June 30, 2018, which related primarily to sponsorships and other marketing activities.

 

The Company had operating lease commitments aggregating approximately $16.3 million at June 30, 2018, which related primarily to warehouse and office space.

 

In February 2018, the working capital line limit for the Company’s credit facility with HSBC Bank (China) Company Limited, Shanghai Branch was increased from $9.0 million to $15.0 million. At June 30, 2018, the interest rate on borrowings under the line of credit was 5.5%. As of June 30, 2018, the Company had $11.2 million outstanding on this line of credit, including interest, which is included in accounts payable in the condensed consolidated balance sheet.

 

Legal Proceedings

 

Litigation — The Company has been named a defendant in personal injury lawsuits, claiming that the death or other serious injury of the plaintiffs was caused by consumption of Monster Energy® brand energy drinks. The plaintiffs in these lawsuits allege strict product liability, negligence, fraudulent concealment, breach of implied warranties and wrongful death. The Company believes that each complaint is without merit and plans a vigorous defense. The Company also believes that any damages, if awarded, would not have a material adverse effect on the Company’s financial position or results of operations.

 

Furthermore, from time to time in the normal course of business, the Company is named in other litigation, including consumer class actions, intellectual property litigation 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 the 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, or in the amount of any related insurance reimbursements recorded. As of June 30, 2018, the Company’s condensed consolidated balance sheet includes accrued loss contingencies of approximately $3.3 million.

 

XML 30 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
ACCUMULATED OTHER COMPREHENSIVE LOSS
6 Months Ended
Jun. 30, 2018
ACCUMULATED OTHER COMPREHENSIVE LOSS  
ACCUMULATED OTHER COMPREHENSIVE LOSS

 

12.ACCUMULATED OTHER COMPREHENSIVE LOSS

 

Changes in accumulated other comprehensive loss by component, after tax, for the six-months ended June 30, 2018 are as follows:

 

 

 

Currency
Translation
Losses

 

Unrealized
(Gains) Losses
on Available-for-
Sale Securities

 

Total

 

Balance at December 31, 2017

 

$

15,818

 

$

841

 

$

16,659

 

Other comprehensive loss (gain) before reclassifications

 

9,265

 

(728)

 

8,537

 

Amounts reclassified from accumulated other comprehensive loss (gain)

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

Net current-period other comprehensive loss (gain)

 

9,265

 

(728)

 

8,537

 

 

 

 

 

 

 

 

 

Balance at June 30, 2018

 

$

25,083

 

$

113

 

$

25,196

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

XML 31 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
TREASURY STOCK
6 Months Ended
Jun. 30, 2018
TREASURY STOCK  
TREASURY STOCK

 

13.TREASURY STOCK

 

On February 27, 2018, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to $250.0 million of the Company’s outstanding common stock (the “February 2018 Repurchase Program”). During the three-months ended June 30, 2018, the Company purchased 5.0 million shares of common stock at an average purchase price of $49.81 per share, for a total amount of $249.9 million (excluding broker commissions), which exhausted the availability under the February 2018 Repurchase Program. Such shares are included in common stock in treasury in the accompanying condensed consolidated balance sheet at June 30, 2018.

 

On May 29, 2018, the Company’s Board of Directors authorized a share repurchase program for the purchase of up to $500.0 million of the Company’s outstanding common stock (the “May 2018 Repurchase Program”). During the three-months ended June 30, 2018, the Company purchased 5.5 million shares of common stock at an average purchase price of $54.78 per share, for a total amount of $303.2 million (excluding broker commissions), under the May 2018 Repurchase Program. Such shares are included in common stock in treasury in the accompanying condensed consolidated balance sheet at June 30, 2018. As of August 9, 2018, $196.7 million remained available for repurchase under the May 2018 Repurchase Program.

 

On August 7, 2018, the Company’s Board of Directors authorized a new repurchase program for the repurchase of up to an additional $500.0 million of the Company’s outstanding common stock (the “August 2018 Repurchase Program”). As of August 9, 2018, $500.0 million remained available for repurchase under the August 2018 Repurchase Program.

 

During the three-months ended June 30, 2018, 504 shares of common stock were purchased from employees in lieu of cash payments for options exercised or withholding taxes due, for a total amount of $0.03 million. While such purchases are considered common stock repurchases, they are not counted as purchases against the Company’s authorized share repurchase programs. Such shares are included in common stock in treasury in the accompanying condensed consolidated balance sheet at June 30, 2018.

 

XML 32 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCK-BASED COMPENSATION
6 Months Ended
Jun. 30, 2018
STOCK-BASED COMPENSATION  
STOCK-BASED COMPENSATION

 

14.STOCK-BASED COMPENSATION

 

The Company has two stock-based compensation plans under which shares were available for grant at June 30, 2018: the Monster Beverage Corporation 2011 Omnibus Incentive Plan (the “2011 Omnibus Incentive Plan”), including the Monster Beverage Deferred Compensation Plan (the “Deferred Compensation Plan”) as a sub plan thereunder, and the Monster Beverage Corporation 2017 Compensation Plan for Non-Employee Directors (the “2017 Directors Plan”), including the Monster Beverage Deferred Compensation Plan for Non-Employee Directors (the “Non-Employee Director Deferral Plan”) as a sub plan thereunder.

 

The Company recorded $14.9 million and $12.8 million of compensation expense relating to outstanding options and restricted stock units during the three-months ended June 30, 2018 and 2017, respectively. The Company recorded $28.3 million and $26.0 million of compensation expense relating to outstanding options and restricted stock units during the six-months ended June 30, 2018 and 2017, respectively.

 

The excess tax benefit for tax deductions from non-qualified stock option exercises, disqualifying dispositions of incentive stock options and vesting of restricted stock units for the three-months ended June 30, 2018 and 2017 was $1.7 million and $1.9 million, respectively. The excess tax benefit for tax deductions from non-qualified stock option exercises, disqualifying dispositions of incentive stock options and vesting of restricted stock units for the six-months ended June 30, 2018 and 2017 was $4.5 million and $11.3 million, respectively.

 

Stock Options

 

Under the Company’s stock-based compensation plans, all stock options granted as of June 30, 2018 were granted at prices based on the fair value of the Company’s common stock on the date of grant. The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes-Merton option pricing formula with the assumptions included in the table below. The Company records compensation expense for non-employee stock options based on the estimated fair value of the options as of the earlier of (1) the date at which a commitment for performance by the non-employee to earn the stock option is reached or (2) the date at which the non-employee’s performance is complete, using the Black-Scholes-Merton option pricing formula with the assumptions included in the table below. The Company uses historical data to determine the exercise behavior, volatility and forfeiture rate of the options.

 

The following weighted-average assumptions were used to estimate the fair value of options granted during:

 

 

 

Three-Months Ended June 30,

 

Six-Months Ended June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

Dividend yield

 

0.0%

 

0.0%

 

0.0%

 

0.0%

 

Expected volatility

 

34.9%

 

36.5%

 

34.9%

 

36.6%

 

Risk-free interest rate

 

2.7%

 

1.8%

 

2.8%

 

2.1%

 

Expected term

 

6.1 years

 

6.1 years

 

6.1 years

 

6.1 years

 

 

 

 

 

 

 

 

 

 

 

 

Expected Volatility: The Company uses historical volatility as it provides a reasonable estimate of the expected volatility. Historical volatility is based on the most recent volatility of the stock price over a period of time equivalent to the expected term of the option.

 

Risk-Free Interest Rate: The risk-free interest rate is based on the U.S. Treasury zero coupon yield curve in effect at the time of grant for the expected term of the option.

 

Expected Term: The Company’s expected term represents the weighted-average period that the Company’s stock options are expected to be outstanding. The expected term is based on the expected time to post-vesting exercise of options by employees. The Company uses historical exercise patterns of previously granted options to derive employee behavioral patterns used to forecast expected exercise patterns.

 

The following table summarizes the Company’s activities with respect to its stock option plans as follows:

 

Options

 

Number of
Shares (In
thousands)

 

Weighted-
Average
Exercise
Price Per
Share

 

Weighted-
Average
Remaining
Contractual
Term (In
years)

 

Aggregate
Intrinsic Value

 

Outstanding at January 1, 2018

 

17,819

 

$

29.62

 

6.1

 

$

600,032

 

Granted 01/01/18 - 03/31/18

 

2,615

 

$

58.76

 

 

 

 

 

Granted 04/01/18 - 06/30/18

 

360

 

$

51.72

 

 

 

 

 

Exercised

 

(814)

 

$

16.73

 

 

 

 

 

Cancelled or forfeited

 

(216)

 

$

42.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at June 30, 2018

 

19,764

 

$

34.26

 

6.2

 

$

459,527

 

Vested and expected to vest in the

 

 

 

 

 

 

 

 

 

future at June 30, 2018

 

18,673

 

$

33.32

 

6.1

 

$

451,327

 

Exercisable at June 30, 2018

 

10,639

 

$

22.40

 

4.5

 

$

371,252

 

 

The weighted-average grant-date fair value of options granted during the three-months ended June 30, 2018 and 2017 was $20.20 per share and $18.97 per share, respectively. The weighted-average grant-date fair value of options granted during the six-months ended June 30, 2018 and 2017 was $22.51 per share and $18.01 per share, respectively. The total intrinsic value of options exercised during the three-months ended June 30, 2018 and 2017 was $14.7 million and $8.5 million, respectively. The total intrinsic value of options exercised during the six-months ended June 30, 2018 and 2017 was $32.9 million and $40.9 million, respectively.

 

Cash received from option exercises under all plans for the three-months ended June 30, 2018 and 2017 was approximately $7.1 million and $5.5 million, respectively. Cash received from option exercises under all plans for the six-months ended June 30, 2018 and 2017 was approximately $13.6 million and $19.1 million, respectively.

 

At June 30, 2018, there was $121.1 million of total unrecognized compensation expense related to non-vested options granted to employees under the Company’s share-based payment plans. That cost is expected to be recognized over a weighted-average period of 3.0 years.

 

Restricted Stock Units

 

The cost of stock-based compensation for restricted stock units is measured based on the closing fair market value of the Company’s common stock at the date of grant. In the event that the Company has the option and intent to settle a restricted stock unit in cash, the award is classified as a liability and revalued at each balance sheet date.

