Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 28, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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)		67,363,140
Entity Central Index Key	0001672013
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash, cash equivalents and restricted cash ($15,970 and $14,376 attributable to the variable interest entity ("VIE"))	$ 57,284	$ 58,904
Accounts receivable, net	435,385	216,695
Inventories ($8,238 and $17,866 attributable to the VIE)	639,123	674,684
Prepaid and other assets	134,455	108,793
Total current assets	1,266,247	1,059,076
Property, plant and equipment, net ($9,848 and $10,089 attributable to the VIE)	260,403	254,472
Goodwill ($32,312 and $32,312 attributable to the VIE)	225,352	224,814
Intangible assets, net	547,859	525,903
Deferred income taxes	34,444	47,551
Other assets ($2,060 and $2,083 attributable to the VIE)	118,708	81,991
Total assets	2,453,013	2,193,807
Current liabilities
Short-term debt	44,555	40,336
Accounts payable ($7,888 and $11,914 attributable to the VIE)	161,300	166,998
Accrued taxes	72,077	40,922
Accrued compensation and benefits ($857 and $1,651 attributable to the VIE)	67,319	98,245
Accrued expenses and other liabilities ($2,385 and $3,380 attributable to the VIE)	119,076	202,124
Total current liabilities	464,327	548,625
Long-term debt	784,573	527,509
Deferred income taxes	5,746	5,896
Accrued pension and other postretirement benefits	75,298	74,234
Other noncurrent liabilities ($2,147 and $2,145 attributable to the VIE)	90,251	54,177
Total liabilities	1,420,195	1,210,441
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests	7,670	6,663
Shareholders' equity
Common stock, $0.001 par value, 500,000,000 shares authorized; 76,769,461 and 76,321,523 shares issued	77	76
Additional paid-in capital	956,834	960,685
Accumulated other comprehensive loss, net of tax	(113,679)	(109,668)
Retained earnings	552,596	473,130
Treasury stock, at cost; 9,406,503 and 8,892,425 shares (including 2,000,839 of accrued share repurchases as of December 31, 2022) (Note 10)	(408,706)	(385,167)
Total equity attributable to Acushnet Holdings Corp.	987,122	939,056
Noncontrolling interests	38,026	37,647
Total shareholders' equity	1,025,148	976,703
Total liabilities, redeemable noncontrolling interests and shareholders' equity	$ 2,453,013	$ 2,193,807

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Cash, cash equivalents and restricted cash	$ 57,284	$ 58,904
Inventories	639,123	674,684
Property, plant and equipment, net	260,403	254,472
Goodwill	225,352	224,814
Other assets	118,708	81,991
Accounts payable	161,300	166,998
Accrued compensation and benefits	67,319	98,245
Accrued expenses and other liabilities	119,076	202,124
Other noncurrent liabilities	$ 90,251	$ 54,177
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)	76,769,461	76,321,523
Treasury stock, at cost (in shares)	9,406,503	8,892,425
Accrued share repurchases (in shares)		2,000,839
VIE
Cash, cash equivalents and restricted cash	$ 15,970	$ 14,376
Inventories	8,238	17,866
Property, plant and equipment, net	9,848	10,089
Goodwill	32,312	32,312
Other assets	2,060	2,083
Accounts payable	7,888	11,914
Accrued compensation and benefits	857	1,651
Accrued expenses and other liabilities	2,385	3,380
Other noncurrent liabilities	$ 2,147	$ 2,145

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net sales	$ 686,290	$ 606,087
Cost of goods sold	320,618	289,088
Gross profit	365,672	316,999
Operating expenses:
Selling, general and administrative	222,539	195,691
Research and development	14,540	13,976
Intangible amortization	3,689	1,963
Income from operations	124,904	105,369
Interest expense, net	9,896	1,277
Other expense, net	664	1,326
Income before income taxes	114,344	102,766
Income tax expense	20,725	20,919
Net income	93,619	81,847
Less: Net income attributable to noncontrolling interests	(344)	(802)
Net income attributable to Acushnet Holdings Corp.	$ 93,275	$ 81,045
Net income per common share attributable to Acushnet Holdings Corp.:
Basic (in dollars per share)	$ 1.37	$ 1.10
Diluted (in dollars per share)	$ 1.36	$ 1.10
Weighted average number of common shares:
Basic (in shares)	68,213,068	73,513,109
Diluted (in shares)	68,646,212	73,922,728

