ACUSHNET HOLDINGS CORP., 10-Q filed on 5/7/2024
Quarterly Report
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Cover Page - shares
 3 Months Ended
Mar. 31, 2024
May 01, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
Document Transition Report false  
Entity File Number 001-37935  
Entity Registrant Name Acushnet Holdings Corp.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 45-2644353  
Entity Address, Address Line One 333 Bridge Street  
Entity Address, City or Town Fairhaven,  
Entity Address, State or Province MA  
Entity Address, Postal Zip Code 02719  
City Area Code 800  
Local Phone Number 225-8500  
Title of 12(b) Security Common Stock - $0.001 par value per share  
Trading Symbol GOLF  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   63,069,560
Entity Central Index Key 0001672013  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Current assets    
Cash, cash equivalents and restricted cash ($12,085 and $12,532 attributable to the variable interest entity ("VIE")) $ 48,722 $ 65,435
Accounts receivable, net 464,954 201,352
Inventories ($5,783 and $9,621 attributable to the VIE) 537,412 615,535
Prepaid and other assets 123,360 114,370
Total current assets 1,174,448 996,692
Property, plant and equipment, net ($8,877 and $9,044 attributable to the VIE) 293,387 295,343
Goodwill ($32,312 and $32,312 attributable to the VIE) 223,221 225,302
Intangible assets, net 533,744 537,407
Deferred income taxes 26,618 31,454
Other assets ($1,951 and $1,972 attributable to the VIE) 105,541 110,479
Total assets 2,356,959 2,196,677
Current liabilities    
Short-term debt 30,514 28,997
Current portion of long-term debt 617 351
Accounts payable ($3,151 and $6,059 attributable to the VIE) 151,180 150,514
Accrued taxes 57,182 46,398
Accrued compensation and benefits ($240 and $1,233 attributable to the VIE) 67,551 111,136
Accrued expenses and other liabilities ($4,190 and $1,687 attributable to the VIE) 129,033 113,739
Total current liabilities 436,077 451,135
Long-term debt 833,335 671,819
Deferred income taxes 7,286 7,080
Accrued pension and other postretirement benefits 69,951 69,634
Other noncurrent liabilities 81,267 84,137
Total liabilities 1,427,916 1,283,805
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests 9,604 9,785
Shareholders' equity    
Common stock, $0.001 par value, 500,000,000 shares authorized; 63,287,749 and 63,429,243 shares issued 63 63
Additional paid-in capital 794,071 808,615
Accumulated other comprehensive loss, net of tax (115,479) (104,349)
Retained earnings 205,081 159,906
Total equity attributable to Acushnet Holdings Corp. 883,736 864,235
Noncontrolling interests 35,703 38,852
Total shareholders' equity 919,439 903,087
Total liabilities, redeemable noncontrolling interests and shareholders' equity $ 2,356,959 $ 2,196,677
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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Cash, cash equivalents and restricted cash $ 48,722 $ 65,435
Inventories 537,412 615,535
Property, plant and equipment, net 293,387 295,343
Goodwill 223,221 225,302
Other assets 105,541 110,479
Accounts payable 151,180 150,514
Accrued compensation and benefits 67,551 111,136
Accrued expenses and other liabilities $ 129,033 $ 113,739
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 500,000,000 500,000,000
Common stock, shares issued (in shares) 63,287,749 63,429,243
VIE    
Cash, cash equivalents and restricted cash $ 12,085 $ 12,532
Inventories 5,783 9,621
Property, plant and equipment, net 8,877 9,044
Goodwill 32,312 32,312
Other assets 1,951 1,972
Accounts payable 3,151 6,059
Accrued compensation and benefits 240 1,233
Accrued expenses and other liabilities $ 4,190 $ 1,687
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Statement [Abstract]    
Net sales $ 707,554 $ 686,290
Cost of goods sold 329,615 320,618
Gross profit 377,939 365,672
Operating expenses:    
Selling, general and administrative 236,592 222,539
Research and development 16,453 14,540
Intangible amortization 3,513 3,689
Income from operations 121,381 124,904
Interest expense, net 13,076 9,896
Other expense, net 339 664
Income before income taxes 107,966 114,344
Income tax expense 23,407 20,725
Net income 84,559 93,619
Less: Net loss (income) attributable to noncontrolling interests 3,203 (344)
Net income attributable to Acushnet Holdings Corp. $ 87,762 $ 93,275
Net income per common share attributable to Acushnet Holdings Corp.:    
Basic (in dollars per share) $ 1.36 $ 1.37
Diluted (in dollars per share) $ 1.35 $ 1.36
Weighted average number of common shares:    
Basic (in shares) 64,621,122 68,213,068
Diluted (in shares) 64,889,174 68,646,212
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]    
Net income $ 84,559 $ 93,619
Other comprehensive loss:    
Foreign currency translation adjustments (12,071) 565
Cash flow derivative instruments:    
Unrealized holding gains (losses) arising during period 3,921 (833)
Reclassification adjustments included in net income (2,998) (5,211)
Tax (expense) benefit (203) 1,784
Cash flow derivative instruments, net 720 (4,260)
Pension and other postretirement benefits:    
Pension and other postretirement benefits adjustments (90) (406)
Tax benefit 20 90
Pension and other postretirement benefits adjustments, net (70) (316)
Total other comprehensive loss (11,421) (4,011)
Comprehensive income 73,138 89,608
Less: Comprehensive loss (income) attributable to noncontrolling interests 3,494 (408)
Comprehensive income attributable to Acushnet Holdings Corp. $ 76,632 $ 89,200
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net income $ 84,559 $ 93,619
Adjustments to reconcile net income to cash flows used in operating activities    
Depreciation and amortization 13,781 12,631
Unrealized foreign exchange gain (350) (2,768)
Amortization of debt issuance costs 431 165
Share-based compensation 7,424 7,283
Loss (gain) on disposals of property, plant and equipment 424 (6)
Deferred income taxes 4,541 14,278
Changes in operating assets and liabilities    
Accounts receivable (267,847) (218,544)
Inventories 69,891 35,126
Accounts payable (1,419) (4,833)
Accrued taxes 12,340 31,468
Other assets and liabilities (33,291) (54,837)
Cash flows used in operating activities (109,516) (86,418)
Cash flows from investing activities    
Additions to property, plant and equipment (7,275) (11,698)
Additions to intangible assets (Note 17) 0 (22,235)
Other, net 0 (901)
Cash flows used in investing activities (7,275) (34,834)
Cash flows from financing activities    
Repayments of short-term borrowings, net (Note $5) 0 (3,796)
Proceeds from credit facilities (Note 5) 436,709 539,783
Repayments of credit facilities (Note 5) (271,829) (275,873)
Purchases of common stock (33,322) (116,123)
Dividends paid on common stock (14,630) (14,304)
Payment of employee restricted stock tax withholdings (15,357) (11,455)
Other, net 0 1,078
Cash flows provided by financing activities 101,571 119,310
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (1,493) 322
Net decrease in cash, cash equivalents and restricted cash (16,713) (1,620)
Cash, cash equivalents and restricted cash, beginning of year 65,435 58,904
Cash, cash equivalents and restricted cash, end of period 48,722 57,284
Supplemental non-cash information    
Purchases of property, plant and equipment, accrued not paid 3,923 3,595
Additions to right-of-use assets obtained in exchange for operating lease obligations 3,274 41,894
Additions to right-of-use assets obtained in exchange for finance lease obligations 434 607
Dividend equivalents rights ("DERs") declared not paid 496 452
Contingent consideration (Note 17) $ 0 $ 3,000
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CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
Total
Total Shareholders' Equity Attributable to Acushnet Holdings Corp.
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Loss, Net of Tax
Retained Earnings
Treasury Stock
Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2022     76,322          
Beginning balance at Dec. 31, 2022 $ 976,703 $ 939,056 $ 76 $ 960,685 $ (109,668) $ 473,130 $ (385,167) $ 37,647
Changes in stockholders' equity                
Sale of equity to redeemable noncontrolling interest 264 264   444   (180)    
Net income (loss) 93,654 93,275       93,275   379
Other comprehensive loss (4,011) (4,011)     (4,011)      
Share-based compensation 7,119 7,119   7,119        
Vesting of restricted common stock, including impact of DERs, net of shares withheld for employee taxes (Note 11) (in shares)     447          
Vesting of restricted common stock, including impact of DERs, net of shares withheld for employee taxes (Note 11) (11,413) (11,413) $ 1 (11,414)        
Purchases of common stock (Note 10) (23,539) (23,539)         (23,539)  
Dividends and dividend equivalents declared (13,629) (13,629)       (13,629)    
Ending balance (in shares) at Mar. 31, 2023     76,769          
Ending balance at Mar. 31, 2023 1,025,148 987,122 $ 77 956,834 (113,679) 552,596 (408,706) 38,026
Beginning balance (in shares) at Dec. 31, 2022     76,322          
Beginning balance at Dec. 31, 2022 976,703 939,056 $ 76 960,685 (109,668) 473,130 (385,167) 37,647
Changes in stockholders' equity                
Dividends and dividend equivalents declared (53,335)              
Ending balance (in shares) at Dec. 31, 2023     63,429          
Ending balance at Dec. 31, 2023 903,087 864,235 $ 63 808,615 (104,349) 159,906 0 38,852
Changes in stockholders' equity                
Net income (loss) 84,613 87,762       87,762   (3,149)
Other comprehensive loss (11,130) (11,130)     (11,130)      
Share-based compensation 7,260 7,260   7,260        
Vesting of restricted common stock, including impact of DERs, net of shares withheld for employee taxes (Note 11) (in shares)     406          
Vesting of restricted common stock, including impact of DERs, net of shares withheld for employee taxes (Note 11) (14,934) (14,934)   (14,934)        
Purchases of common stock (Note 10) (in shares)     (547)          
Purchases of common stock (Note 10) (35,302) (35,302)   (6,870)   (28,432)    
Dividends and dividend equivalents declared (14,155) (14,155)       (14,155)    
Ending balance (in shares) at Mar. 31, 2024     63,288          
Ending balance at Mar. 31, 2024 $ 919,439 $ 883,736 $ 63 $ 794,071 $ (115,479) $ 205,081 $ 0 $ 35,703
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Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of Acushnet Holdings Corp. (the “Company”), its wholly-owned subsidiaries and less than wholly-owned subsidiaries, including a variable interest entity (“VIE”) in which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.
Certain information in footnote disclosures normally included in annual financial statements has been condensed or omitted for the interim periods presented in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and U.S. GAAP. The year-end balance sheet data was derived from audited financial statements; however, the accompanying interim notes to the unaudited condensed consolidated financial statements do not include all disclosures required by U.S. GAAP. In the opinion of management, the financial statements contain all normal and recurring adjustments necessary to state fairly the financial position and results of operations of the Company. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of results to be expected for the full year ending December 31, 2024, nor were those of the comparable 2023 periods representative of those actually experienced for the full year ended December 31, 2023. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the fiscal year ended December 31, 2023 included in its Annual Report on Form 10-K filed with the SEC on February 29, 2024.