 

The following table summarizes the Company’s activities with respect to non-vested restricted stock units as follows:

 

 

 

Number of
Shares (in
thousands)

 

Weighted
Average
Grant-Date
Fair Value

 

Non-vested at January 1, 2018

 

530

 

$

45.09

 

Granted 01/01/18- 03/31/18

 

221

 

$

58.75

 

Granted 04/01/18- 06/30/18

 

48

 

$

52.31

 

Vested

 

(262)

 

$

45.36

 

Forfeited/cancelled

 

(6)

 

$

32.17

 

 

 

 

 

 

 

 

Non-vested at June 30, 2018

 

531

 

$

51.45

 

 

 

 

 

 

 

 

 

The weighted-average grant-date fair value of restricted stock units granted during the three-months ended June 30, 2018 and 2017 was $52.31 per share and $50.86 per share, respectively. The weighted-average grant-date fair value of restricted stock units granted during the six-months ended June 30, 2018 and 2017 was $57.59 per share and $46.65 per share, respectively.  As of June 30, 2018, 0.5 million of restricted stock units are expected to vest over their respective terms.

 

At June 30, 2018, total unrecognized compensation expense relating to non-vested restricted stock units was $22.2 million, which is expected to be recognized over a weighted-average period of 2.1 years.

 

XML 33 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
INCOME TAXES
6 Months Ended
Jun. 30, 2018
INCOME TAXES  
INCOME TAXES

 

15.INCOME TAXES

 

On December 22, 2017, the President of the United States signed into law the Tax Reform Act.  The legislation significantly changes U.S. tax law by, among other things, lowering corporate income tax rates, implementing a territorial tax system and imposing a repatriation tax on deemed repatriated earnings of foreign subsidiaries. The Tax Reform Act permanently reduces the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2018. The SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. A company may select between one of three scenarios to determine a reasonable estimate for certain income tax effects arising from the Tax Reform Act. Those scenarios are (i) a final estimate which effectively closes the measurement window; (ii) a reasonable estimate leaving the measurement window open for future revisions; and (iii) no estimate as the law is still being analyzed. The Company was able to provide a reasonable estimate for the revaluation of deferred taxes and the effects of the toll charge on undistributed foreign subsidiary earnings and profits (“E&P”). As a result of the reduction in the U.S. corporate income tax rate from 35% to 21% under the Tax Reform Act, the Company revalued its net deferred tax assets at December 31, 2017, resulting in a provisional $39.8 million charge included in the provision for income taxes for the year ended December 31, 2017. The Tax Reform Act also provided for a one-time deemed mandatory repatriation of Post-1986 E&P through the year ended December 31, 2017.  As a result, the Company recognized a provisional $2.1 million charge in the provision for income taxes for the year ended December 31, 2017 related to such deemed mandatory repatriation.

 

The Company has not made additional measurement window adjustments to these items during the three- and six-months ended June 30, 2018. The Company continues to evaluate the various provisions of the Tax Reform Act, including, the global intangible low-taxed income (“GILTI”) and the foreign derived intangible income (“FDII”) provisions. The ultimate impact of the Tax Reform Act may differ from these provisional amounts, possibly materially, due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued, as well as any related actions the Company may take. The measurement window begins in the reporting period that includes the enactment date and ends when an entity has obtained, prepared and analyzed the information needed in order to complete the accounting requirements under ASC Topic 740.

 

The following is a roll-forward of the Company’s total gross unrecognized tax benefits, not including interest and penalties, for the six-months ended June 30, 2018:

 

 

 

Gross Unrecognized Tax
Benefits

 

Balance at December 31, 2017

 

  $

6,540

 

Additions for tax positions related to the current year

 

210

 

Additions for tax positions related to the prior year

 

1,172

 

Decreases related to settlement with taxing authority

 

(2,665)

 

 

 

 

 

Balance at June 30, 2018

 

  $

5,257

 

 

 

 

 

 

 

The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes in the Company’s condensed consolidated financial statements. As of June 30, 2018, the Company had approximately $1.0 million in accrued interest and penalties related to unrecognized tax benefits. If the Company were to prevail on all uncertain tax positions, the resultant impact on the Company’s effective tax rate would not be significant. It is expected that any change in the amount of unrecognized tax benefits within the next 12 months will not be significant.

 

The Company is subject to U.S. federal income tax as well as to income tax in multiple state and foreign jurisdictions.

 

On October 18, 2016, the IRS began its examination of the Company’s U.S. federal income tax return for the year ended December 31, 2014. On March 27, 2017, the IRS began its examination of the Company’s U.S. federal income tax return for the year ended December 31, 2015.

 

The Company is in various stages of examination with certain states and certain foreign jurisdictions. The Company’s 2014 through 2017 U.S. federal income tax returns are subject to examination by the IRS. The Company’s state income tax returns are subject to examination for the 2013 through 2017 tax years.

 

XML 34 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
EARNINGS PER SHARE
6 Months Ended
Jun. 30, 2018
EARNINGS PER SHARE  
EARNINGS PER SHARE

 

16.EARNINGS PER SHARE

 

A reconciliation of the weighted-average shares used in the basic and diluted earnings per common share computations is presented below (in thousands):

 

 

 

Three-Months Ended

 

Six-Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

559,867

 

567,910

 

562,917

 

567,384

 

Dilutive

 

6,485

 

10,110

 

7,314

 

10,335

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

566,352

 

578,020

 

570,231

 

577,719

 

 

 

 

 

 

 

 

 

 

 

 

For the three-months ended June 30, 2018 and 2017, options and awards outstanding totaling 6.4 million shares and 8.8 million shares, respectively, were excluded from the calculations as their effect would have been antidilutive. For the six-months ended June 30, 2018 and 2017, options and awards outstanding totaling 2.6 million shares and 8.4 million shares, respectively, were excluded from the calculations as their effect would have been antidilutive.

 

XML 35 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
SEGMENT INFORMATION
6 Months Ended
Jun. 30, 2018
SEGMENT INFORMATION  
SEGMENT INFORMATION

 

17.SEGMENT INFORMATION

 

The Company currently has three operating and reportable segments, (i) Monster Energy® Drinks segment, which is comprised of the Company’s Monster Energy® drinks and Mutant® Super Soda drinks, (ii) Strategic Brands segment, which is comprised of the various energy drink brands acquired from TCCC in 2015, and (iii) Other segment, which is comprised of certain products sold by American Fruits & Flavors LLC, a wholly-owned subsidiary of the Company, to independent third-party customers.

 

The Company’s Monster Energy® Drinks segment primarily generates net operating revenues by selling ready-to-drink packaged drinks primarily to bottlers and full service beverage distributors. In some cases, the Company sells directly to retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience chains, food service customers 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 to other bottlers, full service distributors or retailers, including, retail grocery and specialty chains, wholesalers, club stores, mass merchandisers, convenience chains, food service customers, drug stores and the military. To a lesser extent, the Company’s Strategic Brands segment generates net operating revenues by selling certain ready-to-drink packaged energy drinks to bottlers and full service beverage distributors.

 

Generally, the Monster Energy® Drinks segment generates higher per case net operating revenues, but lower per case gross profit margins than the Strategic Brands 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 for in the Company’s reportable segments as management does not measure or allocate such assets on a segment basis.

 

The net revenues derived from the Company’s reportable segments and other financial information related thereto for the three- and six-months ended June 30, 2018 and 2017 are as follows:

 

 

 

Three-Months Ended

 

Six-Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

Net sales:

 

 

 

 

 

 

 

 

 

Monster Energy® Drinks(¹)

 

   $

929,439

 

   $

815,261

 

   $

1,709,943

 

   $

1,483,831

 

Strategic Brands

 

79,811

 

85,633

 

145,570

 

153,669

 

Other

 

6,623

 

6,174

 

11,280

 

11,714

 

Corporate and unallocated

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

   $

1,015,873

 

   $

907,068

 

   $

1,866,793

 

   $

1,649,214

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three-Months Ended

 

Six-Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

Operating Income:

 

 

 

 

 

 

 

 

 

Monster Energy® Drinks(¹) (2)

 

   $

373,103

 

   $

356,223

 

   $

674,805

 

   $

635,654

 

Strategic Brands

 

50,791

 

53,175

 

93,393

 

95,281

 

Other

 

1,826

 

1,718

 

2,797

 

3,134

 

Corporate and unallocated

 

(68,099)

 

(61,075)

 

(133,460)

 

(119,766)

 

 

 

 

 

 

 

 

 

 

 

 

 

   $

357,621

 

   $

350,041

 

   $

637,535

 

   $

614,303

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three-Months Ended

 

Six-Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

Income before tax:

 

 

 

 

 

 

 

 

 

Monster Energy® Drinks(¹) (2)

 

   $

373,342

 

   $

356,316

 

   $

675,305

 

   $

635,651

 

Strategic Brands

 

50,833

 

53,174

 

93,416

 

95,268

 

Other

 

1,826

 

1,718

 

2,797

 

3,134

 

Corporate and unallocated

 

(67,904)

 

(63,718)

 

(131,702)

 

(121,643)

 

 

 

 

 

 

 

 

 

 

 

 

 

   $

358,097

 

   $

347,490

 

   $

639,816

 

   $

612,410

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Includes $11.0 million and $10.2 million for the three-months ended June 30, 2018 and 2017, respectively, related to the recognition of deferred revenue. Includes $22.2 million and $20.1 million for the six-months ended June 30, 2018 and 2017, respectively, related to the recognition of deferred revenue.

 

(2)

Includes $5.5 million and $0.2 million for the three-months ended June 30, 2018 and 2017, respectively, related to distributor termination costs. Includes $12.5 million and $20.1 million for the six-months ended June 30, 2018 and 2017, respectively, related to distributor termination costs.

 

 

 

Three-Months Ended

 

Six-Months Ended

 

 

June 30,

 

June 30,

 

 

2018

 

2017

 

2018

 

2017

Depreciation and amortization:

 

 

 

 

 

 

 

 

Monster Energy® Drinks

 

   $

8,960

 

   $

6,873

 

   $

17,770

 

   $

13,413

Strategic Brands

 

1,946

 

1,842

 

3,872

 

3,638

Other

 

1,167

 

1,153

 

2,326

 

2,306

Corporate and unallocated

 

2,121

 

1,725

 

4,217

 

3,418

 

 

 

 

 

 

 

 

 

 

 

   $

14,194

 

   $

11,593

 

   $

28,185

 

   $

22,775

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and unallocated expenses for the three-months ended June 30, 2018 include $44.7 million of payroll costs, of which $14.9 million was attributable to stock-based compensation expenses (see Note 14, “Stock-Based Compensation”), as well as $11.8 million attributable to professional service expenses, including accounting and legal costs, and $11.6 million of other operating expenses. Corporate and unallocated expenses for the three-months ended June 30, 2017 include $38.4 million of payroll costs, of which $12.8 million was attributable to stock-based compensation expenses (see Note 14, “Stock-Based Compensation”), as well as $14.0 million attributable to professional service expenses, including accounting and legal costs, and $8.6 million of other operating expenses.