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 93,619	$ 81,847
Other comprehensive loss:
Foreign currency translation adjustments	565	(7,570)
Cash flow derivative instruments:
Unrealized holding (losses) gains arising during period	(833)	3,076
Reclassification adjustments included in net income	(5,211)	(1,355)
Tax benefit (expense)	1,784	(516)
Cash flow derivative instruments, net	(4,260)	1,205
Pension and other postretirement benefits:
Pension and other postretirement benefits adjustments	(406)	1,863
Tax benefit (expense)	90	(443)
Pension and other postretirement benefits adjustments, net	(316)	1,420
Total other comprehensive loss	(4,011)	(4,945)
Comprehensive income	89,608	76,902
Less: Comprehensive income attributable to noncontrolling interests	(408)	(747)
Comprehensive income attributable to Acushnet Holdings Corp.	$ 89,200	$ 76,155

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income	$ 93,619	$ 81,847
Adjustments to reconcile net income to cash flows used in operating activities
Depreciation and amortization	12,631	10,367
Unrealized foreign exchange (gain) loss	(2,768)	1,433
Amortization of debt issuance costs	165	203
Share-based compensation	7,283	5,353
Gain on disposals of property, plant and equipment	(6)	(1)
Deferred income taxes	14,278	4,341
Changes in operating assets and liabilities
Accounts receivable	(218,544)	(206,468)
Inventories	35,126	(39,341)
Accounts payable	(4,833)	30,079
Accrued taxes	31,468	17,464
Other assets and liabilities	(54,837)	(69,325)
Cash flows used in operating activities	(86,418)	(164,048)
Cash flows from investing activities
Additions to property, plant and equipment	(11,698)	(11,686)
Additions to intangible assets (Note 16)	(22,235)	0
Other, net	(901)	0
Cash flows used in investing activities	(34,834)	(11,686)
Cash flows from financing activities
(Repayments of) proceeds from short-term borrowings, net (Note 5)	(3,796)	97,700
Proceeds from revolving credit facilities (Note 5)	539,783	0
Repayments of revolving credit facilities (Note 5)	(275,873)	0
Repayments of term loan facility (Note 5)	0	(4,375)
Purchases of common stock	(116,123)	(59,108)
Dividends paid on common stock	(14,304)	(13,984)
Dividends paid to noncontrolling interests	0	(101)
Payment of employee restricted stock tax withholdings	(11,455)	(10,661)
Other, net	1,078	0
Cash flows provided by financing activities	119,310	9,471
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	322	(1,012)
Net decrease in cash, cash equivalents and restricted cash	(1,620)	(167,275)
Cash, cash equivalents and restricted cash, beginning of year	58,904	281,677
Cash, cash equivalents and restricted cash, end of period	57,284	114,402
Supplemental non-cash information
Purchases of property, plant and equipment, accrued not paid	3,595	1,744
Additions to right-of-use assets obtained in exchange for operating lease obligations	41,894	8,065
Additions to right-of-use assets obtained in exchange for finance lease obligations	607	335
Dividend equivalents rights ("DERs") declared not paid	452	427
Contingent consideration (Note 16)	$ 3,000	$ 0