Use of Estimates
The preparation of the Company’s unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and judgments that affect reported amounts of assets and liabilities and related disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Variable Interest Entities
VIEs are entities that, by design, either (i) lack sufficient equity to permit the entity to finance its activities independently, or (ii) have equity holders that do not have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the entity’s expected losses, or the right to receive the entity’s expected residual returns. The Company consolidates a VIE when it is the primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) through its interests in the VIE, the obligation to absorb expected losses or the right to receive expected benefits from the VIE that could potentially be significant to the VIE.
The Company consolidates the accounts of Acushnet Lionscore Limited (“Lionscore”), a VIE which is 40% owned by the Company. The sole purpose of the VIE is to manufacture the Company’s golf footwear and as such, the Company is deemed to be the primary beneficiary. The Company has presented separately on its unaudited condensed consolidated balance sheets, to the extent material, the assets of its consolidated VIE that can only be used to settle specific obligations of its consolidated VIE and the liabilities of its consolidated VIE for which creditors do not have recourse to its general credit. The general creditors of the VIE do not have recourse to the Company. Certain directors of the VIE have guaranteed the credit lines of the VIE, for which there were no outstanding borrowings as of March 31, 2024 and December 31, 2023. In addition, pursuant to the terms of the agreement governing the VIE, the Company is not required to provide financial support to the VIE.
Noncontrolling Interests and Redeemable Noncontrolling Interests
The ownership interests held by owners other than the Company in less than wholly-owned subsidiaries are classified as noncontrolling interests. The financial results and position of noncontrolling interests are included in the Company’s unaudited condensed consolidated financial statements. The value attributable to the noncontrolling interests is presented on the unaudited condensed consolidated balance sheets, separately from the equity attributable to the Company. Net income (loss) and comprehensive income (loss) attributable to noncontrolling interests are presented separately on the unaudited condensed consolidated statements of operations and unaudited condensed consolidated statements of comprehensive income, respectively.
Redeemable noncontrolling interests are those noncontrolling interests which are or may become redeemable at a fixed or determinable price on a fixed or determinable date, at the option of the holder, or upon occurrence of an event. The Company initially records the redeemable noncontrolling interest at its acquisition date fair value. The carrying amount of the redeemable noncontrolling interest is subsequently adjusted to the greater amount of either the initial carrying amount, increased or decreased for the redeemable noncontrolling interest's share of comprehensive income (loss) or the redemption value, assuming the noncontrolling interest is redeemable at the balance sheet date. This adjustment is recognized through retained earnings and is not reflected in net income (loss) or comprehensive income (loss). The value attributable to redeemable noncontrolling interests and any related loans to minority shareholders, which are recorded as a reduction to redeemable noncontrolling interests, are presented in the unaudited condensed consolidated balance sheets as temporary equity between liabilities and shareholders’ equity. The amount of the loan to minority shareholders was $4.4 million as of both March 31, 2024 and December 31, 2023.
Cash, Cash Equivalents and Restricted Cash
Cash held in Company checking accounts is included in cash. Cash equivalents consist of short-term highly liquid investments with original maturities of three months or less which are readily convertible into cash. The Company classifies as restricted certain cash that is not available for use in its operations. As of March 31, 2024 and December 31, 2023, the amount of restricted cash included in cash, cash equivalents and restricted cash on the unaudited condensed consolidated balance sheets was $1.6 million and $1.7 million, respectively.
Foreign Currency Transactions
Foreign currency transaction losses included in selling, general and administrative expenses were $0.1 million and $1.3 million for the three months ended March 31, 2024 and 2023, respectively.
Recently Issued Accounting Standards
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures." The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact this standard will have on its consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures." The amendments in this update provide more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact this standard will have on its consolidated financial statements and related disclosures.
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Allowance for Doubtful Accounts
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Allowance for Doubtful Accounts Allowance for Doubtful Accounts
The Company estimates expected credit losses using a number of factors, including customer credit ratings, age of receivables, historical credit loss information and current and forecasted economic conditions, which could affect the collectability of the reported amounts. All of these factors have been considered in the estimate of expected credit losses for the periods presented.
The activity related to the allowance for doubtful accounts was as follows:
Three months ended March 31,
(in thousands)20242023
Balance at beginning of period$8,840 $8,258 
Bad debt expense312 254 
Amount of receivables written off (196)(52)
Foreign currency translation(93)48 
Balance at end of period$8,863 $8,508 
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Inventories
 3 Months Ended
Mar. 31, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
The components of inventories were as follows: 
March 31,December 31,
(in thousands)20242023
Raw materials and supplies$140,108 $157,455 
Work-in-process29,275 24,949 
Finished goods368,029 433,131 
Inventories$537,412 $615,535 
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Product Warranty
 3 Months Ended
Mar. 31, 2024
Product Warranties Disclosures [Abstract]  
Product Warranty Product Warranty
The Company has defined warranties generally ranging from one to two years. Products covered by the defined warranty policies primarily include all Titleist golf products, FootJoy golf shoes and FootJoy golf outerwear. These product warranties generally obligate the Company to pay for the cost of replacement products, including the cost of shipping replacement products to its customers. The estimated cost of satisfying future warranty claims is accrued at the time the sale is recorded. In estimating future warranty obligations, the Company considers various factors, including its warranty policies and practices, the historical frequency of claims and the cost to replace or repair products under warranty.
The activity related to the Company’s warranty obligation for accrued warranty expense was as follows:
 Three months ended March 31,
(in thousands)20242023
Balance at beginning of period$4,997 $3,951 
Provision1,537 1,675 
Claims paid/costs incurred(1,296)(1,229)
Foreign currency translation(56)(11)
Balance at end of period$5,182 $4,386 
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Debt and Financing Arrangements
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Debt and Financing Arrangements Debt and Financing Arrangements
Credit Facility
The Company's credit agreement, dated as of December 23, 2019 (as subsequently amended on July 3, 2020 and August 2, 2022 (the "Credit Agreement")), provides for a $950.0 million multi-currency revolving credit facility, due to mature on August 2, 2027. As of March 31, 2024 and December 31, 2023, there were $485.2 million and $325.2 million, respectively, in outstanding borrowings under the Company's multi-currency revolving credit facility with a weighted average interest rate of 6.44% and 6.57%, respectively. As of March 31, 2024, the Company had available borrowings under its multi-currency revolving credit facility of $459.8 million after giving effect to $5.0 million of outstanding letters of credit.
The Credit Agreement contains customary affirmative and restrictive covenants, including, among others, financial covenants based on the Company's leverage and interest coverage ratios. The Credit Agreement also includes customary events of default, the occurrence of which, following any applicable cure period, would permit the lenders to, among other things, declare the principal, accrued interest and other obligations to be immediately due and payable. As of March 31, 2024, the Company was in compliance with all covenants under its Credit Agreement.
On May 2, 2024, the Company entered into a third amendment (the “Third Amendment”) to its Credit Agreement (as so amended, the “Amended Credit Agreement”). On June 28, 2024, the Canadian Dollar Offered Rate (“CDOR”) will cease to be published (the “CORRA Transition Date”). Pursuant to the Third Amendment, for loans denominated in Canadian dollars borrowed or continued after the CORRA Transition Date, the Adjusted CDOR (as defined in the Credit Agreement) is replaced by adjusted term CORRA (the Canadian Overnight Repo Rate Average administered by Bank of Canada) plus a credit spread adjustment of 0.29547% (for a one-month Interest Period) or 0.32138% (for a three-month Interest Period) (“Adjusted Term CORRA”). The applicable margin for Adjusted Term CORRA loans remains 1.00% to 1.75%, depending on the Net Average Total Leverage Ratio (as defined in the Amended Credit Agreement).
Senior Unsecured Notes
On October 3, 2023, Acushnet Company (the "Issuer"), a wholly owned subsidiary of the Company, completed the issuance and sale of $350.0 million in gross proceeds of the Issuer's 7.375% senior unsecured notes due 2028 (the “Notes”). The Notes were issued pursuant to an Indenture, dated October 3, 2023 (the “Indenture”), among the Issuer, U.S. Bank Trust Company, National Association, as trustee of the Notes, and the Company and certain subsidiaries of the Issuer as guarantors. The proceeds from the Notes offering were used to repay $345.6 million of the outstanding borrowings under the Company's multi-currency revolving credit facility, as well as to pay fees and expenses related to the Notes offering. In connection with the Notes offering, the Company incurred fees and expenses of approximately $6.4 million, of which approximately $6.3 million was capitalized as debt issuance costs within long-term debt on the unaudited condensed consolidated balance sheet and is being amortized to interest expense, net over the term of the Notes using the effective interest rate method. The fair value of the Notes, based on third-party quotes (Level 2), as of March 31, 2024 and December 31, 2023 was $362.3 million and $365.1 million, respectively.
The Notes bear interest at a stated interest rate of 7.375% (an effective interest rate of 7.813%) per year, with interest payable semi-annually on April 15 and October 15 of each year, beginning on April 15, 2024. Accrued interest related to the Notes of $12.9 million and $6.5 million was included within accrued expenses and other liabilities on the unaudited condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively.

The Indenture contains covenants that, among other things, limit the ability of the Company and its restricted subsidiaries to incur additional debt or issue certain preferred stock; pay dividends or repurchase or redeem capital stock; prepay, redeem or repurchase certain debt; make loans and investments; sell assets; incur liens; enter into certain types of transactions with the Company’s affiliates; and consolidate or merge with or into other companies. As of March 31, 2024, the Company was in compliance with all covenants under the Indenture.

Other Short-Term Borrowings
The Company has certain unsecured local credit facilities available through its subsidiaries. Amounts outstanding under other short-term borrowings are presented in short-term debt in the unaudited condensed consolidated balance sheets with the proceeds and repayments presented on a gross basis in the unaudited condensed consolidated statements of cash flows. There were $30.5 million and $29.0 million in outstanding borrowings under the Company's local credit facilities as of March 31, 2024 and December 31, 2023, respectively. The weighted average interest rate applicable to the outstanding borrowings was 0.74% and 0.45% as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024, the Company had available borrowings remaining under these local credit facilities of $29.4 million.
Letters of Credit
As of March 31, 2024 and December 31, 2023, there were outstanding letters of credit related to agreements, including the Credit Agreement, totaling $8.0 million and $11.3 million, respectively, of which $5.0 million and $8.1 million, respectively, was secured. These agreements provided a maximum commitment for letters of credit of $58.0 million as of March 31, 2024.
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Derivative Financial Instruments
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
The Company principally uses derivative financial instruments to reduce the impact of foreign currency fluctuations and interest rate variability on the Company's results of operations. The principal derivative financial instruments the Company enters into are foreign exchange forward contracts and interest rate swaps. The Company does not enter into derivative financial instrument contracts for trading or speculative purposes.