 

Corporate and unallocated expenses for the six-months ended June 30, 2018 include $87.8 million of payroll costs, of which $28.3 million was attributable to stock-based compensation expenses (see Note 14, “Stock-Based Compensation”), as well as $24.2 million attributable to professional service expenses, including accounting and legal costs, and $21.4 million of other operating expenses. Corporate and unallocated expenses for the six-months ended June 30, 2017 include $76.1 million of payroll costs, of which $26.0 million was attributable to stock-based compensation expenses (see Note 14, “Stock-Based Compensation”), as well as $26.4 million attributable to professional service expenses, including accounting and legal costs, and $17.3 million of other operating expenses.

 

TCCC, through the TCCC Subsidiaries, accounted for approximately 4% and 17% of the Company’s net sales for the three-months ended June 30, 2018 and 2017, respectively. TCCC, through the TCCC Subsidiaries, accounted for approximately 4% and 25% of the Company’s net sales for the six-months ended June 30, 2018 and 2017, respectively. As part of TCCC’s North America Refranchising initiative (the “North America Refranchising”), the territories of certain TCCC Subsidiaries have been transitioned to certain independent TCCC bottlers/distributors and/or TCCC Related Parties. Accordingly, the Company’s percentage of net sales classified as sales to the TCCC Subsidiaries significantly decreased for three- and six-months ended June 30, 2018.

 

CCBCC Operations, LLC accounted for approximately 13% of the Company’s net sales for both the three-months ended June 30, 2018 and 2017. CCBCC Operations, LLC accounted for approximately 13% and 12% of the Company’s net sales for the six-months ended June 30, 2018 and 2017, respectively.

 

Coca-Cola European Partners accounted for approximately 9% of the Company’s net sales for both the three-months ended June 30, 2018 and 2017. Coca-Cola European Partners accounted for approximately 10% and 9% of the Company’s net sales for the six-months ended June 30, 2018 and 2017, respectively.

 

Reyes Coca-Cola Bottling accounted for approximately 12% and 5% of the Company’s net sales for the three-months ended June 30, 2018 and 2017, respectively. Reyes Coca-Cola Bottling accounted for approximately 13% and 4% of the Company’s net sales for the six-months ended June 30, 2018 and 2017, respectively.

 

Net sales to customers outside the United States amounted to $293.8 million and $247.9 million for the three-months ended June 30, 2018 and 2017, respectively. Net sales to customers outside the United States amounted to $535.9 million and $438.8 million for the six-months ended June 30, 2018 and 2017, respectively.

 

Goodwill and other intangible assets for the Company’s reportable segments as of June 30, 2018 and December 31, 2017 are as follows:

 

 

 

June 30,

 

December 31,

 

 

2018

 

2017

Goodwill and other intangible assets:

 

 

 

 

Monster Energy® Drinks

 

   $

1,357,017

 

   $

1,346,648

Strategic Brands

 

992,800

 

995,582

Other

 

21,227

 

23,498

Corporate and unallocated

 

-

 

-

 

 

 

 

 

 

 

   $

2,371,044

 

   $

2,365,728

 

 

 

 

 

 

 

 

XML 36 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
RELATED PARTY TRANSACTIONS
6 Months Ended
Jun. 30, 2018
RELATED PARTY TRANSACTIONS  
RELATED PARTY TRANSACTIONS

 

18.RELATED PARTY TRANSACTIONS

 

TCCC controls approximately 18% of the voting interests of the Company.  The TCCC Subsidiaries, the TCCC Related Parties and the TCCC Independent Bottlers, purchase and distribute certain of the Company’s products in certain domestic and international markets. The Company also pays TCCC a commission based on certain sales within the TCCC distribution network.

 

TCCC commissions, based on sales to the TCCC Subsidiaries and the TCCC Related Parties, for the three- and six-months ended June 30, 2018 were $13.2 million and $24.5 million, respectively, and are included as a reduction to net sales. TCCC commissions, based on sales to the TCCC Independent Bottlers for the three- and six-months ended June 30, 2018 were $4.3 million and $7.5 million, respectively, and are included in operating expenses.

 

TCCC commissions, based on sales to the TCCC Subsidiaries, for the three- and six-months ended June 30, 2017 were $2.1 million and $5.7 million, respectively, and are included as a reduction to net sales. TCCC commissions, based on sales to the TCCC Related Parties and the TCCC Independent Bottlers, for the three- and six-months ended June 30, 2017 were $12.8 million and $20.7 million, respectively, and are included in operating expenses.

 

Upon adoption of ASC 606, commissions paid to TCCC, based on sales to the TCCC Related Parties, are included as a reduction to net sales. Prior to January 1, 2018, such commissions, based on sales to the TCCC Related Parties, were included in operating expenses.

 

Net sales to the TCCC Subsidiaries for the three-months ended June 30, 2018 and 2017 were $39.6 million and $154.5 million, respectively.  Net sales to the TCCC Subsidiaries for the six-months ended June 30, 2018 and 2017 were $74.6 million and $409.7 million, respectively. As part of the North America Refranchising, the territories of certain TCCC Subsidiaries have been transitioned to certain independent TCCC bottlers/distributors and/or TCCC Related Parties. Accordingly, the Company’s net sales classified as sales to the TCCC Subsidiaries significantly decreased for the three- and six-months ended June 30, 2018.

 

The Company also purchases concentrates from TCCC which are then sold to certain of the Company’s bottlers/distributors. Concentrate purchases from TCCC were $11.3 million and $6.6 million for the three-months ended June 30, 2018 and 2017, respectively. Concentrate purchases from TCCC were $14.2 million and $12.5 million for the six-months ended June 30, 2018 and 2017, respectively.

 

Certain TCCC Subsidiaries also contract manufacture certain of the Company’s Monster Energy® brand energy drinks. Such contract manufacturing expenses were $6.4 million and $2.9 million for the three-months ended June 30, 2018 and 2017, respectively. Such contract manufacturing expenses were $11.8 million and $5.1 million for the six-months ended June 30, 2018 and 2017, respectively.

 

Accounts receivable, accounts payable and accrued promotional allowances related to the TCCC Subsidiaries are as follows at:

 

 

 

June 30,
2018

 

December 31,
2017

 

 

 

 

 

 

 

Accounts receivable, net

 

   $

42,337

 

   $

32,607

 

Accounts payable

 

   $

(34,368)

 

   $

(45,465)

 

Accrued promotional allowances

 

   $

(9,851)

 

   $

(5,884)

 

 

Two directors and officers of the Company and their families are principal owners of a company that provides promotional materials to the Company. Expenses incurred with such company in connection with promotional materials purchased during the three-months ended June 30, 2018 and 2017 were $0.6 million and $1.2 million, respectively. Expenses incurred with such company in connection with promotional materials purchased during both the six-months ended June 30, 2018 and 2017 were $1.4 million.

XML 37 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
REVENUE RECOGNITION (Tables)
6 Months Ended
Jun. 30, 2018
Schedule of disaggregation of revenue by geographical markets

 

 

 

Three-Months Ended June 30, 2018

 

Net Sales

 

U.S. and
Canada

 

EMEA1

 

Asia Pacific

 

Latin
America
and
Caribbean

 

Total

 

Monster Energy® Drinks

 

$

695,963

 

$

138,608

 

$

60,606

 

$

34,262

 

$

929,439

 

Strategic Brands

 

50,133

 

22,967

 

6,368

 

343

 

79,811

 

Other

 

6,623

 

-

 

-

 

-

 

6,623

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Net Sales

 

$

752,719

 

$

161,575

 

$

66,974

 

$

34,605

 

$

1,015,873

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six-Months Ended June 30, 2018

 

Net Sales

 

U.S. and
Canada

 

EMEA1

 

Asia Pacific

 

Latin
America
and
Caribbean

 

Total

 

Monster Energy® Drinks

 

$

1,284,778

 

$

249,538

 

$

108,037

 

$

67,590

 

$

1,709,943

 

Strategic Brands

 

89,857

 

42,280

 

11,916

 

1,517

 

145,570

 

Other

 

11,280

 

-

 

-

 

-

 

11,280

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Net Sales

 

$

1,385,915

 

$

291,818

 

$

119,953

 

$

69,107

 

$

1,866,793

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1Europe, Middle East and Africa (“EMEA”)

 

Accounting Standards Update 2014-09  
Schedule of impact of adoption of ASC 606

 

 

 

Three-Months Ended June 30, 2018

 

 

 

As Reported

 

Without Adoption
of ASC 606

 

Decrease due to
Adoption of ASC
606

 

Net Sales

 

$

1,015,873

 

$

1,028,085

 

$

(12,212)

1

Operating Expenses

 

$

262,637

 

$

274,849

 

$

(12,212)

1

 

 

 

Six-Months Ended June 30, 2018

 

 

 

As Reported

 

Without Adoption
of ASC 606

 

Decrease due to
Adoption of ASC
606

 

Net Sales

 

$

1,866,793

 

$

1,888,945

 

$

(22,152)

1

Operating Expenses

 

$

497,979

 

$

520,131

 

$

(22,152)

1

 

1 TCCC Commissions based on sales to the TCCC Related Parties. There were no other identified changes to our revenue recognition policies as a result of the adoption of ASC 606.