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, 2021			75,855
Beginning balance at Dec. 31, 2021	$ 1,080,267	$ 1,042,844	$ 76	$ 948,423	$ (99,582)	$ 324,966	$ (131,039)	$ 37,423
Changes in stockholders' equity
Net income	82,026	81,045				81,045		981
Other comprehensive loss	(4,945)	(4,945)			(4,945)
Share-based compensation	5,189	5,189		5,189
Vesting of restricted common stock, including impact of DERs, net of shares withheld for employee taxes (Note 11) (in shares)			434
Vesting of restricted common stock, including impact of DERs, net of shares withheld for employee taxes (Note 11)	(10,373)	(10,373)		(10,373)
Purchases of common stock (Note 10)	(29,894)	(29,894)					(29,894)
Dividends and dividend equivalents declared	(13,473)	(13,473)				(13,473)
Dividends declared to noncontrolling interests	(101)							(101)
Ending balance (in shares) at Mar. 31, 2022			76,289
Ending balance at Mar. 31, 2022	1,108,696	1,070,393	$ 76	943,239	(104,527)	392,538	(160,933)	38,303
Beginning balance (in shares) at Dec. 31, 2021			75,855
Beginning balance at Dec. 31, 2021	1,080,267	1,042,844	$ 76	948,423	(99,582)	324,966	(131,039)	37,423
Changes in stockholders' equity
Dividends and dividend equivalents declared	(53,051)
Ending balance (in shares) at Dec. 31, 2022			76,322
Ending 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 noncontrolling interests	264	264		444		(180)
Net income	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

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2023
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, 2023 are not necessarily indicative of results to be expected for the full year ending December 31, 2023, nor were those of the comparable 2022 periods representative of those actually experienced for the full year ended December 31, 2022. 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, 2022 included in its Annual Report on Form 10-K filed with the SEC on March 1, 2023. 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, 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, 2023 and December 31, 2022. 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, 2023 and December 31, 2022. 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 both March 31, 2023 and December 31, 2022, the amount of restricted cash included in cash, cash equivalents and restricted cash on the unaudited condensed consolidated balance sheets was $1.8 million. Foreign Currency Transactions Foreign currency transaction losses included in selling, general and administrative expenses were $1.3 million and $1.8 million for the three months ended March 31, 2023 and 2022, respectively. Recently Adopted Accounting Standards The Company considers the applicability and impact of all Accounting Standards Updates ("ASUs"). Management determined that recently issued ASUs are not expected to have a material impact on the Company's consolidated financial statements.

Allowance for Doubtful Accounts

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

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)		2023		2022
Balance at beginning of period		$	8,258	$	5,980
Bad debt expense		254		922
Amount of receivables written off		(52)		(44)
Foreign currency translation		48		(72)
Balance at end of period		$	8,508	$	6,786

Inventories

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventories

The components of inventories were as follows:


	March 31,		December 31,
(in thousands)	2023		2022
Raw materials and supplies	$	150,635	$	154,881
Work-in-process	28,862		29,689
Finished goods	459,626		490,114
Inventories	$	639,123	$	674,684

Product Warranty

3 Months Ended

Mar. 31, 2023

Product Warranties Disclosures [Abstract]

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)		2023		2022
Balance at beginning of period		$	3,951	$	4,177
Provision		1,675		995
Claims paid/costs incurred		(1,229)		(1,045)
Foreign currency translation		(11)		(36)
Balance at end of period		$	4,386	$	4,091