Foreign Exchange Derivative Instruments
Foreign exchange forward contracts are foreign exchange derivative instruments primarily used to reduce foreign currency risk related to transactions denominated in a currency other than functional currency. These instruments are designated as cash flow hedges. The periods of the foreign exchange forward contracts correspond to the periods of the hedged forecasted transactions, which do not exceed 24 months subsequent to the latest balance sheet date. The primary foreign exchange forward contracts pertain to the U.S. dollar, the Japanese yen, the British pound sterling, the Canadian dollar, the Korean won and the euro. The gross U.S. dollar equivalent notional amount outstanding of all foreign exchange forward contracts designated under hedge accounting as of March 31, 2024 and December 31, 2023 was $200.7 million and $209.6 million, respectively.
The Company also enters into foreign exchange forward contracts, which either do not qualify as hedging instruments or have not been designated as such, to reduce foreign currency transaction risk related to certain intercompany assets and liabilities denominated in a currency other than functional currency. These undesignated instruments are recorded at fair value as a derivative asset or liability with the corresponding change in fair value recognized in selling, general and administrative expenses in the statement of operations. There were no outstanding foreign exchange forward contracts not designated under hedge accounting as of March 31, 2024 and December 31, 2023. Selling, general and administrative expenses during the three months ended March 31, 2023, included a gain of $0.1 million related to undesignated foreign exchange forward derivative instruments.
Interest Rate Derivative Instruments
From time to time, the Company enters into interest rate swap contracts to reduce interest rate risk related to floating rate debt. Under the contracts, the Company pays fixed and receives variable rate interest, in effect converting a portion of its floating rate debt to fixed rate debt. Interest rate swap contracts are accounted for as cash flow hedges. The notional value of the Company's outstanding interest rate swap contracts was $100.0 million as of March 31, 2024 and December 31, 2023.
Impact on Financial Statements
The fair value of hedge instruments recognized on the unaudited condensed consolidated balance sheets was as follows:
(in thousands)March 31,December 31,
Balance Sheet LocationHedge Instrument Type20242023
Prepaid and other assetsForeign exchange forward$5,068 $4,378 
Interest rate swap620 452 
Accrued expenses and other liabilitiesForeign exchange forward1,053 1,931 
Interest rate swap— 63 
Other noncurrent liabilitiesInterest rate swap— 88 
The hedge instrument gain (loss) recognized in accumulated other comprehensive loss, net of tax was as follows:
 Three months ended
 March 31,
(in thousands)20242023
Type of hedge  
Foreign exchange forward$3,342 $(477)
Interest rate swap 579 (356)
 Total$3,921 $(833)
Gains and losses on derivative instruments designated as cash flow hedges are reclassified from accumulated other comprehensive loss, net of tax at the time the forecasted hedged transaction impacts the statements of operations or at the time the hedge is determined to be ineffective. Based on the current valuation, during the next 12 months the Company expects to reclassify a net gain of $7.1 million related to foreign exchange derivative instruments from accumulated other comprehensive loss, net of tax, into cost of goods sold and a net gain of $0.6 million related to interest rate derivative instruments from accumulated other comprehensive loss, net of tax, into interest expense, net. For further information related to amounts recognized in accumulated other comprehensive loss, net of tax, see Note 12.
The hedge instrument gains recognized on the unaudited condensed consolidated statements of operations were as follows:
 Three months ended
 March 31,
(in thousands)20242023
Location of gains in statements of operations  
Foreign exchange forward:
Cost of goods sold$2,738 $5,196 
Selling, general and administrative (1)
723 210 
Total $3,461 $5,406 
Interest Rate Swap:
Interest expense, net$260 $15 
Total$260 $15 
_______________________________________________________________________________
(1)    Relates to net gains on foreign exchange forward contracts derived from previously designated cash flow hedges.
Credit Risk
The Company enters into derivative contracts with major financial institutions with investment grade credit ratings and is exposed to credit losses in the event of non-performance by these financial institutions. This credit risk is generally limited to the unrealized gains in the derivative contracts. However, the Company monitors the credit quality of these financial institutions, as well as its own credit quality, and considers the risk of counterparty default to be minimal.
v3.24.1.u1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
Assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 were as follows:
 Fair Value Measurements as of 
 March 31, 2024 using: 
(in thousands)Level 1Level 2Level 3Balance Sheet Location
Assets    
Rabbi trust$4,597 $— $— Prepaid and other assets
Foreign exchange derivative instruments— 5,068 — Prepaid and other assets
Interest rate derivative instruments— 620 — Prepaid and other assets
Deferred compensation program assets787 — — Other assets
Total assets$5,384 $5,688 $—  
Liabilities    
Foreign exchange derivative instruments$— $1,053 $— Accrued expenses and other liabilities
Deferred compensation program liabilities787 — — Other noncurrent liabilities
Total liabilities$787 $1,053 $—  
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 were as follows:
 Fair Value Measurements as of 
 December 31, 2023 using: 
(in thousands)Level 1Level 2Level 3Balance Sheet Location
Assets    
Rabbi trust$4,334 $— $— Prepaid and other assets
Foreign exchange derivative instruments— 4,378 — Prepaid and other assets
Interest rate derivative instruments— 452 — Prepaid and other assets
Deferred compensation program assets725 — — Other assets
Total assets$5,059 $4,830 $—  
Liabilities    
Foreign exchange derivative instruments$— $1,931 $— Accrued expenses and other liabilities
Interest rate derivative instruments— 63 — Accrued expenses and other liabilities
Deferred compensation program liabilities725 — — Other noncurrent liabilities
Interest rate derivative instruments— 88 — Other noncurrent liabilities
Total liabilities$725 $2,082 $—  
Rabbi trust assets are used to fund certain retirement obligations of the Company. The assets underlying the Rabbi trust are equity and fixed income exchange-traded funds.
Deferred compensation program assets and liabilities represent a program where select employees could defer compensation until termination of employment. Effective July 29, 2011, this program was amended to cease all employee compensation deferrals and provided for the distribution of all previously deferred employee compensation. The program remains in effect with respect to the value attributable to the employer match contributed prior to July 29, 2011.
Foreign exchange derivative instruments are foreign exchange forward contracts primarily used to limit currency risk that would otherwise result from changes in foreign exchange rates (Note 6). The Company uses the mid-price of foreign exchange forward rates as of the close of business on the valuation date to value each foreign exchange forward contract at each reporting period.
Interest rate derivative instruments are interest rate swap contracts used to reduce interest rate risk related to the Company's floating rate debt (Note 6). The valuation for the interest rate swap is calculated as the net of the discounted future cash flows of the pay and receive legs of the swap. Mid-market interest rates on the valuation date are used to create the forward curve for floating legs and discount curve.
v3.24.1.u1
Pension and Other Postretirement Benefits
 3 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Pension and Other Postretirement Benefits
Components of net periodic benefit cost (credit) were as follows:
 Pension BenefitsPostretirement Benefits
 Three months ended March 31,
(in thousands)2024202320242023
Components of net periodic benefit cost (credit)    
Service cost$1,325 $1,434 $91 $119 
Interest cost2,703 2,943 133 172 
Expected return on plan assets(1,838)(1,962)— — 
Amortization of net loss (gain)58 21 (269)(201)
Amortization of prior service cost (credit)23 46 (34)(34)
Net periodic benefit cost (credit)$2,271 $2,482 $(79)$56 
The non-service cost components of net periodic benefit cost (credit) are included in other expense, net in the unaudited condensed consolidated statements of operations.
v3.24.1.u1
Income Taxes
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income tax expense increased by $2.7 million to $23.4 million for the three months ended March 31, 2024 compared to $20.7 million for the three months ended March 31, 2023. The Company’s effective income tax rate ("ETR") was 21.7% for the three months ended March 31, 2024 compared to 18.1% for the three months ended March 31, 2023.
The ETR for the three months ended March 31, 2024 differed from the U.S. statutory tax rate primarily due to the U.S. taxation of foreign income, state income taxes and the Company's geographic mix of income earned by the Company's international subsidiaries, partially offset by the impact of the U.S. deduction for foreign derived intangible income and federal and state tax credits. The ETR for the three months ended March 31, 2023 differed from the U.S. statutory tax rate primarily due to the impact of the U.S. deduction for foreign derived intangible income and federal and state tax credits, partially offset by the U.S. taxation of foreign income, state income taxes and the Company's geographic mix of income earned by its international subsidiaries.
v3.24.1.u1
Common Stock
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Common Stock Common Stock
Dividends
The Company declared dividends per common share, including DERs (Note 11), during the periods presented as follows:
Dividends per Common Share
Amount
(in thousands)
2024:
First Quarter$0.215 $14,155 
Total dividends declared in 2024$0.215 $14,155 
2023:
Fourth Quarter$0.195 $12,941 
Third Quarter0.195 13,098 
Second Quarter0.195 13,667 
First Quarter0.195 13,629 
Total dividends declared in 2023$0.780 $53,335 
During the second quarter of 2024, the Company's Board of Directors declared a dividend of $0.215 per share of common stock to shareholders of record as of June 7, 2024 and payable on June 21, 2024.
Share Repurchase Program
As of March 31, 2024, the Board of Directors had authorized the Company to repurchase up to $1.0 billion of its issued and outstanding common stock. Share repurchases may be effected from time to time in open market or privately negotiated transactions, including transactions with affiliates, with the timing of purchases and the amount of stock purchased generally determined at the discretion of the Company consistent with the Company's general working capital needs and within the constraints of the Company’s Credit Agreement and the Indenture (Note 5).
On June 16, 2022, the Company entered into an agreement with Magnus Holdings Co., Ltd. ("Magnus"), a wholly-owned subsidiary of Fila Holdings Corp., to purchase from Magnus an equal amount of its common stock as it purchases on the open market over the period of time from July 1, 2022 through January 13, 2023, up to an aggregate of $75.0 million, at the same weighted average per share price (the "2022 Agreement"). On August 30, 2022, the Company amended and restated the 2022 Agreement to increase the aggregate dollar amount of shares of its common stock that it would purchase from Magnus from $75.0 million to $100.0 million, (the "Amended and Restated 2022 Agreement"). In relation to this agreement, the Company recorded a share repurchase liability of $92.6 million for 2,000,839 shares of common stock, which was included in accrued expenses and other liabilities and treasury stock on the consolidated balance sheet as of December 31, 2022. Between January 1, 2023 and January 13, 2023, the Company purchased an additional 167,689 shares of its common stock on the open market for an aggregate of $7.4 million, bringing the cumulative total open market purchases since the inception of the 2022 Agreement to $100.0 million. As a result, on January 23, 2023, the Company purchased 2,168,528 shares of its common stock from Magnus for an aggregate of $100.0 million, in satisfaction of its obligation under the Amended and Restated 2022 Agreement.
On June 9, 2023, the Company entered into an agreement with Magnus to purchase from Magnus an equal amount of its common stock as it purchases on the open market over the period of time from June 12, 2023 through October 27, 2023, up to an aggregate of $100.0 million, at the same weighted average per share price (the "2023 Agreement"). In relation to the 2023 Agreement, on November 3, 2023, the Company purchased 1,824,994 shares of its common stock from Magnus for an aggregate of $100.0 million in satisfaction of its obligation under the 2023 Agreement.