 

XML 38 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
INVESTMENTS (Tables)
6 Months Ended
Jun. 30, 2018
INVESTMENTS  
Summary of investments in available-for-sale

 

June 30, 2018

 

Amortized
Cost

 

Gross
Unrealized
Holding
Gains

 

Gross
Unrealized
Holding
Losses

 

Fair
Value

 

Continuous
Unrealized
Loss Position
less than 12
Months

 

Continuous
Unrealized
Loss Position
greater than 12
Months

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

   $

15,177  

 

   $

-  

 

   $

-  

 

   $

15,177  

 

   $

-  

 

   $

-

 

Municipal securities

 

149,048  

 

5  

 

56  

 

148,997  

 

56  

 

-

 

U.S. government agency securities

 

46,982  

 

-  

 

63  

 

46,919  

 

63  

 

-

 

Variable rate demand notes

 

-  

 

-  

 

-  

 

-  

 

-  

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

   $

211,207  

 

   $

5  

 

   $

119  

 

   $

211,093  

 

   $

119  

 

   $

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017

 

Amortized
Cost

 

Gross
Unrealized
Holding
Gains

 

Gross
Unrealized
Holding
Losses

 

Fair
Value

 

Continuous
Unrealized
Loss Position
less than 12
Months

 

Continuous
Unrealized
Loss Position
greater than 12
Months

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Available-for-sale

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

   $

81,026  

 

   $

-  

 

   $

-  

 

   $

81,026  

 

   $

-  

 

   $

-

 

Certificates of deposit

 

11,869  

 

-  

 

-  

 

11,869  

 

-  

 

-

 

Municipal securities

 

469,604  

 

1  

 

740  

 

468,865  

 

740  

 

-

 

U.S. government agency securities

 

61,307  

 

-  

 

88  

 

61,219  

 

88  

 

-

 

Variable rate demand notes

 

49,954  

 

-  

 

-  

 

49,954  

 

-  

 

-

 

Long-term:

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

2,369  

 

-  

 

3  

 

2,366  

 

3  

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

   $

676,129  

 

   $

1  

 

   $

831  

 

   $

675,299  

 

   $

831  

 

   $

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summarizes the underlying contractual maturities of the Company's investments

 

 

 

June 30, 2018

 

December 31, 2017

 

 

 

 

 

 

 

 

 

Amortized Cost

 

Fair Value

 

Amortized Cost

 

Fair Value

 

Less than 1 year:

 

 

 

 

 

 

 

 

 

Commercial paper

 

  $

15,177  

 

  $

15,177  

 

  $

81,026  

 

  $

81,026

 

Municipal securities

 

149,048  

 

148,997  

 

469,604  

 

468,865

 

U.S. government agency securities

 

46,982  

 

46,919  

 

61,307  

 

61,219

 

Certificates of deposit

 

-  

 

-  

 

11,869  

 

11,869

 

Due 1 -10 years:

 

 

 

 

 

 

 

 

 

U.S. government agency securities

 

-  

 

-  

 

2,369  

 

2,366

 

Variable rate demand notes

 

-  

 

-  

 

6,366  

 

6,366

 

Due 11 - 20 years:

 

 

 

 

 

 

 

 

 

Variable rate demand notes

 

-  

 

-  

 

28,377  

 

28,377

 

Due 21 - 30 years:

 

 

 

 

 

 

 

 

 

Variable rate demand notes

 

-  

 

-  

 

15,211  

 

15,211

 

 

 

 

 

 

 

 

 

 

 

Total

 

  $

211,207  

 

  $

211,093  

 

  $

676,129  

 

  $

675,299

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

XML 39 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES (Tables)
6 Months Ended
Jun. 30, 2018
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES  
Schedule of financial assets and liabilities recorded at fair value on a recurring basis

 

June 30, 2018

 

Level 1

 

Level 2

 

Level 3

 

Total

 

Cash

 

  $

358,788

 

$

-

 

$

-

 

$

358,788

 

Money market funds

 

299,949

 

-

 

-

 

299,949

 

Commercial paper

 

-

 

16,127

 

-

 

16,127

 

Municipal securities

 

-

 

148,997

 

-

 

148,997

 

U.S. government agency securities

 

-

 

46,919

 

-

 

46,919

 

Foreign currency derivatives

 

-

 

(996

)

-

 

(996

)

 

 

 

 

 

 

 

 

 

 

Total

 

  $

658,737

 

$

211,047

 

$

-

 

$

869,784

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts included in:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

  $

658,737

 

$

950

 

$

-

 

$

659,687

 

Short-term investments

 

-

 

211,093

 

-

 

211,093

 

Accounts receivable, net

 

-

 

21

 

-

 

21

 

Investments

 

-

 

-

 

-

 

-

 

Accrued liabilities

 

-

 

(1,017

)

-

 

(1,017

)

 

 

 

 

 

 

 

 

 

 

Total

 

  $

658,737

 

$

211,047

 

$

-

 

$

869,784

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2017

 

Level 1

 

Level 2

 

Level 3

 

Total

 

 

 

 

 

 

 

 

 

 

 

Cash

 

  $

310,885

 

$

-

 

$

-

 

$

310,885

 

Money market funds

 

112,848

 

-

 

-

 

112,848

 

Certificates of deposit

 

-

 

15,720

 

-

 

15,720

 

Commercial paper

 

-

 

99,903

 

-

 

99,903

 

Variable rate demand notes

 

-

 

49,954

 

-

 

49,954

 

Municipal securities

 

-

 

529,984

 

-

 

529,984

 

U.S. government agency securities

 

-

 

81,230

 

-

 

81,230

 

U.S. Treasuries

 

-

 

3,397

 

-

 

3,397

 

Foreign currency derivatives

 

-

 

(1,484

)

-

 

(1,484

)

 

 

 

 

 

 

 

 

 

 

Total

 

  $

423,733

 

$

778,704

 

$

-

 

$

1,202,437

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts included in:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

  $

423,733

 

$

104,889

 

$

-

 

$

528,622

 

Short-term investments

 

-

 

672,933

 

-

 

672,933

 

Accounts receivable, net

 

-

 

95

 

-

 

95

 

Investments

 

-

 

2,366

 

-

 

2,366

 

Accrued liabilities

 

-

 

(1,579

)

-

 

(1,579

)

 

 

 

 

 

 

 

 

 

 

Total

 

  $

423,733

 

$

778,704

 

$

-

 

$

1,202,437

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

XML 40 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
6 Months Ended
Jun. 30, 2018
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES  
Schedule of notional amount and fair value of all outstanding foreign currency derivative instruments in the condensed consolidated balance sheets

 

June 30, 2018

 

Derivatives not designated as
hedging instruments under
FASB ASC 815-20

 

Notional
Amount

 

Fair
Value

 

Balance Sheet Location

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

Foreign currency exchange contracts:

 

 

 

 

 

 

 

Receive SGD/pay USD

 

  $

5,279

 

  $

7

 

Accounts receivable, net

 

Receive USD/pay NZD

 

2,719

 

12

 

Accounts receivable, net

 

Receive NOK/pay USD

 

918

 

2

 

Accounts receivable, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

Foreign currency exchange contracts:

 

 

 

 

 

 

 

Receive USD/pay EUR

 

  $

50,572

 

  $

(408)

 

Accrued liabilities

 

Receive USD/pay GBP

 

37,904

 

(129)

 

Accrued liabilities

 

Receive USD/pay ZAR

 

16,633

 

(192)

 

Accrued liabilities

 

Receive USD/pay AUD

 

14,118

 

(82)

 

Accrued liabilities

 

Receive USD/pay TRY

 

5,277

 

(92)

 

Accrued liabilities

 

Receive USD/pay COP

 

3,567

 

(30)

 

Accrued liabilities

 

Receive USD/pay MXN

 

3,035

 

(54)

 

Accrued liabilities

 

Receive USD/pay RUB

 

2,774

 

(30)

 

Accrued liabilities

 

 

December 31, 2017

 

Derivatives not designated as
hedging instruments under
FASB ASC 815-20

 

Notional
Amount

 

Fair
Value

 

Balance Sheet Location

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

Foreign currency exchange contracts:

 

 

 

 

 

 

 

Receive CAD/pay USD

 

  $

4,892

 

  $

61

 

Accounts receivable, net

 

Receive USD/pay COP

 

2,803

 

13

 

Accounts receivable, net

 

Receive USD/pay BRL

 

1,806

 

1

 

Accounts receivable, net

 

Receive NOK/pay USD

 

1,534

 

18

 

Accounts receivable, net

 

Receive SGD/pay USD

 

223

 

2

 

Accounts receivable, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

Foreign currency exchange contracts:

 

 

 

 

 

 

 

Receive USD/pay EUR

 

  $

65,131

 

  $

(642)

 

Accrued liabilities

 

Receive USD/pay GBP

 

31,342

 

(334)

 

Accrued liabilities

 

Receive USD/pay ZAR

 

21,311

 

(222)

 

Accrued liabilities

 

Receive USD/pay AUD

 

17,238

 

(177)

 

Accrued liabilities

 

Receive USD/pay MXN

 

7,720

 

(126)

 

Accrued liabilities

 

Receive USD/pay TRY

 

5,483

 

(52)

 

Accrued liabilities

 

Receive USD/pay NZD

 

1,826

 

(18)

 

Accrued liabilities

 

Receive USD/pay CLP

 

1,112

 

(8)

 

Accrued liabilities

 

 

Schedule of net gains (losses) on derivative instruments in the condensed consolidated statements of income

 

 

 

 

 

Amount of gain (loss)
recognized in income on
derivatives

 

 

 

 

Three-months ended

Derivatives not designated as
hedging instruments under
FASB ASC 815-20

 

Location of gain (loss)
recognized in income on
derivatives

 

June 30, 2018

 

June 30, 2017

 

 

 

 

 

 

 

Foreign currency exchange contracts

 

Interest and other income (expense), net

 

 $

10,393

 

 $

(4,439)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount of gain (loss)
recognized in income on
derivatives

 

 

 

 

Six-months ended

Derivatives not designated as
hedging instruments under
FASB ASC 815-20

 

Location of gain (loss)
recognized in income on
derivatives

 

June 30, 2018

 

June 30, 2017

 

 

 

 

 

 

 

Foreign currency exchange contracts

 

Interest and other income (expense), net

 

 $

5,734

 

 $

(9,467)

 

 

 

 

 

 

 

 

 

 

XML 41 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
INVENTORIES (Tables)
6 Months Ended
Jun. 30, 2018
INVENTORIES  
Schedule of inventories

 

 

 

June 30,
2018

 

December 31,
2017

 

Raw materials

 

  $

89,362

 

  $

78,834

 

Finished goods

 

186,204

 

176,911

 

 

 

 

 

 

 

 

 

  $

275,566

 

  $

255,745

 

 

 

 

 

 

 

 

 

 

XML 42 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
PROPERTY AND EQUIPMENT, NET (Tables)
6 Months Ended
Jun. 30, 2018
PROPERTY AND EQUIPMENT, NET  
Schedule of property and equipment

 

 

 

June 30,

2018

 

December 31,
2017

 

Land

 

  $

44,261

 

  $

47,373

 

Leasehold improvements

 

3,278

 

3,109

 

Furniture and fixtures

 

6,732

 

6,461

 

Office and computer equipment

 

17,683

 

14,506

 

Computer software

 

3,334

 

3,650

 

Equipment

 

165,861

 

148,434

 

Buildings

 

116,143

 

107,374

 

Vehicles

 

39,967

 

38,179

 

 

 

 

 

 

 

 

 

397,259

 

369,086

 

Less: accumulated depreciation and amortization

 

(156,601)

 

(138,810)

 

 

 

 

 

 

 

 

 

  $

240,658

 

  $

230,276

 

 

 

 

 

 

 

 

 

 

XML 43 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)
6 Months Ended
Jun. 30, 2018
GOODWILL AND OTHER INTANGIBLE ASSETS  
Schedule of Goodwill

 

 

 

Monster
Energy®
Drinks

 

Strategic
Brands

 

Other

 

Total

 

Balance at December 31, 2017

 

$

693,644

 

$

637,999

 

$

-

 

$

1,331,643

 

Acquisitions

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2018

 

$

693,644

 

$

637,999

 

$

-

 

$

1,331,643

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monster
Energy®
Drinks

 

Strategic
Brands

 

Other

 

Total

 

Balance at December 31, 2016

 

$

693,644

 

$

637,999

 

$

-

 

$

1,331,643

 

Acquisitions

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

Balance at June 30, 2017

 

$

693,644

 

$

637,999

 

$

-

 

$

1,331,643

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of intangibles

 

 

 

June 30,
2018

 

December 31,
2017

 

Amortizing intangibles

 

$

71,355

 

$

71,400

 

Accumulated amortization

 

(32,387)

 

(26,383)

 

 

 

 

 

 

 

 

 

38,968

 

45,017

 

Non-amortizing intangibles

 

1,000,433

 

989,068

 

 

 

 

 

 

 

 

 

$

1,039,401

 

$

1,034,085

 

 

 

 

 

 

 

 

 

 

XML 44 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)
6 Months Ended
Jun. 30, 2018
ACCUMULATED OTHER COMPREHENSIVE LOSS  
Changes in accumulated other comprehensive loss by component, after tax

 

 

 

Currency
Translation
Losses

 

Unrealized
(Gains) Losses
on Available-for-
Sale Securities

 

Total

 

Balance at December 31, 2017

 

$

15,818

 

$

841

 

$

16,659

 

Other comprehensive loss (gain) before reclassifications

 

9,265

 

(728)

 

8,537

 

Amounts reclassified from accumulated other comprehensive loss (gain)

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

Net current-period other comprehensive loss (gain)

 

9,265

 

(728)

 

8,537

 

 

 

 

 

 

 

 

 

Balance at June 30, 2018

 

$

25,083

 

$

113

 

$

25,196

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

XML 45 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCK-BASED COMPENSATION (Tables)
6 Months Ended
Jun. 30, 2018
STOCK-BASED COMPENSATION  
Schedule of weighted-average assumptions used to estimate the fair value of options granted

 

 

 

Three-Months Ended June 30,

 

Six-Months Ended June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

Dividend yield

 

0.0%

 

0.0%

 

0.0%

 

0.0%

 

Expected volatility

 

34.9%

 

36.5%

 

34.9%

 

36.6%

 

Risk-free interest rate

 

2.7%

 

1.8%

 

2.8%

 

2.1%

 

Expected term

 

6.1 years

 

6.1 years

 

6.1 years

 

6.1 years

 

 

 

 

 

 

 

 

 

 

 

 

Summary of Company's activities with respect to its stock option plans

 

Options

 

Number of
Shares (In
thousands)

 

Weighted-
Average
Exercise
Price Per
Share

 

Weighted-
Average
Remaining
Contractual
Term (In
years)

 

Aggregate
Intrinsic Value

 

Outstanding at January 1, 2018

 

17,819

 

$

29.62

 

6.1

 

$

600,032

 

Granted 01/01/18 - 03/31/18

 

2,615

 

$

58.76

 

 

 

 

 

Granted 04/01/18 - 06/30/18

 

360

 

$

51.72

 

 

 

 

 

Exercised

 

(814)

 

$

16.73

 

 

 

 

 

Cancelled or forfeited

 

(216)

 

$

42.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at June 30, 2018

 

19,764

 

$

34.26

 

6.2

 

$

459,527

 

Vested and expected to vest in the

 

 

 

 

 

 

 

 

 

future at June 30, 2018

 

18,673

 

$

33.32

 

6.1

 

$

451,327

 

Exercisable at June 30, 2018

 

10,639

 

$

22.40

 

4.5

 

$

371,252

 

 

Summary of Company's activities with respect to non-vested restricted stock units

 

 

 

Number of
Shares (in
thousands)

 

Weighted
Average
Grant-Date
Fair Value

 

Non-vested at January 1, 2018

 

530

 

$

45.09

 

Granted 01/01/18- 03/31/18

 

221

 

$

58.75

 

Granted 04/01/18- 06/30/18

 

48

 

$

52.31

 

Vested

 

(262)

 

$

45.36

 

Forfeited/cancelled

 

(6)

 

$

32.17

 

 

 

 

 

 

 

 

Non-vested at June 30, 2018

 

531

 

$

51.45

 

 

 

 

 

 

 

 

 

XML 46 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
INCOME TAXES (Tables)
6 Months Ended
Jun. 30, 2018
INCOME TAXES  
Schedule of roll-forward of the Company's total gross unrecognized tax benefits, not including interest and penalties

 

 

 

Gross Unrecognized Tax
Benefits

 

Balance at December 31, 2017

 

  $

6,540

 

Additions for tax positions related to the current year

 

210

 

Additions for tax positions related to the prior year

 

1,172

 

Decreases related to settlement with taxing authority

 

(2,665)

 

 

 

 

 

Balance at June 30, 2018

 

  $

5,257

 

 

 

 

 

 

 

XML 47 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
EARNINGS PER SHARE (Tables)
6 Months Ended
Jun. 30, 2018
EARNINGS PER SHARE  
Schedule of reconciliation of the weighted average shares used in the basic and diluted earnings per common share computations

 

A reconciliation of the weighted-average shares used in the basic and diluted earnings per common share computations is presented below (in thousands):

 

 

 

Three-Months Ended

 

Six-Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

Weighted-average shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

559,867

 

567,910

 

562,917

 

567,384

 

Dilutive

 

6,485

 

10,110

 

7,314

 

10,335

 

 

 

 

 

 

 

 

 

 

 

Diluted

 

566,352

 

578,020

 

570,231

 

577,719

 

 

 

 

 

 

 

 

 

 

 

 

XML 48 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
SEGMENT INFORMATION (Tables)
6 Months Ended
Jun. 30, 2018
SEGMENT INFORMATION  
Schedule of net revenues and other financial information by segment

 

 

 

Three-Months Ended

 

Six-Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

Net sales:

 

 

 

 

 

 

 

 

 

Monster Energy® Drinks(¹)

 

   $

929,439

 

   $

815,261

 

   $

1,709,943

 

   $

1,483,831

 

Strategic Brands

 

79,811

 

85,633

 

145,570

 

153,669

 

Other

 

6,623

 

6,174

 

11,280

 

11,714

 

Corporate and unallocated

 

-

 

-

 

-

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

   $

1,015,873

 

   $

907,068

 

   $

1,866,793

 

   $

1,649,214

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three-Months Ended

 

Six-Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

Operating Income:

 

 

 

 

 

 

 

 

 

Monster Energy® Drinks(¹) (2)

 

   $

373,103

 

   $

356,223

 

   $

674,805

 

   $

635,654

 

Strategic Brands

 

50,791

 

53,175

 

93,393

 

95,281

 

Other

 

1,826

 

1,718

 

2,797

 

3,134

 

Corporate and unallocated

 

(68,099)

 

(61,075)

 

(133,460)

 

(119,766)

 

 

 

 

 

 

 

 

 

 

 

 

 

   $

357,621

 

   $

350,041

 

   $

637,535

 

   $

614,303

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three-Months Ended

 

Six-Months Ended

 

 

 

June 30,

 

June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

Income before tax:

 

 

 

 

 

 

 

 

 

Monster Energy® Drinks(¹) (2)

 

   $

373,342

 

   $

356,316

 

   $

675,305

 

   $

635,651

 

Strategic Brands

 

50,833

 

53,174

 

93,416

 

95,268

 

Other

 

1,826

 

1,718

 

2,797

 

3,134

 

Corporate and unallocated

 

(67,904)

 

(63,718)

 

(131,702)

 

(121,643)

 

 

 

 

 

 

 

 

 

 

 

 

 

   $

358,097

 

   $

347,490

 

   $

639,816

 

   $

612,410

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Includes $11.0 million and $10.2 million for the three-months ended June 30, 2018 and 2017, respectively, related to the recognition of deferred revenue. Includes $22.2 million and $20.1 million for the six-months ended June 30, 2018 and 2017, respectively, related to the recognition of deferred revenue.

 

(2)

Includes $5.5 million and $0.2 million for the three-months ended June 30, 2018 and 2017, respectively, related to distributor termination costs. Includes $12.5 million and $20.1 million for the six-months ended June 30, 2018 and 2017, respectively, related to distributor termination costs.

 

 

 

Three-Months Ended

 

Six-Months Ended

 

 

June 30,

 

June 30,

 

 

2018

 

2017

 

2018

 

2017

Depreciation and amortization:

 

 

 

 

 

 

 

 

Monster Energy® Drinks

 

   $

8,960

 

   $

6,873

 

   $

17,770

 

   $

13,413

Strategic Brands

 

1,946

 

1,842

 

3,872

 

3,638

Other

 

1,167

 

1,153

 

2,326

 

2,306

Corporate and unallocated

 

2,121

 

1,725

 

4,217

 

3,418

 

 

 

 

 

 

 

 

 

 

 

   $

14,194

 

   $

11,593

 

   $

28,185

 

   $

22,775

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of goodwill and other intangible assets for the Company's reportable segments

 

 

 

June 30,

 

December 31,

 

 

2018

 

2017

Goodwill and other intangible assets:

 

 

 

 

Monster Energy® Drinks

 

   $

1,357,017

 

   $

1,346,648

Strategic Brands

 

992,800

 

995,582

Other

 

21,227

 

23,498

Corporate and unallocated

 

-

 

-

 

 

 

 

 

 

 

   $

2,371,044

 

   $

2,365,728

 

 

 

 

 

 

 

 

XML 49 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
RELATED PARTY TRANSACTIONS (Tables)
6 Months Ended
Jun. 30, 2018
RELATED PARTY TRANSACTIONS  
Schedule of related party transactions

 

 

 

June 30,
2018

 

December 31,
2017

 

 

 

 

 

 

 

Accounts receivable, net

 

   $

42,337

 

   $

32,607

 

Accounts payable

 