On March 14, 2024, the Company entered into a new agreement with Magnus to purchase from Magnus an equal amount of its common stock as it purchases on the open market over the period of time from April 1, 2024 through June 28, 2024, up to an aggregate of $37.5 million, at the same weighted average per share price (the "2024 Agreement").
The Company's share repurchase activity for the periods presented was as follows:
Three months ended March 31,
(in thousands, except share and per share amounts)20242023
Shares repurchased in the open market:
Shares repurchased 547,233 346,389 
Average price$64.51 $46.54 
Aggregate value (1)
$35,302 $16,122 
Shares repurchased from Magnus:
Shares repurchased— 2,168,528 
Average price (2)
$— $46.11 
Aggregate value$— $100,001 
Total shares repurchased:
Shares repurchased547,233 2,514,917 
Average price$64.51 $46.17 
Aggregate value$35,302 $116,123 
___________________________________
(1) Includes $2.0 million related to shares repurchased not settled as of March 31, 2024.
(2)    In accordance with the share repurchase agreements, shares purchased from Magnus are accrued for at the same weighted average price as those purchased on the open market, as if the purchase from Magnus had occurred on the same day. As such, the average price of Magnus repurchases during any given period will differ from open market repurchases due to the settlement of the previously recorded share repurchase liability, as well as open market purchases made after the completion of the Magnus share repurchase agreements.
As of March 31, 2024, the Company had $339.7 million remaining under the current share repurchase authorization, including $37.5 million related to the 2024 Agreement. This program may be extended or otherwise modified by the Board of Directors at any time and will remain in effect until completed or until terminated by the Board of Directors.
Common Stock Retirement
The Company records retirements of repurchased common stock, upon either formal or constructive retirement, at cost and allocates the excess of the repurchase price over the par value of shares acquired to both retained earnings and additional paid-in capital. The portion allocated to additional paid-in capital is calculated on a pro rata basis of the shares to be retired and the total shares issued and outstanding as of the date of retirement. When shares of common stock are retired, they are deducted from the number of shares issued.
During the three months ended March 31, 2024, the Company presented as retired 547,233 shares of its repurchased common stock with an aggregate repurchase price of $35.3 million, which the company intends to formally retire in 2024.
v3.24.1.u1
Equity Incentive Plans
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Equity Incentive Plans Equity Incentive Plans
Under the Acushnet Holdings Corp. 2015 Omnibus Incentive Plan (the “2015 Plan”), the Company may grant stock options, stock appreciation rights, restricted shares of common stock, restricted stock units ("RSUs"), performance stock units ("PSUs") and other share-based and cash-based awards to members of the Board of Directors, officers, employees, consultants and advisors of the Company. As of March 31, 2024, the only awards granted under the 2015 Plan were RSUs and PSUs.
Restricted Stock and Performance Stock Units
RSUs granted to members of the Board of Directors vest immediately into shares of common stock. RSUs granted to Company officers generally vest over three years, with one-third of each grant vesting annually, subject to the recipient's continued employment with the Company. RSUs granted to other employees, consultants and advisors of the Company vest in accordance with the terms of the grants, generally either over three years or, beginning in 2022, with one-third of each grant vesting annually, subject to the recipient’s continued service to the Company. PSUs granted to Company officers and other employees vest based upon the Company's performance against specified targets, generally over a three-year performance period, subject to the recipient's continued service to the Company. At the end of the performance period, the number of shares of common stock that could be issued is determined based upon the Company's performance against these targets. The number of shares that could be issued can range from 0% to 200% of the recipient's target award. Recipients of the awards granted under the 2015 Plan may elect to defer receipt of all or any portion of any shares of common stock issuable upon vesting to a future date elected by the recipient.
All RSUs and PSUs granted under the 2015 Plan have DERs, which entitle holders of RSUs and PSUs to the same dividend value per share as holders of common stock and can be paid in either cash or common stock. DERs are subject to the same vesting and other terms and conditions as the corresponding unvested RSUs and PSUs. DERs are paid when the underlying shares of common stock are delivered.
A summary of the Company’s RSUs and PSUs as of March 31, 2024 and changes during the three months then ended is presented below: 
 Weighted-Weighted-
 NumberAverageNumberAverage
 of RSUsFair Value RSUs
of PSUs (3)
Fair Value PSUs
Outstanding as of December 31, 2023868,063 $46.45 480,254 $46.07 
Granted289,817 66.75 155,572 66.77 
Vested (1)(2)
(439,436)45.89 (133,099)45.36 
Forfeited(7,273)46.95 — — 
Outstanding as of March 31, 2024711,171 $55.07 502,727 $52.66 

_______________________________________________________________________________
(1)    Includes 50,237 shares of common stock related to RSU's that were not delivered as of March 31, 2024.
(2)    Based upon the Company’s level of achievement of the applicable performance metrics, the recipients of the 133,099 PSUs that vested during the three months ended March 31, 2024, were entitled to receive 266,198 shares of common stock. As of March 31, 2024, there were 86,762 shares of common stock that had not been delivered in connection with the vesting of these PSUs.
(3)    Number of PSUs reflects 100% of the target level grant and may not be indicative of the performance level expected to be achieved.
Compensation expense recorded related to RSUs and PSUs in the unaudited condensed consolidated statements of operations was as follows:
 Three months ended
March 31,
(in thousands)20242023
RSUs$4,496 $4,154 
PSUs2,764 2,965 
The remaining unrecognized compensation expense related to unvested RSUs and unvested PSUs was $34.9 million and $19.6 million, respectively, as of March 31, 2024, and is expected to be recognized over the related weighted average period of 1.6 years and 2.2 years, respectively.
A summary of shares of common stock issued related to the 2015 Plan, including the impact of any DERs issued in common stock, is presented below:
Three months endedThree months ended
 March 31, 2024March 31, 2023
RSUsPSUsRSUsPSUs
Shares of common stock issued418,829 219,831 436,491 231,580 
Shares of common stock withheld by the Company as payment by employees in lieu of cash to satisfy tax withholding obligations
(137,107)(95,814)(128,291)(91,842)
Net shares of common stock issued281,722 124,017 308,200 139,738 
Cumulative undelivered shares of common stock485,027 471,078 471,306 420,447 
Compensation Expense
The allocation of share-based compensation expense in the unaudited condensed consolidated statements of operations was as follows:
 Three months ended
March 31,
(in thousands)20242023
Cost of goods sold$403 $373 
Selling, general and administrative6,589 6,223 
Research and development432 687 
Total compensation expense before income tax7,424 7,283 
Income tax benefit1,672 1,492 
Total compensation expense, net of income tax$5,752 $5,791 
v3.24.1.u1
Accumulated Other Comprehensive Loss, Net of Tax
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Loss, Net of Tax Accumulated Other Comprehensive Loss, Net of Tax
Accumulated other comprehensive loss, net of tax consists of foreign currency translation adjustments, unrealized gains and losses from derivative instruments designated as cash flow hedges (Note 6) and pension and other postretirement adjustments (Note 8).
The components of and adjustments to accumulated other comprehensive loss, net of tax, were as follows:
 ForeignInterestAccumulated
 ForeignExchangeRate SwapPension andOther
CurrencyDerivativeDerivativeOtherComprehensive
(in thousands)TranslationInstrumentsInstrumentsPostretirementLoss, Net of Tax
Balance as of December 31, 2023$(95,425)$3,929 $227 $(13,080)$(104,349)
Other comprehensive (loss) income before reclassifications(11,780)3,342 579 132 (7,727)
Amounts reclassified from accumulated other comprehensive loss, net of tax— (2,738)(260)(222)(3,220)
Tax (expense) benefit — (125)(78)20 (183)
Balance as of March 31, 2024$(107,205)$4,408 $468 $(13,150)$(115,479)
v3.24.1.u1
Net Income per Common Share
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Net Income per Common Share Net Income per Common Share
The following is a computation of basic and diluted net income per common share attributable to Acushnet Holdings Corp.:
 Three months ended
 March 31,
(in thousands, except share and per share amounts)20242023
Net income attributable to Acushnet Holdings Corp.$87,762 $93,275 
Weighted average number of common shares:
Basic64,621,122 68,213,068 
RSUs268,052 340,101 
PSUs— 93,043 
Diluted64,889,174 68,646,212 
Net income per common share attributable to Acushnet Holdings Corp.:
Basic$1.36 $1.37 
Diluted$1.35 $1.36 
Net income per common share attributable to Acushnet Holdings Corp. was calculated using the treasury stock method.
The Company’s potential dilutive securities for the three months ended March 31, 2024 and 2023 include RSUs and PSUs. PSUs vest based upon achievement of performance targets and are excluded from the diluted shares outstanding unless the performance targets have been met as of the end of the applicable reporting period regardless of whether such performance targets are probable of achievement.
The following securities have been excluded from the calculation of diluted weighted-average common shares outstanding as their impact was determined to be anti-dilutive:
 Three months ended
 March 31,
 20242023
RSUs223,717 259,496 
v3.24.1.u1
Segment Information
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s operating segments are based on how the Chief Operating Decision Maker (“CODM”) makes decisions about assessing performance and allocating resources. The Company has four reportable segments that are organized on the basis of product categories. These segments include Titleist golf balls, Titleist golf clubs, Titleist golf gear and FootJoy golf wear.
The CODM primarily evaluates performance using segment operating income. Segment operating income includes directly attributable expenses and certain shared costs of corporate administration that are allocated to the reportable segments, but excludes certain other costs, such as interest expense, net; restructuring costs; the non-service cost component of net periodic benefit cost; transaction fees; as well as certain other non-operating gains and losses that the Company does not allocate to the reportable segments. The CODM does not evaluate a measure of assets when assessing performance.
Results shown for the three months ended March 31, 2024 and 2023 are not necessarily those which would be achieved if each segment was an unaffiliated business enterprise. There are no intersegment transactions.
Information by reportable segment and a reconciliation to reported amounts are as follows:
Three months ended March 31,
(in thousands)20242023
Net sales  
Titleist golf balls$207,987 $192,001 
Titleist golf clubs203,886 180,781 
Titleist golf gear68,172 67,043 
FootJoy golf wear192,407 205,274 
Other35,102 41,191 
Total net sales$707,554 $686,290 
Segment operating income  
Titleist golf balls$42,167 $38,621 
Titleist golf clubs49,596 40,545 
Titleist golf gear10,113 12,190 
FootJoy golf wear26,439 30,801 
Other4,176 6,564 
Total segment operating income132,491 128,721 
Reconciling items:  
Interest expense, net(13,076)(9,896)
Restructuring costs (Note 16)
(6,967)— 
Non-service cost component of net periodic benefit cost(776)(985)
Other(3,706)(3,496)
Total income before income tax$107,966 $114,344 
Information as to the Company’s operations in different geographical areas is presented below. Net sales are categorized based on the location in which the sale originates.
Three months ended March 31,
(in thousands)20242023
United States$418,243 $369,931 
EMEA (1)
101,679 104,760 
Japan37,150 46,375 
Korea75,251 88,984 
Rest of World75,231 76,240 
Total net sales$707,554 $686,290 
_______________________________________________________________________________
(1) Europe, the Middle East and Africa ("EMEA")
v3.24.1.u1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Purchase Obligations
During the normal course of its business, the Company enters into agreements to purchase goods and services, including purchase commitments for advertising (including media placement and production costs), finished goods inventory, capital expenditures and endorsement arrangements with professional golfers.