   $

(34,368)

 

   $

(45,465)

 

Accrued promotional allowances

 

   $

(9,851)

 

   $

(5,884)

 

 

XML 50 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
RECENT ACCOUNTING PRONOUNCEMENTS (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Dec. 31, 2017
Retained earnings $ 3,407,806 $ 2,928,226
ASU 2016-16 | Adjustment    
Deferred income tax (6,600)  
Retained earnings $ 6,600  
XML 51 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
REVENUE RECOGNITION - Impact of adoption of ASC 606 (Details)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
USD ($)
Jun. 30, 2017
USD ($)
Jun. 30, 2018
USD ($)
segment
Jun. 30, 2017
USD ($)
Number of operating segments | segment     3  
Number of reportable segments | segment     3  
Net Sales $ 1,015,873   $ 1,866,793  
Operating Expenses 262,637 $ 233,456 497,979 $ 450,068
Without 606 Adoption of ASC 606        
Net Sales 1,028,085   1,888,945  
Operating Expenses 274,849   520,131  
(Decrease) Increase due to Adoption of ASC606        
Net Sales (12,212)   (22,152)  
Operating Expenses $ (12,212)   $ (22,152)  
XML 52 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2018
Dec. 31, 2017
Total Net Sales $ 1,015,873 $ 1,866,793  
Contract Liabilities      
Deferred revenue 364,100 364,100 $ 377,600
Deferred revenue recognized in net sales 11,000 22,200  
U.S. And Canada      
Total Net Sales 752,719 1,385,915  
EMEA      
Total Net Sales 161,575 291,818  
Asia Pacific      
Total Net Sales 66,974 119,953  
Latin America And Caribbean      
Total Net Sales 34,605 69,107  
Monster Energy Drinks      
Total Net Sales 929,439 1,709,943  
Monster Energy Drinks | U.S. And Canada      
Total Net Sales 695,963 1,284,778  
Monster Energy Drinks | EMEA      
Total Net Sales 138,608 249,538  
Monster Energy Drinks | Asia Pacific      
Total Net Sales 60,606 108,037  
Monster Energy Drinks | Latin America And Caribbean      
Total Net Sales 34,262 67,590  
Strategic Brands      
Total Net Sales 79,811 145,570  
Strategic Brands | U.S. And Canada      
Total Net Sales 50,133 89,857  
Strategic Brands | EMEA      
Total Net Sales 22,967 42,280  
Strategic Brands | Asia Pacific      
Total Net Sales 6,368 11,916  
Strategic Brands | Latin America And Caribbean      
Total Net Sales 343 1,517  
Other      
Total Net Sales 6,623 11,280  
Other | U.S. And Canada      
Total Net Sales $ 6,623 $ 11,280  
XML 53 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
INVESTMENTS (Details) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Available-for-sale    
Amortized Cost $ 211,207 $ 676,129
Gross Unrealized Holding Gains 5 1
Gross Unrealized Holding Losses 119 831
Fair Value 211,093 675,299
Continuous Unrealized Loss Position less than 12 Months 119 831
Short-term | Commercial paper    
Available-for-sale    
Amortized Cost 15,177 81,026
Fair Value 15,177 81,026
Short-term | Certificates of deposit    
Available-for-sale    
Amortized Cost   11,869
Fair Value   11,869
Short-term | Municipal securities    
Available-for-sale    
Amortized Cost 149,048 469,604
Gross Unrealized Holding Gains 5 1
Gross Unrealized Holding Losses 56 740
Fair Value 148,997 468,865
Continuous Unrealized Loss Position less than 12 Months 56 740
Short-term | U.S. government agency securities    
Available-for-sale    
Amortized Cost 46,982 61,307
Gross Unrealized Holding Losses 63 88
Fair Value 46,919 61,219
Continuous Unrealized Loss Position less than 12 Months $ 63 88
Short-term | Variable rate demand notes    
Available-for-sale    
Amortized Cost   49,954
Fair Value   49,954
Long-term | U.S. government agency securities    
Available-for-sale    
Amortized Cost   2,369
Gross Unrealized Holding Losses   3
Fair Value   2,366
Continuous Unrealized Loss Position less than 12 Months   $ 3
XML 54 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
INVESTMENTS - Maturity Period (Details) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Investments    
Amortized Cost $ 211,207 $ 676,129
Fair Value 211,093 675,299
Commercial paper | Less than 1 year    
Investments    
Amortized Cost 15,177 81,026
Fair Value 15,177 81,026
Municipal securities | Less than 1 year    
Investments    
Amortized Cost 149,048 469,604
Fair Value 148,997 468,865
U.S. government agency securities | Less than 1 year    
Investments    
Amortized Cost 46,982 61,307
Fair Value $ 46,919 61,219
U.S. government agency securities | Due 1 - 10 years    
Investments    
Amortized Cost   2,369
Fair Value   2,366
Certificates of deposit | Less than 1 year    
Investments    
Amortized Cost   11,869
Fair Value   11,869
Variable rate demand notes | Due 1 - 10 years    
Investments    
Amortized Cost   6,366
Fair Value   6,366
Variable rate demand notes | Due 11 - 20 years    
Investments    
Amortized Cost   28,377
Fair Value   28,377
Variable rate demand notes | Due 21 - 30 years    
Investments    
Amortized Cost   15,211
Fair Value   $ 15,211
XML 55 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
FAIR VALUE OF CERTAIN FINANCIAL ASSETS AND LIABILITIES - Assets - Recurring Basis (Details) - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2018
Dec. 31, 2017
Fair value of certain financial assets and liabilities    
Cash and cash equivalents $ 659,687 $ 528,622
Short-term investments 211,093 672,933
Investments   2,366
Asset transfers between Level 1 and Level 2 measurements 0 0
Total fair value    
Fair value of certain financial assets and liabilities    
Cash and cash equivalents 659,687 528,622
Short-term investments 211,093 672,933
Accounts receivable, net 21 95
Investments   2,366
Accrued liabilities (1,017) (1,579)
Assets measured at fair value 869,784 1,202,437
Cash 358,788 310,885
Foreign currency derivatives (996) (1,484)
Money market funds | Total fair value    
Fair value of certain financial assets and liabilities    
Assets measured at fair value 299,949 112,848
Certificates of deposit | Total fair value    
Fair value of certain financial assets and liabilities    
Assets measured at fair value   15,720
Commercial paper | Total fair value    
Fair value of certain financial assets and liabilities    
Assets measured at fair value 16,127 99,903
Variable rate demand notes | Total fair value    
Fair value of certain financial assets and liabilities    
Assets measured at fair value   49,954
Municipal securities | Total fair value    
Fair value of certain financial assets and liabilities    
Assets measured at fair value 148,997 529,984
U.S. government agency securities | Total fair value    
Fair value of certain financial assets and liabilities    
Assets measured at fair value 46,919 81,230
U.S. Treasuries | Total fair value    
Fair value of certain financial assets and liabilities    
Assets measured at fair value   3,397
Level 1    
Fair value of certain financial assets and liabilities    
Cash and cash equivalents 658,737 423,733
Assets measured at fair value 658,737 423,733
Cash 358,788 310,885
Level 1 | Money market funds    
Fair value of certain financial assets and liabilities    
Assets measured at fair value 299,949 112,848
Level 2    
Fair value of certain financial assets and liabilities    
Cash and cash equivalents 950 104,889
Short-term investments 211,093 672,933
Accounts receivable, net 21 95
Investments   2,366
Accrued liabilities (1,017) (1,579)
Assets measured at fair value 211,047 778,704
Foreign currency derivatives (996) (1,484)
Level 2 | Certificates of deposit    
Fair value of certain financial assets and liabilities    
Assets measured at fair value   15,720
Level 2 | Commercial paper    
Fair value of certain financial assets and liabilities    
Assets measured at fair value 16,127 99,903
Level 2 | Variable rate demand notes    
Fair value of certain financial assets and liabilities    
Assets measured at fair value   49,954
Level 2 | Municipal securities    
Fair value of certain financial assets and liabilities    
Assets measured at fair value 148,997 529,984
Level 2 | U.S. government agency securities    
Fair value of certain financial assets and liabilities    
Assets measured at fair value $ 46,919 81,230
Level 2 | U.S. Treasuries    
Fair value of certain financial assets and liabilities    
Assets measured at fair value   $ 3,397
XML 56 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Notional Amount and Fair Value (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Dec. 31, 2017
Foreign currency exchange contracts | Maximum    
Derivative Instruments and Hedging Activities    
Term of derivative instrument 1 month  
Not designated as hedging instruments | Receive CAD/pay USD | Accounts receivable, net    
Derivative Instruments and Hedging Activities    
Notional amount, Assets   $ 4,892
Fair Value, Assets   61
Not designated as hedging instruments | Receive SGD/pay USD | Accounts receivable, net    
Derivative Instruments and Hedging Activities    
Notional amount, Assets $ 5,279 223
Fair Value, Assets 7 2
Not designated as hedging instruments | Receive NOK/pay USD | Accounts receivable, net    
Derivative Instruments and Hedging Activities    
Notional amount, Assets 918 1,534
Fair Value, Assets 2 18
Not designated as hedging instruments | Receive USD/pay BRL | Accounts receivable, net    
Derivative Instruments and Hedging Activities    
Notional amount, Assets   1,806
Fair Value, Assets   1
Not designated as hedging instruments | Receive USD/pay BRL | Accrued liabilities    
Derivative Instruments and Hedging Activities    
Notional amount, Liabilities 3,567  
Fair Value, Liabilities (30)  
Not designated as hedging instruments | Receive USD/pay CLP | Accrued liabilities    
Derivative Instruments and Hedging Activities    
Notional amount, Liabilities   1,112
Fair Value, Liabilities   (8)
Not designated as hedging instruments | Receive USD/pay COP | Accounts receivable, net    
Derivative Instruments and Hedging Activities    
Notional amount, Assets   2,803
Fair Value, Assets   13
Not designated as hedging instruments | Receive USD/pay GBP | Accrued liabilities    
Derivative Instruments and Hedging Activities    
Notional amount, Liabilities 37,904 31,342
Fair Value, Liabilities (129) (334)
Not designated as hedging instruments | Receive USD/pay EUR | Accrued liabilities    
Derivative Instruments and Hedging Activities    
Notional amount, Liabilities 50,572 65,131