The Company's purchase obligations as of March 31, 2024 were as follows:
 Payments Due by Period
 Remainder of     
(in thousands)20242025202620272028Thereafter
Purchase obligations (1)
$277,259 $52,003 $5,072 $2,433 $2,414 $7,239 
_______________________________________________________________________________
(1)    The reported amounts exclude those liabilities included in accounts payable or accrued liabilities on the unaudited condensed consolidated balance sheet as of March 31, 2024.
Litigation
The Company and its subsidiaries are party to lawsuits associated with the normal conduct of their businesses and operations. It is not possible to predict the outcome of the pending actions, and, as with any litigation, it is possible that some of these actions could be decided unfavorably. Consequently, the Company is unable to estimate the ultimate aggregate amount of monetary loss, amounts covered by insurance or the financial impact that will result from such matters and has not recorded a liability related to potential losses.
v3.24.1.u1
Restructuring Costs
 3 Months Ended
Mar. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Costs Restructuring Costs
During the first quarter of 2024, Lionscore approved a plan to permanently close certain production lines at the VIE's Fujian Fuh Deh Leh (“FDL”) factory as footwear production volume is shifted to a third party supplier. As a result of the closure, FDL plans to involuntarily separate certain direct and indirect manufacturing employees during 2024 (the "Plan"). After the restructuring, the remaining direct and indirect manufacturing employees at FDL will continue to service the remaining production lines. In relation to the Plan, during the three months ended March 31, 2024, the Company recorded involuntary employee termination costs of $7.0 million included in selling, general and administrative expenses on the unaudited condensed consolidated statement of operations. Accrued restructuring costs associated with the Plan are included within accrued expenses and other liabilities on the unaudited condensed consolidated balance sheet as they are expected to be paid out within a year. There are no further material costs expected to be incurred in relation to the Plan. However, Lionscore could implement additional restructuring programs in the future. See Note 1 and Note 14 for further information.

The activity related to the Plan was as follows:
(in thousands)Three months ended March 31, 2024
Balance at beginning of period$— 
Provision6,967 
Payments(4,720)
Balance at end of period$2,247 
v3.24.1.u1
Other Business Developments
 3 Months Ended
Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]  
Other Business Developments Other Business Developments
In January 2023, the Company acquired certain trademarks from West Coast Trends, Inc., an industry leader specializing in Club Glove premium performance golf travel products, for $25.2 million including cash consideration of $22.2 million and contingent consideration of $3.0 million, which was subsequently paid in 2023. The trademarks acquired were included in the Company's Titleist golf gear reporting segment and will be amortized over a weighted average life of 10 years.
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure    
Net income attributable to Acushnet Holdings Corp. $ 87,762 $ 93,275
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.1.u1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of Acushnet Holdings Corp. (the “Company”), its wholly-owned subsidiaries and less than wholly-owned subsidiaries, including a variable interest entity (“VIE”) in which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.
Certain information in footnote disclosures normally included in annual financial statements has been condensed or omitted for the interim periods presented in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and U.S. GAAP. The year-end balance sheet data was derived from audited financial statements; however, the accompanying interim notes to the unaudited condensed consolidated financial statements do not include all disclosures required by U.S. GAAP. In the opinion of management, the financial statements contain all normal and recurring adjustments necessary to state fairly the financial position and results of operations of the Company. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of results to be expected for the full year ending December 31, 2024, nor were those of the comparable 2023 periods representative of those actually experienced for the full year ended December 31, 2023. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the fiscal year ended December 31, 2023 included in its Annual Report on Form 10-K filed with the SEC on February 29, 2024.
Use of Estimates
Use of Estimates
The preparation of the Company’s unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and judgments that affect reported amounts of assets and liabilities and related disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Variable Interest Entities
Variable Interest Entities
VIEs are entities that, by design, either (i) lack sufficient equity to permit the entity to finance its activities independently, or (ii) have equity holders that do not have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the entity’s expected losses, or the right to receive the entity’s expected residual returns. The Company consolidates a VIE when it is the primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) through its interests in the VIE, the obligation to absorb expected losses or the right to receive expected benefits from the VIE that could potentially be significant to the VIE.
The Company consolidates the accounts of Acushnet Lionscore Limited (“Lionscore”), a VIE which is 40% owned by the Company. The sole purpose of the VIE is to manufacture the Company’s golf footwear and as such, the Company is deemed to be the primary beneficiary. The Company has presented separately on its unaudited condensed consolidated balance sheets, to the extent material, the assets of its consolidated VIE that can only be used to settle specific obligations of its consolidated VIE and the liabilities of its consolidated VIE for which creditors do not have recourse to its general credit. The general creditors of the VIE do not have recourse to the Company. Certain directors of the VIE have guaranteed the credit lines of the VIE, for which there were no outstanding borrowings as of March 31, 2024 and December 31, 2023. In addition, pursuant to the terms of the agreement governing the VIE, the Company is not required to provide financial support to the VIE.
Noncontrolling Interests and Redeemable Noncontrolling Interests
Noncontrolling Interests and Redeemable Noncontrolling Interests
The ownership interests held by owners other than the Company in less than wholly-owned subsidiaries are classified as noncontrolling interests. The financial results and position of noncontrolling interests are included in the Company’s unaudited condensed consolidated financial statements. The value attributable to the noncontrolling interests is presented on the unaudited condensed consolidated balance sheets, separately from the equity attributable to the Company. Net income (loss) and comprehensive income (loss) attributable to noncontrolling interests are presented separately on the unaudited condensed consolidated statements of operations and unaudited condensed consolidated statements of comprehensive income, respectively.
Redeemable noncontrolling interests are those noncontrolling interests which are or may become redeemable at a fixed or determinable price on a fixed or determinable date, at the option of the holder, or upon occurrence of an event. The Company initially records the redeemable noncontrolling interest at its acquisition date fair value. The carrying amount of the redeemable noncontrolling interest is subsequently adjusted to the greater amount of either the initial carrying amount, increased or decreased for the redeemable noncontrolling interest's share of comprehensive income (loss) or the redemption value, assuming the noncontrolling interest is redeemable at the balance sheet date. This adjustment is recognized through retained earnings and is not reflected in net income (loss) or comprehensive income (loss). The value attributable to redeemable noncontrolling interests and any related loans to minority shareholders, which are recorded as a reduction to redeemable noncontrolling interests, are presented in the unaudited condensed consolidated balance sheets as temporary equity between liabilities and shareholders’ equity.
Cash, Cash Equivalents and Restricted Cash
Cash, Cash Equivalents and Restricted Cash
Cash held in Company checking accounts is included in cash. Cash equivalents consist of short-term highly liquid investments with original maturities of three months or less which are readily convertible into cash. The Company classifies as restricted certain cash that is not available for use in its operations.
Foreign Currency Transactions
Foreign Currency Transactions
Foreign currency transaction losses included in selling, general and administrative expenses were $0.1 million and $1.3 million for the three months ended March 31, 2024 and 2023, respectively.
Recently Issued Accounting Standards
Recently Issued Accounting Standards
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures." The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact this standard will have on its consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures." The amendments in this update provide more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact this standard will have on its consolidated financial statements and related disclosures.
v3.24.1.u1
Allowance for Doubtful Accounts (Tables)
 3 Months Ended
Mar. 31, 2024
Receivables [Abstract]  
Schedule of Activity Related to the Allowance for Doubtful Accounts
The activity related to the allowance for doubtful accounts was as follows:
Three months ended March 31,
(in thousands)20242023
Balance at beginning of period$8,840 $8,258 
Bad debt expense312 254 
Amount of receivables written off (196)(52)
Foreign currency translation(93)48 
Balance at end of period$8,863 $8,508 
v3.24.1.u1
Inventories (Tables)
 3 Months Ended
Mar. 31, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventories
The components of inventories were as follows: 
March 31,December 31,
(in thousands)20242023
Raw materials and supplies$140,108 $157,455 
Work-in-process29,275 24,949 
Finished goods368,029 433,131 
Inventories$537,412 $615,535 
v3.24.1.u1
Product Warranty (Tables)
 3 Months Ended
Mar. 31, 2024
Product Warranties Disclosures [Abstract]  
Schedule of Warranty Obligation for Accrued Warranty Expense
The activity related to the Company’s warranty obligation for accrued warranty expense was as follows:
 Three months ended March 31,
(in thousands)20242023
Balance at beginning of period$4,997 $3,951 
Provision1,537 1,675 
Claims paid/costs incurred(1,296)(1,229)
Foreign currency translation(56)(11)
Balance at end of period$5,182 $4,386 
v3.24.1.u1
Derivative Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Values of Hedge Instruments on the Unaudited Condensed Consolidated Balance Sheets
The fair value of hedge instruments recognized on the unaudited condensed consolidated balance sheets was as follows:
(in thousands)March 31,December 31,
Balance Sheet LocationHedge Instrument Type20242023
Prepaid and other assetsForeign exchange forward$5,068 $4,378 
Interest rate swap620 452 
Accrued expenses and other liabilitiesForeign exchange forward1,053 1,931 
Interest rate swap— 63 
Other noncurrent liabilitiesInterest rate swap— 88 
Schedule of Effect of Hedge Instruments on Accumulated Other Comprehensive Loss, Net of Tax
The hedge instrument gain (loss) recognized in accumulated other comprehensive loss, net of tax was as follows:
 Three months ended
 March 31,
(in thousands)20242023
Type of hedge  
Foreign exchange forward$3,342 $(477)
Interest rate swap 579 (356)
 Total$3,921 $(833)
Schedule of Effect of Hedge Instrument in the Unaudited Condensed Consolidated Statement of Operations
The hedge instrument gains recognized on the unaudited condensed consolidated statements of operations were as follows:
 Three months ended
 March 31,
(in thousands)20242023
Location of gains in statements of operations  
Foreign exchange forward:
Cost of goods sold$2,738 $5,196 
Selling, general and administrative (1)
723 210 
Total $3,461 $5,406 
Interest Rate Swap:
Interest expense, net$260 $15 
Total$260 $15 
_______________________________________________________________________________
(1)    Relates to net gains on foreign exchange forward contracts derived from previously designated cash flow hedges.