Fair Value, Liabilities (408) (642)
Not designated as hedging instruments | Receive USD/pay AUD | Accrued liabilities    
Derivative Instruments and Hedging Activities    
Notional amount, Liabilities 14,118 17,238
Fair Value, Liabilities (82) (177)
Not designated as hedging instruments | Receive USD/pay ZAR | Accrued liabilities    
Derivative Instruments and Hedging Activities    
Notional amount, Liabilities 16,633 21,311
Fair Value, Liabilities (192) (222)
Not designated as hedging instruments | Receive USD/pay MXN | Accrued liabilities    
Derivative Instruments and Hedging Activities    
Notional amount, Liabilities 3,035 7,720
Fair Value, Liabilities (54) (126)
Not designated as hedging instruments | Receive USD/pay NZD | Accounts receivable, net    
Derivative Instruments and Hedging Activities    
Notional amount, Assets 2,719  
Fair Value, Assets 12  
Not designated as hedging instruments | Receive USD/pay NZD | Accrued liabilities    
Derivative Instruments and Hedging Activities    
Notional amount, Liabilities   1,826
Fair Value, Liabilities   (18)
Not designated as hedging instruments | Receive USD/pay TRY | Accrued liabilities    
Derivative Instruments and Hedging Activities    
Notional amount, Liabilities 5,277 5,483
Fair Value, Liabilities (92) $ (52)
Not designated as hedging instruments | Receive USD/pay RUB | Accrued liabilities    
Derivative Instruments and Hedging Activities    
Notional amount, Liabilities 2,774  
Fair Value, Liabilities $ (30)  
XML 57 R46.htm IDEA: XBRL DOCUMENT v3.10.0.1
DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES - Nonhedging Designation (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Not designated as hedging instruments | Foreign currency exchange contracts | Interest and other income (expense), net        
Net (losses) gains on derivative instruments        
Amount of (loss) gain recognized in income on derivatives $ 10,393 $ (4,439) $ 5,734 $ (9,467)
XML 58 R47.htm IDEA: XBRL DOCUMENT v3.10.0.1
INVENTORIES (Details) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
INVENTORIES    
Raw materials $ 89,362 $ 78,834
Finished goods 186,204 176,911
Inventories, net $ 275,566 $ 255,745
XML 59 R48.htm IDEA: XBRL DOCUMENT v3.10.0.1
PROPERTY AND EQUIPMENT, NET (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Property and equipment, net          
Property and equipment, gross $ 397,259   $ 397,259   $ 369,086
Less: accumulated depreciation and amortization (156,601)   (156,601)   (138,810)
Property and equipment, net 240,658   240,658   230,276
Total depreciation and amortization expense 11,200 $ 8,600 22,200 $ 16,800  
Land          
Property and equipment, net          
Property and equipment, gross 44,261   44,261   47,373
Leasehold improvements          
Property and equipment, net          
Property and equipment, gross 3,278   3,278   3,109
Furniture and fixtures          
Property and equipment, net          
Property and equipment, gross 6,732   6,732   6,461
Office and computer equipment          
Property and equipment, net          
Property and equipment, gross 17,683   17,683   14,506
Computer software          
Property and equipment, net          
Property and equipment, gross 3,334   3,334   3,650
Equipment          
Property and equipment, net          
Property and equipment, gross 165,861   165,861   148,434
Buildings          
Property and equipment, net          
Property and equipment, gross 116,143   116,143   107,374
Vehicles          
Property and equipment, net          
Property and equipment, gross $ 39,967   $ 39,967   $ 38,179
XML 60 R49.htm IDEA: XBRL DOCUMENT v3.10.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Goodwill (Details) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Jun. 30, 2017
Goodwill      
Goodwill, Beginning Balance $ 1,331,643 $ 1,331,643 $ 1,331,643
Goodwill, Ending Balance 1,331,643 1,331,643 1,331,643
Monster Energy Drinks      
Goodwill      
Goodwill, Beginning Balance 693,644 693,644 693,644
Goodwill, Ending Balance 693,644 693,644 693,644
Strategic Brands      
Goodwill      
Goodwill, Beginning Balance 637,999 637,999 637,999
Goodwill, Ending Balance $ 637,999 $ 637,999 $ 637,999
XML 61 R50.htm IDEA: XBRL DOCUMENT v3.10.0.1
GOODWILL AND OTHER INTANGIBLE ASSETS - Intangible assets (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Intangible assets          
Amortizing intangibles $ 71,355   $ 71,355   $ 71,400
Accumulated amortization (32,387)   (32,387)   (26,383)
Amortizing intangibles, net 38,968   38,968   45,017
Non-amortizing intangibles 1,000,433   1,000,433   989,068
Intangible, net 1,039,401   1,039,401   $ 1,034,085
Amortization of in intangible assets $ 3,000 $ 3,000 $ 6,000 $ 6,000  
Minimum          
Intangible assets          
Useful life of intangible assets     5 years    
Maximum          
Intangible assets          
Useful life of intangible assets     7 years    
XML 62 R51.htm IDEA: XBRL DOCUMENT v3.10.0.1
DISTRIBUTION AGREEMENTS (Details) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
DISTRIBUTION AGREEMENTS        
Termination costs $ 5.5 $ 0.2 $ 12.5 $ 20.1
Distribution agreement (in years)     20 years  
Revenue recognized $ 11.0 $ 10.2 $ 22.2 $ 20.1
XML 63 R52.htm IDEA: XBRL DOCUMENT v3.10.0.1
COMMITMENTS AND CONTINGENCIES - Purchase Commitments (Details)
$ in Millions
6 Months Ended
Jun. 30, 2018
USD ($)
Purchase Commitments  
Aggregate contractual obligations $ 154.2
Aggregate operating lease commitments 16.3
Raw materials  
Purchase Commitments  
Purchase commitments $ 50.0
Obligation term ( in years) 1 year
XML 64 R53.htm IDEA: XBRL DOCUMENT v3.10.0.1
COMMITMENTS AND CONTINGENCIES - Line of Credit Facility (Details) - Line of credit - HSBC China - USD ($)
$ in Millions
Jun. 30, 2018
Feb. 28, 2018
Dec. 31, 2017
Commitments and Contingencies      
Maximum borrowing capacity   $ 15.0 $ 9.0
Accounts payable      
Commitments and Contingencies      
Amount outstanding $ 11.2    
People's Bank of China      
Commitments and Contingencies      
Interest rate on borrowings 5.50%    
XML 65 R54.htm IDEA: XBRL DOCUMENT v3.10.0.1
COMMITMENTS AND CONTINGENCIES - State Attorney General Inquiry (Details)
$ in Millions
Jun. 30, 2018
USD ($)
COMMITMENTS AND CONTINGENCIES  
Accrued loss contingencies $ 3.3
XML 66 R55.htm IDEA: XBRL DOCUMENT v3.10.0.1
ACCUMULATED OTHER COMPREHENSIVE LOSS (Details)
$ in Thousands
6 Months Ended
Jun. 30, 2018
USD ($)
Components of accumulated other comprehensive loss:  
Balance at the beginning of the period $ 16,659
Other comprehensive loss (gain) before reclassifications 8,537
Net current-period other comprehensive loss (gain) 8,537
Balance at the end of the period 25,196
Currency Translation Losses  
Components of accumulated other comprehensive loss:  
Balance at the beginning of the period 15,818
Other comprehensive loss (gain) before reclassifications 9,265
Net current-period other comprehensive loss (gain) 9,265
Balance at the end of the period 25,083
Unrealized (Gains) Losses on Available-for-Sale Securities  
Components of accumulated other comprehensive loss:  
Balance at the beginning of the period 841
Other comprehensive loss (gain) before reclassifications (728)
Net current-period other comprehensive loss (gain) (728)
Balance at the end of the period $ 113
XML 67 R56.htm IDEA: XBRL DOCUMENT v3.10.0.1
TREASURY STOCK (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended
Aug. 09, 2017
Jun. 30, 2018
Aug. 09, 2018
Aug. 07, 2018
May 29, 2018
Feb. 27, 2018
Equity, Class of Treasury Stock            
Number of shares repurchased of common stock from employees in lieu of cash or withholding taxes due   504        
Cash payment for repurchase of common stock from employees in lieu of cash or withholding taxes due   $ 30        
February 2018 Repurchase Plan            
Equity, Class of Treasury Stock            
Stock repurchase program, authorized amount           $ 250,000
Common stock repurchased (in shares)   5,000,000        
Average purchase price (in dollars per share)   $ 49.81        
Repurchase price of stock   $ 249,900        
May 2018 Repurchase Plan            
Equity, Class of Treasury Stock            
Stock repurchase program, authorized amount         $ 500,000  
Common stock repurchased (in shares)   5,500,000        
Average purchase price (in dollars per share)   $ 54.78        
Repurchase price of stock $ 196,700 $ 303,200        
August 2018 Repurchase Plan            
Equity, Class of Treasury Stock            
Stock repurchase program, authorized amount       $ 500,000    
Stock repurchase program, authorized remaining amount     $ 500,000      
XML 68 R57.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCK-BASED COMPENSATION - Plans (Details)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
USD ($)
Jun. 30, 2017
USD ($)
Jun. 30, 2018
USD ($)
plan
Jun. 30, 2017
USD ($)
Stock-based compensation        
Stock-based compensation plans | plan     2  
Compensation expense on share-based plans $ 14.9 $ 12.8 $ 28.3 $ 26.0
Stock options        
Stock-based compensation        
Excess tax benefit realized for tax deductions from non-qualified stock option exercises and disqualifying dispositions of incentive stock options $ 1.7 $ 1.9 $ 4.5 $ 11.3
XML 69 R58.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCK-BASED COMPENSATION - Fair Value Assumptions (Details) - Stock options - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Weighted-average assumptions used to estimate the fair value of options granted            
Dividend yield (as a percent) 0.00%   0.00% 0.00% 0.00%  
Expected volatility (as a percent) 34.90%   36.50% 34.90% 36.60%  
Risk-free interest rate (as a percent) 2.70%   1.80% 2.80% 2.10%  
Expected term 6 years 1 month 6 days   6 years 1 month 6 days 6 years 1 month 6 days 6 years 1 month 6 days  
Stock Options, Number of Shares            
Balance at the beginning of the period (in shares)   17,819   17,819    
Granted (in shares) 360 2,615        
Exercised (in shares)       (814)    
Cancelled or forfeited (in shares)       (216)    
Balance at the end of the period (in shares) 19,764     19,764   17,819
Vested and expected to vest in the future at the end of the period (in shares) 18,673     18,673    
Exercisable at the end of the period (in shares) 10,639     10,639    
Stock options, Weighted-Average Exercise Price Per Share            
Balance at the beginning of the period (in dollars per share)   $ 29.62   $ 29.62    
Granted (in dollars per share) $ 51.72 $ 58.76        
Exercised (in dollars per share)       16.73    
Cancelled or forfeited (in dollars per share)       42.60    
Balance at the end of the period (in dollars per share) 34.26     34.26   $ 29.62
Vested and expected to vest in the future at the end of the period (in dollars per share) 33.32     33.32    
Exercisable at the end of the period (in dollars per share) $ 22.40     $ 22.40    
Weighted-Average Remaining Contractual Term            
Balance at the beginning of the period       6 years 2 months 12 days   6 years 1 month 6 days
Balance at the end of the period       6 years 2 months 12 days   6 years 1 month 6 days
Vested and expected to vest in the future at the end of the period       6 years 1 month 6 days    
Exercisable at the end of the period       4 years 6 months    
Aggregate Intrinsic Value            
Balance at the beginning of the period   $ 600,032   $ 600,032    
Balance at the end of the period $ 459,527     459,527   $ 600,032
Vested and expected to vest in the future at the end of the period 451,327     451,327    
Exercisable at the end of the period $ 371,252     $ 371,252    
XML 70 R59.htm IDEA: XBRL DOCUMENT v3.10.0.1
STOCK-BASED COMPENSATION - Equity Awards (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2018
Mar. 31, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Stock options          
Stock-based compensation          
Weighted-average grant-date fair value of options granted (in dollars per share) $ 20.20   $ 18.97 $ 22.51 $ 18.01
Total intrinsic value of options exercised $ 14.7   $ 8.5 $ 32.9 $ 40.9
Cash received from option exercises 7.1   $ 5.5 13.6 $ 19.1
Total unrecognized compensation expense related to non-vested shares granted to employees $ 121.1     $ 121.1  
Cost expected to be recognized over a weighted-average period       3 years  
Stock units expected to vest (in shares) 18,673     18,673  
Restricted stock units          
Stock-based compensation          
Total unrecognized compensation expense related to non-vested shares granted to employees $ 22.2     $ 22.2  
Cost expected to be recognized over a weighted-average period       2 years 1 month 6 days  
Stock units expected to vest (in shares) 500     500  
Number of Shares          
Non-vested at the beginning of the period (in shares)   530   530  
Granted (in shares) 48 221      
Vested (in shares)       (262)  
Forfeited/cancelled (in shares)       (6)  
Non-vested at the end of the period (in shares) 531     531  
Weighted Average Grant-Date Fair Value          
Non-vested at the beginning of the period (in dollars per share)   $ 45.09   $ 45.09  
Granted (in dollars per share) $ 52.31 $ 58.75 $ 50.86 57.59 $ 46.65
Vested (in dollars per share)       45.36  
Forfeited/cancelled (in dollars per share)       32.17  
Non-vested at the end of the period (in dollars per share) $ 51.45     $ 51.45  
XML 71 R60.htm IDEA: XBRL DOCUMENT v3.10.0.1
INCOME TAXES - Tax Cuts and Jobs Act (Details) - USD ($)
$ in Millions
6 Months Ended 12 Months Ended
Jun. 30, 2018
Dec. 31, 2017
INCOME TAXES    
Federal statutory rate (as a percent) 21.00% 35.00%
Provisional charge, revaluated net deferred tax assets   $ 39.8
Provision related to deemed mandatory repatriation   $ 2.1
XML 72 R61.htm IDEA: XBRL DOCUMENT v3.10.0.1
INCOME TAXES - Unrecognized Tax Benefit Rollforward (Details)
$ in Thousands
6 Months Ended
Jun. 30, 2018
USD ($)
Gross unrecognized tax benefits, roll forward  
Balance at the beginning of the period $ 6,540
Additions for tax positions related to the current year 210
Additions for tax positions related to the prior year 1,172
Decreases related to settlement with taxing authority (2,665)
Balance at the end of the period 5,257
Accrued interest and penalties related to unrecognized tax benefits $ 1,000
XML 73 R62.htm IDEA: XBRL DOCUMENT v3.10.0.1
EARNINGS PER SHARE (Details) - shares
shares in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Weighted-average shares outstanding:        
Basic 559,867 567,910 562,917 567,384
Dilutive 6,485 10,110 7,314 10,335
Diluted 566,352 578,020 570,231 577,719
Options and awards outstanding excluded from the calculations as their effect would have been antidilutive (in shares) 6,400 8,800 2,600 8,400
XML 74 R63.htm IDEA: XBRL DOCUMENT v3.10.0.1
SEGMENT INFORMATION - Net Revenues (Details)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
USD ($)
Jun. 30, 2017
USD ($)
Jun. 30, 2018
USD ($)
segment
Jun. 30, 2017
USD ($)
Segment information        
Number of reportable segments | segment     3  
Number of operating segments | segment     3  
Net Sales $ 1,015,873 $ 907,068 $ 1,866,793 $ 1,649,214
Operating income 357,621 350,041 637,535 614,303
Income before tax 358,097 347,490 639,816 612,410
Recognition of deferred revenue 11,000 10,200 22,200 20,100
Corporate and unallocated        
Segment information        
Operating income (68,099) (61,075) (133,460) (119,766)
Income before tax (67,904) (63,718) (131,702) (121,643)
Monster Energy Drinks | Operating segment        
Segment information        
Net Sales 929,439 815,261 1,709,943 1,483,831
Operating income 373,103 356,223 674,805 635,654
Income before tax 373,342 356,316 675,305 635,651
Recognition of deferred revenue 11,000 10,200 22,200 20,100
Distribution Agreements Termination Cost 5,500 200 12,500 20,100
Strategic Brands | Operating segment        
Segment information        
Net Sales 79,811 85,633 145,570 153,669
Operating income 50,791 53,175 93,393 95,281
Income before tax 50,833 53,174 93,416 95,268
Other | Operating segment        
Segment information        
Net Sales 6,623 6,174 11,280 11,714
Operating income 1,826 1,718 2,797 3,134
Income before tax $ 1,826 $ 1,718 $ 2,797 $ 3,134
XML 75 R64.htm IDEA: XBRL DOCUMENT v3.10.0.1
SEGMENT INFORMATION - Depreciation and Amortization (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Segment information        
Depreciation and amortization $ 14,194 $ 11,593 $ 28,185 $ 22,775
Corporate and unallocated        
Segment information        
Depreciation and amortization 2,121 1,725 4,217 3,418
Monster Energy Drinks | Operating segment        
Segment information        
Depreciation and amortization 8,960 6,873 17,770 13,413
Strategic Brands | Operating segment        
Segment information        
Depreciation and amortization 1,946 1,842 3,872 3,638
Other | Operating segment        
Segment information        
Depreciation and amortization $ 1,167 $ 1,153 $ 2,326 $ 2,306
XML 76 R65.htm IDEA: XBRL DOCUMENT v3.10.0.1
SEGMENT INFORMATION - Expenses (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Segment information        
Operating income $ 357,621 $ 350,041 $ 637,535 $ 614,303
Stock-based compensation expense 14,900 12,800 28,300 26,000
Corporate and unallocated        
Segment information        
Operating income (68,099) (61,075) (133,460) (119,766)
Payroll costs 44,700 38,400 87,800 76,100
Stock-based compensation expense 14,900 12,800 28,300 26,000
Professional service expenses 11,800 14,000 24,200 26,400
Other operating expenses $ 11,600 $ 8,600 $ 21,400 $ 17,300
XML 77 R66.htm IDEA: XBRL DOCUMENT v3.10.0.1
SEGMENT INFORMATION - Concentration Risk (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Segment information        
Net Sales $ 1,015,873 $ 907,068 $ 1,866,793 $ 1,649,214
Outside United States        
Segment information        
Net Sales $ 293,800 $ 247,900 $ 535,900 $ 438,800
TCCC | Net Sales | Customer concentration        
Segment information        
Percentage of net sales 4.00% 17.00% 4.00% 25.00%
CCBCC Operations, LLC | Net Sales | Customer concentration        
Segment information        
Percentage of net sales 13.00% 13.00% 13.00% 12.00%
Coca-Cola European Partners | Net Sales | Customer concentration        
Segment information        
Percentage of net sales 9.00% 9.00% 10.00% 9.00%
Reyes Coca-Cola Bottling | Net Sales | Customer concentration        
Segment information        
Percentage of net sales 12.00% 5.00% 13.00% 4.00%
XML 78 R67.htm IDEA: XBRL DOCUMENT v3.10.0.1
SEGMENT INFORMATION - Goodwill and other intangible assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Segment information    
Goodwill and other intangible assets $ 2,371,044 $ 2,365,728
Monster Energy Drinks | Operating segment    
Segment information    
Goodwill and other intangible assets 1,357,017 1,346,648
Strategic Brands | Operating segment    
Segment information    
Goodwill and other intangible assets 992,800 995,582
Other | Operating segment    
Segment information    
Goodwill and other intangible assets $ 21,227 $ 23,498
XML 79 R68.htm IDEA: XBRL DOCUMENT v3.10.0.1
RELATED PARTY TRANSACTIONS (Details)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
USD ($)
Jun. 30, 2017
USD ($)
Jun. 30, 2018
USD ($)
item
Jun. 30, 2017
USD ($)
Dec. 31, 2017
USD ($)
TCCC          
Related party transactions          
Voting interest (as a percent) 18.00%   18.00%    
Net sales $ 39,600 $ 154,500 $ 74,600 $ 409,700  
Purchases from related party 11,300 6,600 14,200 12,500  
TCCC Subsidiaries and TCCC Related parties          
Related party transactions          
Commission expenses 13,200   24,500    
TCCC Independent Bottlers          
Related party transactions          
Commission expenses 4,300   7,500    
TCCC Subsidiaries          
Related party transactions          
Commission expenses   2,100   5,700  
Accounts receivable, net 42,337   42,337   $ 32,607
Accounts payable (34,368)   (34,368)   (45,465)
Accrued promotional allowances (9,851)   $ (9,851)   $ (5,884)
TCCC Related parties and TCCC Independent Bottlers | Operating expense          
Related party transactions          
Commission expenses   12,800   20,700  
Principal owners          
Related party transactions          
Number of directors who are principal owners of a company that provides promotional materials | item     2    
Expenses incurred in connection with materials or services provided by a related party 600 1,200 $ 1,400 1,400  
Monster Energy Drinks | TCCC Subsidiaries          
Related party transactions          
Contract manufacturing expenses $ 6,400 $ 2,900 $ 11,800 $ 5,100  
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