v3.24.1.u1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 were as follows:
 Fair Value Measurements as of 
 March 31, 2024 using: 
(in thousands)Level 1Level 2Level 3Balance Sheet Location
Assets    
Rabbi trust$4,597 $— $— Prepaid and other assets
Foreign exchange derivative instruments— 5,068 — Prepaid and other assets
Interest rate derivative instruments— 620 — Prepaid and other assets
Deferred compensation program assets787 — — Other assets
Total assets$5,384 $5,688 $—  
Liabilities    
Foreign exchange derivative instruments$— $1,053 $— Accrued expenses and other liabilities
Deferred compensation program liabilities787 — — Other noncurrent liabilities
Total liabilities$787 $1,053 $—  
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 were as follows:
 Fair Value Measurements as of 
 December 31, 2023 using: 
(in thousands)Level 1Level 2Level 3Balance Sheet Location
Assets    
Rabbi trust$4,334 $— $— Prepaid and other assets
Foreign exchange derivative instruments— 4,378 — Prepaid and other assets
Interest rate derivative instruments— 452 — Prepaid and other assets
Deferred compensation program assets725 — — Other assets
Total assets$5,059 $4,830 $—  
Liabilities    
Foreign exchange derivative instruments$— $1,931 $— Accrued expenses and other liabilities
Interest rate derivative instruments— 63 — Accrued expenses and other liabilities
Deferred compensation program liabilities725 — — Other noncurrent liabilities
Interest rate derivative instruments— 88 — Other noncurrent liabilities
Total liabilities$725 $2,082 $—  
v3.24.1.u1
Pension and Other Postretirement Benefits (Tables)
 3 Months Ended
Mar. 31, 2024
Retirement Benefits [Abstract]  
Schedule of Components of Net Periodic Benefit Cost (Credit)
Components of net periodic benefit cost (credit) were as follows:
 Pension BenefitsPostretirement Benefits
 Three months ended March 31,
(in thousands)2024202320242023
Components of net periodic benefit cost (credit)    
Service cost$1,325 $1,434 $91 $119 
Interest cost2,703 2,943 133 172 
Expected return on plan assets(1,838)(1,962)— — 
Amortization of net loss (gain)58 21 (269)(201)
Amortization of prior service cost (credit)23 46 (34)(34)
Net periodic benefit cost (credit)$2,271 $2,482 $(79)$56 
v3.24.1.u1
Common Stock (Tables)
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Schedule of Declared Dividends Per Share
The Company declared dividends per common share, including DERs (Note 11), during the periods presented as follows:
Dividends per Common Share
Amount
(in thousands)
2024:
First Quarter$0.215 $14,155 
Total dividends declared in 2024$0.215 $14,155 
2023:
Fourth Quarter$0.195 $12,941 
Third Quarter0.195 13,098 
Second Quarter0.195 13,667 
First Quarter0.195 13,629 
Total dividends declared in 2023$0.780 $53,335 
Schedule of Share Repurchase Activity
The Company's share repurchase activity for the periods presented was as follows:
Three months ended March 31,
(in thousands, except share and per share amounts)20242023
Shares repurchased in the open market:
Shares repurchased 547,233 346,389 
Average price$64.51 $46.54 
Aggregate value (1)
$35,302 $16,122 
Shares repurchased from Magnus:
Shares repurchased— 2,168,528 
Average price (2)
$— $46.11 
Aggregate value$— $100,001 
Total shares repurchased:
Shares repurchased547,233 2,514,917 
Average price$64.51 $46.17 
Aggregate value$35,302 $116,123 
___________________________________
(1) Includes $2.0 million related to shares repurchased not settled as of March 31, 2024.
(2)    In accordance with the share repurchase agreements, shares purchased from Magnus are accrued for at the same weighted average price as those purchased on the open market, as if the purchase from Magnus had occurred on the same day. As such, the average price of Magnus repurchases during any given period will differ from open market repurchases due to the settlement of the previously recorded share repurchase liability, as well as open market purchases made after the completion of the Magnus share repurchase agreements.
v3.24.1.u1
Equity Incentive Plans (Tables)
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted and Performance Stock Units
A summary of the Company’s RSUs and PSUs as of March 31, 2024 and changes during the three months then ended is presented below: 
 Weighted-Weighted-
 NumberAverageNumberAverage
 of RSUsFair Value RSUs
of PSUs (3)
Fair Value PSUs
Outstanding as of December 31, 2023868,063 $46.45 480,254 $46.07 
Granted289,817 66.75 155,572 66.77 
Vested (1)(2)
(439,436)45.89 (133,099)45.36 
Forfeited(7,273)46.95 — — 
Outstanding as of March 31, 2024711,171 $55.07 502,727 $52.66 

_______________________________________________________________________________
(1)    Includes 50,237 shares of common stock related to RSU's that were not delivered as of March 31, 2024.
(2)    Based upon the Company’s level of achievement of the applicable performance metrics, the recipients of the 133,099 PSUs that vested during the three months ended March 31, 2024, were entitled to receive 266,198 shares of common stock. As of March 31, 2024, there were 86,762 shares of common stock that had not been delivered in connection with the vesting of these PSUs.
(3)    Number of PSUs reflects 100% of the target level grant and may not be indicative of the performance level expected to be achieved.
Schedule of Shares of Common Stock Issued
Compensation expense recorded related to RSUs and PSUs in the unaudited condensed consolidated statements of operations was as follows:
 Three months ended
March 31,
(in thousands)20242023
RSUs$4,496 $4,154 
PSUs2,764 2,965 
A summary of shares of common stock issued related to the 2015 Plan, including the impact of any DERs issued in common stock, is presented below:
Three months endedThree months ended
 March 31, 2024March 31, 2023
RSUsPSUsRSUsPSUs
Shares of common stock issued418,829 219,831 436,491 231,580 
Shares of common stock withheld by the Company as payment by employees in lieu of cash to satisfy tax withholding obligations
(137,107)(95,814)(128,291)(91,842)
Net shares of common stock issued281,722 124,017 308,200 139,738 
Cumulative undelivered shares of common stock485,027 471,078 471,306 420,447 
Schedule of Compensation Expense Related to Equity Incentive Plans
The allocation of share-based compensation expense in the unaudited condensed consolidated statements of operations was as follows:
 Three months ended
March 31,
(in thousands)20242023
Cost of goods sold$403 $373 
Selling, general and administrative6,589 6,223 
Research and development432 687 
Total compensation expense before income tax7,424 7,283 
Income tax benefit1,672 1,492 
Total compensation expense, net of income tax$5,752 $5,791 
v3.24.1.u1
Accumulated Other Comprehensive Loss, Net of Tax (Tables)
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Schedule of Changes in Each Component of Accumulated Comprehensive Loss, Net of Tax Effects
The components of and adjustments to accumulated other comprehensive loss, net of tax, were as follows:
 ForeignInterestAccumulated
 ForeignExchangeRate SwapPension andOther
CurrencyDerivativeDerivativeOtherComprehensive
(in thousands)TranslationInstrumentsInstrumentsPostretirementLoss, Net of Tax
Balance as of December 31, 2023$(95,425)$3,929 $227 $(13,080)$(104,349)
Other comprehensive (loss) income before reclassifications(11,780)3,342 579 132 (7,727)
Amounts reclassified from accumulated other comprehensive loss, net of tax— (2,738)(260)(222)(3,220)
Tax (expense) benefit — (125)(78)20 (183)
Balance as of March 31, 2024$(107,205)$4,408 $468 $(13,150)$(115,479)
v3.24.1.u1
Net Income per Common Share (Tables)
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Income Per Common Share
The following is a computation of basic and diluted net income per common share attributable to Acushnet Holdings Corp.:
 Three months ended
 March 31,
(in thousands, except share and per share amounts)20242023
Net income attributable to Acushnet Holdings Corp.$87,762 $93,275 
Weighted average number of common shares:
Basic64,621,122 68,213,068 
RSUs268,052 340,101 
PSUs— 93,043 
Diluted64,889,174 68,646,212 
Net income per common share attributable to Acushnet Holdings Corp.:
Basic$1.36 $1.37 
Diluted$1.35 $1.36 
Schedule of Securities Excluded From the Calculation of Diluted Weighted Average Common Shares
The following securities have been excluded from the calculation of diluted weighted-average common shares outstanding as their impact was determined to be anti-dilutive:
 Three months ended
 March 31,
 20242023
RSUs223,717 259,496 
v3.24.1.u1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule of Information by Reportable Segment and a Reconciliation to Reported Amounts
Information by reportable segment and a reconciliation to reported amounts are as follows:
Three months ended March 31,
(in thousands)20242023
Net sales  
Titleist golf balls$207,987 $192,001 
Titleist golf clubs203,886 180,781 
Titleist golf gear68,172 67,043 
FootJoy golf wear192,407 205,274 
Other35,102 41,191 
Total net sales$707,554 $686,290 
Segment operating income  
Titleist golf balls$42,167 $38,621 
Titleist golf clubs49,596 40,545 
Titleist golf gear10,113 12,190 
FootJoy golf wear26,439 30,801 
Other4,176 6,564 
Total segment operating income132,491 128,721 
Reconciling items:  
Interest expense, net(13,076)(9,896)
Restructuring costs (Note 16)
(6,967)— 
Non-service cost component of net periodic benefit cost(776)(985)
Other(3,706)(3,496)
Total income before income tax$107,966 $114,344 
Schedule of Net Sales By Geographical Area
Information as to the Company’s operations in different geographical areas is presented below. Net sales are categorized based on the location in which the sale originates.
Three months ended March 31,
(in thousands)20242023
United States$418,243 $369,931 
EMEA (1)
101,679 104,760 
Japan37,150 46,375 
Korea75,251 88,984 
Rest of World75,231 76,240 
Total net sales$707,554 $686,290 
_______________________________________________________________________________
(1) Europe, the Middle East and Africa ("EMEA")
v3.24.1.u1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Purchase Obligations
The Company's purchase obligations as of March 31, 2024 were as follows:
 Payments Due by Period
 Remainder of     
(in thousands)20242025202620272028Thereafter
Purchase obligations (1)
$277,259 $52,003 $5,072 $2,433 $2,414 $7,239 
_______________________________________________________________________________
(1)    The reported amounts exclude those liabilities included in accounts payable or accrued liabilities on the unaudited condensed consolidated balance sheet as of March 31, 2024.
v3.24.1.u1
Restructuring Costs (Tables)
 3 Months Ended
Mar. 31, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Company's Restructuring Programs
The activity related to the Plan was as follows:
(in thousands)Three months ended March 31, 2024
Balance at beginning of period$— 
Provision6,967 
Payments(4,720)
Balance at end of period$2,247 
v3.24.1.u1
Summary of Significant Accounting Policies (Details) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Variable Interest Entity [Line Items]      
Loan to minority shareholders included in temporary equity $ 4,400,000   $ 4,400,000
Restricted cash 1,600,000   1,700,000
Selling, general and administrative      
Variable Interest Entity [Line Items]      
Transaction losses included in selling, general and administrative expense $ 100,000 $ 1,300,000  
VIE      
Variable Interest Entity [Line Items]      
Ownership percentage 40.00%    
Outstanding borrowings $ 0   $ 0
v3.24.1.u1
Allowance for Doubtful Accounts (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period $ 8,840 $ 8,258
Bad debt expense 312 254
Amount of receivables written off (196) (52)
Foreign currency translation (93) 48
Balance at end of period $ 8,863 $ 8,508
v3.24.1.u1
Inventories (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials and supplies $ 140,108 $ 157,455
Work-in-process 29,275 24,949
Finished goods 368,029 433,131
Inventories $ 537,412 $ 615,535
v3.24.1.u1
Product Warranty (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Activity for accrued warranty expense    
Balance at beginning of period $ 4,997 $ 3,951
Provision 1,537 1,675
Claims paid/costs incurred (1,296) (1,229)
Foreign currency translation (56) (11)
Balance at end of period $ 5,182 $ 4,386
Minimum    
Product Warranty Liability [Line Items]    
Product warranty period 1 year  
Maximum    
Product Warranty Liability [Line Items]    
Product warranty period 2 years  
v3.24.1.u1
Debt and Financing Arrangements (Details) - USD ($)
 3 Months Ended 12 Months Ended
May 02, 2024
Oct. 03, 2023
Mar. 31, 2024
Dec. 31, 2023
Aug. 02, 2022
Unsecured Local Credit Facilities          
Line of Credit Facility [Line Items]          
Weighted average interest rate (as percent)     0.74% 0.45%  
Available borrowings     $ 29,400,000    
Other short-term borrowings, outstanding borrowings     30,500,000 $ 29,000,000  
Senior Unsecured Notes due 2028 | Unsecured Local Credit Facilities          
Line of Credit Facility [Line Items]          
Amount outstanding   $ 350,000,000      
Debt instrument interest rate stated percentage   7.375%      
Incurred fees and expenses   $ 6,400,000      
Debt issuance costs   $ 6,300,000      
Effective interest rate   7.813%      
Accrued interest     12,900,000 6,500,000  
Senior Unsecured Notes due 2028 | Unsecured Local Credit Facilities | Level 2          
Line of Credit Facility [Line Items]          
Fair value of notes     362,300,000 365,100,000  
Revolving Credit Facility          
Line of Credit Facility [Line Items]          
Maximum borrowing capacity         $ 950,000,000
Outstanding borrowings     $ 485,200,000 $ 325,200,000  
Weighted average interest rate (as percent)     6.44% 6.57%  
Available borrowings     $ 459,800,000    
Letters of credit outstanding     5,000,000    
Revolving Credit Facility | Unsecured Local Credit Facilities          
Line of Credit Facility [Line Items]          
Outstanding borrowings   $ 345,600,000      
Line of Credit | Minimum | Subsequent Event | Canadian Overnight Repo Rate Average          
Line of Credit Facility [Line Items]          
Variable rate of interest 0.29547%        
Line of Credit | Minimum | Subsequent Event | Adjusted Term Canadian Overnight Repo Rate Average          
Line of Credit Facility [Line Items]          
Variable rate of interest 1.00%        
Line of Credit | Maximum | Subsequent Event | Canadian Overnight Repo Rate Average          
Line of Credit Facility [Line Items]          
Variable rate of interest 0.32138%        
Line of Credit | Maximum | Subsequent Event | Adjusted Term Canadian Overnight Repo Rate Average          
Line of Credit Facility [Line Items]          
Variable rate of interest 1.75%        
Letters of Credit          
Line of Credit Facility [Line Items]          
Maximum borrowing capacity     58,000,000    
Outstanding borrowings     8,000,000 $ 11,300,000  
Line of credit secured     $ 5,000,000 $ 8,100,000  
v3.24.1.u1
Derivative Financial Instruments - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Foreign exchange forward      
Derivatives, Fair Value [Line Items]      
Expected reclassification of net gain (loss) recorded in accumulated other comprehensive gain (loss), net of tax into cost of goods sold during next twelve months $ 7,100,000    
Foreign exchange forward | Derivative Designated As Hedging      
Derivatives, Fair Value [Line Items]      
Notional amount 200,700,000   $ 209,600,000
Foreign exchange forward | Not Designated As Hedging Instrument      
Derivatives, Fair Value [Line Items]      
Notional amount $ 0   0
Transaction gains included in selling, general and administrative expenses   $ 100,000  
Foreign exchange forward | Maximum      
Derivatives, Fair Value [Line Items]      
Term of derivative contract (in months) 24 months    
Interest rate swap      
Derivatives, Fair Value [Line Items]      
Expected reclassification of net gain (loss) recorded in accumulated other comprehensive gain (loss), net of tax into cost of goods sold during next twelve months $ 600,000    
Interest rate swap | Derivative Designated As Hedging      
Derivatives, Fair Value [Line Items]      
Notional amount $ 100,000,000   $ 100,000,000
v3.24.1.u1
Derivative Financial Instruments - Schedule of Fair Values of Hedge Instruments on the Unaudited Condensed Consolidated Balance Sheets (Details) - Derivative Designated As Hedging - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Foreign exchange forward | Prepaid and other assets    
Derivatives, Fair Value [Line Items]    
Asset derivatives $ 5,068 $ 4,378
Foreign exchange forward | Accrued expenses and other liabilities    
Derivatives, Fair Value [Line Items]    
Liability derivatives 1,053 1,931
Interest rate swap | Prepaid and other assets    
Derivatives, Fair Value [Line Items]    
Asset derivatives 620 452
Interest rate swap | Accrued expenses and other liabilities    
Derivatives, Fair Value [Line Items]    
Liability derivatives 0 63
Interest rate swap | Other noncurrent liabilities    
Derivatives, Fair Value [Line Items]    
Liability derivatives $ 0 $ 88
v3.24.1.u1
Derivative Financial Instruments - Schedule of Effect of Hedge Instruments on Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]    
 Total $ 3,921 $ (833)
Cash Flow Hedge | Derivative Designated As Hedging    
Derivative Instruments, Gain (Loss) [Line Items]    
 Total 3,921 (833)
Foreign exchange forward | Cash Flow Hedge | Derivative Designated As Hedging    
Derivative Instruments, Gain (Loss) [Line Items]    
 Total 3,342 (477)
Interest rate swap | Cash Flow Hedge | Derivative Designated As Hedging    
Derivative Instruments, Gain (Loss) [Line Items]    
 Total $ 579 $ (356)
v3.24.1.u1
Derivative Financial Instruments - Schedule of Effect of Hedge Instrument in the Unaudited Condensed Consolidated Statement of Operations (Details) - Derivative Designated As Hedging - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Foreign exchange forward    
Derivative Instruments, Gain (Loss) [Line Items]    
Gain recognized on unaudited condensed consolidated statements of operations $ 3,461 $ 5,406
Foreign exchange forward | Cost of goods sold    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Cost of goods sold Cost of goods sold
Gain recognized on unaudited condensed consolidated statements of operations $ 2,738 $ 5,196
Foreign exchange forward | Selling, general and administrative    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Selling, general and administrative Selling, general and administrative
Gain recognized on unaudited condensed consolidated statements of operations $ 723 $ 210
Interest rate swap    
Derivative Instruments, Gain (Loss) [Line Items]    
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Interest expense, net Interest expense, net
Gain recognized on unaudited condensed consolidated statements of operations $ 260 $ 15
v3.24.1.u1
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Mar. 31, 2024
Dec. 31, 2023
Level 1    
Assets    
Rabbi trust $ 4,597 $ 4,334
Deferred compensation program assets 787 725
Total assets 5,384 5,059
Liabilities    
Deferred compensation program liabilities 787 725
Total liabilities 787 725
Level 1 | Foreign exchange derivative instruments    
Assets    
Foreign exchange derivative instruments 0 0
Liabilities    
Derivative instruments, current 0 0
Level 1 | Interest rate derivative instruments    
Assets    
Interest rate derivative instruments 0 0
Liabilities    
Derivative instruments, current   0
Derivative instruments, noncurrent   0
Level 2    
Assets    
Rabbi trust 0 0
Deferred compensation program assets 0 0
Total assets 5,688 4,830
Liabilities    
Deferred compensation program liabilities 0 0
Total liabilities 1,053 2,082
Level 2 | Foreign exchange derivative instruments    
Assets    
Foreign exchange derivative instruments 5,068 4,378
Liabilities    
Derivative instruments, current 1,053 1,931
Level 2 | Interest rate derivative instruments    
Assets    
Interest rate derivative instruments 620 452
Liabilities    
Derivative instruments, current   63
Derivative instruments, noncurrent   88
Level 3    
Assets    
Rabbi trust 0 0
Deferred compensation program assets 0 0
Total assets 0 0
Liabilities    
Deferred compensation program liabilities 0 0
Total liabilities 0 0
Level 3 | Foreign exchange derivative instruments    
Assets    
Foreign exchange derivative instruments 0 0
Liabilities    
Derivative instruments, current 0 0
Level 3 | Interest rate derivative instruments    
Assets    
Interest rate derivative instruments $ 0 0
Liabilities    
Derivative instruments, current   0
Derivative instruments, noncurrent   $ 0
v3.24.1.u1
Pension and Other Postretirement Benefits (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pension Benefits    
Components of net periodic benefit cost (credit)    
Service cost $ 1,325 $ 1,434
Interest cost 2,703 2,943
Expected return on plan assets (1,838) (1,962)
Amortization of net loss (gain) 58 21
Amortization of prior service cost (credit) 23 46
Net periodic benefit cost (credit) 2,271 2,482
Postretirement Benefits    
Components of net periodic benefit cost (credit)    
Service cost 91 119
Interest cost 133 172
Expected return on plan assets 0 0
Amortization of net loss (gain) (269) (201)
Amortization of prior service cost (credit) (34) (34)
Net periodic benefit cost (credit) $ (79) $ 56
v3.24.1.u1
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Income Tax Disclosure [Abstract]    
Increase in income tax expense $ 2,700  
Income tax expense $ 23,407 $ 20,725
Effective tax rate (as percent) 21.70% 18.10%
v3.24.1.u1
Common Stock - Schedule of Declared Dividends Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2023
Equity [Abstract]            
Dividends per Common Share (in dollars per share) $ 0.215 $ 0.195 $ 0.195 $ 0.195 $ 0.195 $ 0.780
Amount $ 14,155 $ 12,941 $ 13,098 $ 13,667 $ 13,629 $ 53,335
v3.24.1.u1
Common Stock - Narrative (Details) - USD ($)
 3 Months Ended
Nov. 03, 2023
Jan. 23, 2023
Jan. 13, 2023
Mar. 31, 2024
Mar. 31, 2023
May 07, 2024
Mar. 14, 2024
Jun. 09, 2023
Dec. 31, 2022
Aug. 30, 2022
Jun. 16, 2022
Dividends Payable [Line Items]                      
Issued and outstanding common stock authorized to repurchase       $ 1,000,000,000              
Shares repurchased (in shares)       547,233 2,514,917            
Aggregate value       $ 35,302,000 $ 116,123,000            
Amount remaining under current authorizations       $ 339,700,000              
Subsequent Event                      
Dividends Payable [Line Items]                      
Dividends declared and payable (in dollars per share)           $ 0.215          
Magnus                      
Dividends Payable [Line Items]                      
Issued and outstanding common stock authorized to repurchase                   $ 100,000,000 $ 75,000,000
Share repurchase liability                 $ 92,600,000    
Accrued share repurchases (in shares)                 2,000,839    
Shares repurchased (in shares) 1,824,994 2,168,528   0 2,168,528            
Aggregate value $ 100,000,000 $ 100,000,000   $ 0 $ 100,001,000            
Stock repurchase program, authorized amount             $ 37,500,000 $ 100,000,000      
Open Market                      
Dividends Payable [Line Items]                      
Shares repurchased (in shares)     167,689   346,389            
Aggregate value     $ 7,400,000 35,302,000 $ 16,122,000            
Aggregate purchases of shares in open market before shares will be purchased from Magnus       $ 100,000,000              
Open Market | Common Stock                      
Dividends Payable [Line Items]                      
Common stock presented and retired (in shares)       547,233              
Aggregate purchase price       $ 35,300,000              
v3.24.1.u1
Common Stock - Schedule of Share Repurchase Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Nov. 03, 2023
Jan. 23, 2023
Jan. 13, 2023
Mar. 31, 2024
Mar. 31, 2023
Dividends Payable [Line Items]          
Shares repurchased (in shares)       547,233 2,514,917
Average price (in dollars per share)       $ 64.51 $ 46.17
Aggregate value       $ 35,302 $ 116,123
Open Market          
Dividends Payable [Line Items]          
Shares repurchased (in shares)     167,689   346,389
Average price (in dollars per share)       $ 64.51 $ 46.54
Aggregate value     $ 7,400 $ 35,302 $ 16,122
Treasury stock, value repurchased not settled       $ 2,000  
Magnus          
Dividends Payable [Line Items]          
Shares repurchased (in shares) 1,824,994 2,168,528   0 2,168,528
Average price (in dollars per share)       $ 0 $ 46.11
Aggregate value $ 100,000 $ 100,000   $ 0 $ 100,001
v3.24.1.u1
Equity Incentive Plans - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
RSUs | 2015 Omnibus Incentive Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation expense $ 34.9
Weighted average period (in years) 1 year 7 months 6 days
RSUs | Company Officers  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period (in years) 3 years
Vesting percentage 33.33%
RSUs | Officers, Employees, Consultants and Advisors  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period (in years) 3 years
RSUs | Other Employees  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting percentage 33.33%
PSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Performance period (in years) 3 years
PSUs | 2015 Omnibus Incentive Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation expense $ 19.6
Weighted average period (in years) 2 years 2 months 12 days
PSUs | Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting percentage 0.00%
PSUs | Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting percentage 200.00%
v3.24.1.u1
Equity Incentive Plans - Schedule of Restricted and Performance Stock Units (Details) - 2015 Omnibus Incentive Plan
 3 Months Ended
Mar. 31, 2024
$ / shares
shares
Common Stock  
Weighted - Average Fair Value  
Undelivered (in shares) 266,198
RSUs  
Number of Units  
Outstanding at beginning of the period (in shares) 868,063
Granted (in shares) 289,817
Vested (in shares) (439,436)
Forfeited (in shares) (7,273)
Outstanding at end of the period (in shares) 711,171
Weighted - Average Fair Value  
Outstanding at beginning of the period (in dollars per share) | $ / shares $ 46.45
Granted (in dollars per share) | $ / shares 66.75
Vested (in dollars per share) | $ / shares 45.89
Forfeited (in dollars per share) | $ / shares 46.95
Outstanding at end of the period (in dollars per share) | $ / shares $ 55.07
Undelivered (in shares) 50,237
PSUs  
Number of Units  
Outstanding at beginning of the period (in shares) 480,254
Granted (in shares) 155,572
Vested (in shares) (133,099)
Forfeited (in shares) 0
Outstanding at end of the period (in shares) 502,727
Weighted - Average Fair Value  
Outstanding at beginning of the period (in dollars per share) | $ / shares $ 46.07
Granted (in dollars per share) | $ / shares 66.77
Vested (in dollars per share) | $ / shares 45.36
Forfeited (in dollars per share) | $ / shares 0
Outstanding at end of the period (in dollars per share) | $ / shares $ 52.66
Undelivered (in shares) 86,762
Achieved target level of performance (in percent) 100.00%
v3.24.1.u1
Equity Incentive Plans - Schedule of Compensation Expense Recorded in the Consolidated Statement of Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Compensation expense $ 7,424 $ 7,283
RSUs | 2015 Omnibus Incentive Plan    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Compensation expense 4,496 4,154
PSUs | 2015 Omnibus Incentive Plan    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Compensation expense $ 2,764 $ 2,965
v3.24.1.u1
Equity Incentive Plans - Schedule of Shares of Common Stock Issued (Details) - 2015 Omnibus Incentive Plan - shares
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
RSUs    
Class of Stock [Line Items]    
Cumulative undelivered shares of common stock (in shares) 50,237  
PSUs    
Class of Stock [Line Items]    
Cumulative undelivered shares of common stock (in shares) 86,762  
Common Stock | RSUs    
Class of Stock [Line Items]    
Shares of common stock issued (in shares) 418,829 436,491
Shares of common stock withheld by the Company as payment by employees in lieu of cash to satisfy tax withholding obligations (in shares) (137,107) (128,291)
Net shares of common stock issued (in shares) 281,722 308,200
Cumulative undelivered shares of common stock (in shares) 485,027 471,306
Common Stock | PSUs    
Class of Stock [Line Items]    
Shares of common stock issued (in shares) 219,831 231,580
Shares of common stock withheld by the Company as payment by employees in lieu of cash to satisfy tax withholding obligations (in shares) (95,814) (91,842)
Net shares of common stock issued (in shares) 124,017 139,738
Cumulative undelivered shares of common stock (in shares) 471,078 420,447
v3.24.1.u1
Equity Incentive Plans - Schedule of Compensation Expense Related to Equity Incentive Plans (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total compensation expense before income tax $ 7,424 $ 7,283
Income tax benefit 1,672 1,492
Total compensation expense, net of income tax 5,752 5,791
Cost of goods sold    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total compensation expense before income tax 403 373
Selling, general and administrative    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total compensation expense before income tax 6,589 6,223
Research and development    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total compensation expense before income tax $ 432 $ 687
v3.24.1.u1
Accumulated Other Comprehensive Loss, Net of Tax (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Beginning balance $ 903,087
Other comprehensive (loss) income before reclassifications (7,727)
Amounts reclassified from accumulated other comprehensive loss, net of tax (3,220)
Tax (expense) benefit (183)
Ending balance 919,439
Foreign Currency Translation  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Beginning balance (95,425)
Other comprehensive (loss) income before reclassifications (11,780)
Amounts reclassified from accumulated other comprehensive loss, net of tax 0
Tax (expense) benefit 0
Ending balance (107,205)
Gains (Losses) on Derivative Instruments | Foreign Exchange Derivative Instruments  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Beginning balance 3,929
Other comprehensive (loss) income before reclassifications 3,342
Amounts reclassified from accumulated other comprehensive loss, net of tax (2,738)
Tax (expense) benefit (125)
Ending balance 4,408
Gains (Losses) on Derivative Instruments | Interest rate swap  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Beginning balance 227
Other comprehensive (loss) income before reclassifications 579
Amounts reclassified from accumulated other comprehensive loss, net of tax (260)
Tax (expense) benefit (78)
Ending balance 468
Pension and Other Postretirement  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Beginning balance (13,080)
Other comprehensive (loss) income before reclassifications 132
Amounts reclassified from accumulated other comprehensive loss, net of tax (222)
Tax (expense) benefit 20
Ending balance (13,150)
Accumulated Other Comprehensive Loss, Net of Tax  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Beginning balance (104,349)
Ending balance $ (115,479)
v3.24.1.u1
Net Income per Common Share - Schedule of Computation of Basic and Diluted Net Income Per Common Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Net income attributable to Acushnet Holdings Corp. $ 87,762 $ 93,275
Weighted average number of common shares:    
Basic (in shares) 64,621,122 68,213,068
Diluted (in shares) 64,889,174 68,646,212
Net income per common share attributable to Acushnet Holdings Corp.:    
Basic (in dollars per share) $ 1.36 $ 1.37
Diluted (in dollars per share) $ 1.35 $ 1.36
RSUs    
Weighted average number of common shares:    
RSUs and PSUs (in shares) 268,052 340,101
PSUs    
Weighted average number of common shares:    
RSUs and PSUs (in shares) 0 93,043
v3.24.1.u1
Net Income per Common Share - Schedule of Securities Excluded From the Calculation of Diluted Weighted Average Common Shares (Details) - shares
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
RSUs    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Anti-dilutive securities excluded from computation of earnings per share (in shares) 223,717 259,496
v3.24.1.u1
Segment Information - Schedule of Information by Reportable Segment and a Reconciliation to Reported Amounts (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
segment
Mar. 31, 2023
USD ($)
Segment Reporting [Abstract]    
Number of reportable segments | segment 4  
Segment Reporting Information [Line Items]    
Net sales $ 707,554 $ 686,290
Segment operating income 121,381 124,904
Reconciling items:    
Interest expense, net (13,076) (9,896)
Income before income taxes 107,966 114,344
Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 707,554 686,290
Segment operating income 132,491 128,721
Reconciling Items    
Reconciling items:    
Interest expense, net (13,076) (9,896)
Restructuring costs (Note 16) (6,967) 0
Non-service cost component of net periodic benefit cost (776) (985)
Other (3,706) (3,496)
Titleist golf balls | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 207,987 192,001
Segment operating income 42,167 38,621
Titleist golf clubs | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 203,886 180,781
Segment operating income 49,596 40,545
Titleist golf gear | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 68,172 67,043
Segment operating income 10,113 12,190
FootJoy golf wear | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 192,407 205,274
Segment operating income 26,439 30,801
Other | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 35,102 41,191
Segment operating income $ 4,176 $ 6,564
v3.24.1.u1
Segment Information - Schedule of Net Sales By Geographical Area (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total net sales $ 707,554 $ 686,290
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total net sales 418,243 369,931
EMEA    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total net sales 101,679 104,760
Japan    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total net sales 37,150 46,375
Korea    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total net sales 75,251 88,984
Rest of World    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total net sales $ 75,231 $ 76,240
v3.24.1.u1
Commitments and Contingencies (Details)
$ in Thousands
Mar. 31, 2024
USD ($)
Payments Due by Period  
Remainder of 2024 $ 277,259
2025 52,003
2026 5,072
2027 2,433
2028 2,414
Thereafter $ 7,239
v3.24.1.u1
Restructuring Costs - Additional Information (Details)
$ in Millions
Mar. 31, 2024
USD ($)
VBR  
Restructuring Cost and Reserve [Line Items]  
Restructuring costs incurred to date $ 7.0
v3.24.1.u1
Restructuring Costs - Schedule of Company's Restructuring Program Rollforward (Details) - VBR
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
Restructuring Reserve [Roll Forward]  
Balance at beginning of period $ 0
Provision 6,967
Payments (4,720)
Balance at end of period $ 2,247
v3.24.1.u1
Other Business Developments (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended
Jan. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Business Acquisition [Line Items]      
Payments to acquire intangible assets   $ 0 $ 22,235
Trademarks, Domains and Products | Club Glove      
Business Acquisition [Line Items]      
Payments to acquire intangible assets $ 25,200    
Cash consideration 22,200    
Asset acquisition, contingent consideration $ 3,000    
Weighted average useful life 10 years