Debt and Financing Arrangements	3 Months Ended
Debt and Financing Arrangements	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt and Financing Arrangements	Debt and Financing Arrangements Credit Facility On August 2, 2022, the Company amended its credit agreement to, among other things, provide a $950.0 million multi-currency revolving credit facility and amend rates per annum at which borrowings in different denominations bear interest (the "Second Amended Credit Facility"). On August 2, 2022, proceeds from borrowings under the multi-currency revolving credit facility were used to, among other things, prepay in full the Company's then-outstanding term loans and refinance its outstanding borrowings under the revolving credit facility. Immediately prior to payment, the aggregate amounts outstanding related to the term loans and revolving credit facility were approximately $306.3 million and $72.6 million, respectively. The Second Amended Credit Facility matures on August 2, 2027, and as a result, the related borrowings have been classified as long-term debt, with the proceeds and repayments under the revolving credit facility presented on a gross basis in the consolidated statements of cash flows. 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, 2023, the Company was in compliance with all covenants under its credit agreement. As of March 31, 2023, there were $783.0 million in outstanding borrowings under the Company's multi-currency revolving credit facility with a weighted average interest rate of 5.87%. As of March 31, 2023, the Company had available borrowings under its multi-currency revolving credit facility of $158.8 million after giving effect to $8.2 million of outstanding letters of credit. 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 consolidated balance sheets with the proceeds and repayments presented on a gross basis in the consolidated statements of cash flows when the original maturity exceeds 90 days. There were $44.6 million and $40.3 million in outstanding borrowings under the Company's local credit facilities as of March 31, 2023 and December 31, 2022, respectively. The weighted average interest rate applicable to the outstanding borrowings was 0.82% and 0.85% as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023, the Company had available borrowings remaining under these local credit facilities of $25.3 million. Letters of Credit As of March 31, 2023 and December 31, 2022, there were outstanding letters of credit related to agreements, including the Company's Second Amended Credit Facility, totaling $12.0 million and $10.0 million, respectively, of which $8.6 million and $7.3 million, respectively, was secured. These agreements provided a maximum commitment for letters of credit of $58.8 million as of March 31, 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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, 2023 and December 31, 2022 was $225.3 million and $242.4 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. The gross U.S. dollar equivalent notional amount outstanding of all foreign exchange forward contracts not designated under hedge accounting as of both March 31, 2023 and December 31, 2022 was $4.0 million. Selling, general and administrative expenses during the three months ended March 31, 2023 and 2022 included a gain of $0.1 million and $0.3 million, respectively, 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. As of March 31, 2023, the notional value of the Company's outstanding interest rate swap contracts was $100.0 million. As of December 31, 2022, there were no interest rate swap contracts outstanding.

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 Location	Hedge Instrument Type	2023		2022
Prepaid and other assets	Foreign exchange forward	$	6,078	$	7,393
	Interest rate swap	344		—
Other assets	Foreign exchange forward	87		1,341

Accrued expenses and other liabilities	Foreign exchange forward	3,817		4,710
	Interest rate swap	17		—
Other noncurrent liabilities	Foreign exchange forward	505		344
	Interest rate swap	699		—

The hedge instrument gain (loss) recognized in accumulated other comprehensive loss, net of tax was as follows:


	Three months ended
	March 31,
(in thousands)		2023		2022
Type of hedge
Foreign exchange forward		$	(477)	$	3,076
Interest rate swap		(356)		—
Total		$	(833)	$	3,076

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 $2.4 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 $0.3 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 gain (loss) recognized on the unaudited condensed consolidated statements of operations was as follows:


	Three months ended
	March 31,
(in thousands)		2023		2022
Location of gain (loss) in statements of operations
Foreign exchange forward:
Cost of goods sold		$	5,196	$	1,355
Selling, general and administrative (1)		210		675
Total		$	5,406	$	2,030

Interest Rate Swap:
Interest expense, net		$	15	$	—
Total		$	15	$	—

_______________________________________________________________________________

(1) Relates to net gains (losses) 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.

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

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, 2023 were as follows:


	Fair Value Measurements as of
	March 31, 2023 using:
(in thousands)	Level 1		Level 2		Level 3		Balance Sheet Location
Assets
Rabbi trust	$	4,135	$	—	$	—	Prepaid and other assets
Foreign exchange derivative instruments	—		6,098		—		Prepaid and other assets
Interest rate derivative instruments	—		344		—		Other current assets

Deferred compensation program assets	670		—		—		Other assets
Foreign exchange derivative instruments	—		87		—		Other assets

Total assets	$	4,805	$	6,529	$	—
Liabilities
Foreign exchange derivative instruments	$	—	$	3,817	$	—	Accrued expenses and other liabilities
Interest rate derivative instruments	—		17		—		Accrued expenses and other liabilities
Deferred compensation program liabilities	670		—		—		Other noncurrent liabilities
Foreign exchange derivative instruments	—		505		—		Other noncurrent liabilities
Interest rate derivative instruments	—		699		—		Other noncurrent liabilities
Total liabilities	$	670	$	5,038	$	—

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 were as follows:


	Fair Value Measurements as of
	December 31, 2022 using:
(in thousands)	Level 1		Level 2		Level 3		Balance Sheet Location
Assets
Rabbi trust	$	3,940	$	—	$	—	Prepaid and other assets
Foreign exchange derivative instruments	—		7,393		—		Prepaid and other assets

Deferred compensation program assets	631		—		—		Other assets
Foreign exchange derivative instruments	—		1,341		—		Other assets
Total assets	$	4,571	$	8,734	$	—
Liabilities
Foreign exchange derivative instruments	$	—	$	4,758	$	—	Accrued expenses and other liabilities

Deferred compensation program liabilities	631		—		—		Other noncurrent liabilities
Foreign exchange derivative instruments	—		344		—		Other noncurrent liabilities

Total liabilities	$	631	$	5,102	$	—

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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Pension and Other Postretirement Benefits

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Pension and Other Postretirement Benefits

Components of net periodic benefit cost were as follows:


	Pension Benefits				Postretirement Benefits
	Three months ended March 31,
(in thousands)	2023		2022		2023		2022
Components of net periodic benefit cost
Service cost	$	1,434	$	2,007	$	119	$	160
Interest cost	2,943		2,234		172		84
Expected return on plan assets	(1,962)		(1,871)		—		—


Amortization of net loss (gain)	21		935		(201)		(152)
Amortization of prior service cost (credit)	46		69		(34)		(34)
Net periodic benefit cost	$	2,482	$	3,374	$	56	$	58

The non-service cost components of net periodic benefit cost are included in other expense, net in the unaudited condensed consolidated statements of operations.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesIncome tax expense decreased by $0.2 million to $20.7 million for the three months ended March 31, 2023 compared to $20.9 million for the three months ended March 31, 2022. The Company’s effective income tax rate ("ETR") was 18.1% for the three months ended March 31, 2023 compared to 20.4% for the three months ended March 31, 2022.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 the Company's international subsidiaries. The ETR for the three months ended March 31, 2022 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 and the Company's geographic mix of income earned by its international subsidiaries

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Common Stock

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

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)
2023:



First Quarter	$	0.195	$	13,629
Total dividends declared in 2023	$	0.195	$	13,629

2022:
Fourth Quarter	$	0.180	$	12,986
Third Quarter	0.180		13,192
Second Quarter	0.180		13,400
First Quarter	0.180		13,473
Total dividends declared in 2022	$	0.720	$	53,051

During the second quarter of 2023, the Company's Board of Directors declared a dividend of $0.195 per share of common stock to shareholders of record as of June 2, 2023 and payable on June 16, 2023.

Share Repurchase Program

As of March 31, 2023, the Board of Directors had authorized the Company to repurchase up to $700.0 million 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.

On November 8, 2021, 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, up to an aggregate of $37.5 million, at the same weighted average per share price (the "2021 Agreement"). In relation to the 2021 Agreement, on January 24, 2022, the Company purchased 699,819 shares of its common stock for an aggregate of $37.5 million from Magnus, in satisfaction of its obligations under the 2021 Agreement.

On June 16, 2022, 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 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 will 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.

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)		2023		2022
Shares repurchased in the open market:
Shares repurchased		346,389		463,980
Average price		$	46.54	$	46.57
Aggregate value		$	16,122	$	21,607
Shares repurchased from Magnus:
Shares repurchased		2,168,528		699,819
Average price (1)		$	46.11	$	53.59
Aggregate value		$	100,001	$	37,501
Total shares repurchased:
Shares repurchased		2,514,917		1,163,799
Average price		$	46.17	$	50.79
Aggregate value		$	116,123	$	59,108

___________________________________

(1) 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 the current 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, 2023, the Company had $291.3 million remaining under the current share repurchase authorization. This program will remain in effect until completed or until terminated by the Board of Directors.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (i)
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Equity Incentive Plans

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plans

Under the Acushnet Holdings Corp. 2015 Omnibus Incentive Plan (“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, 2023, 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 metrics, 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 metrics. 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, 2023 and changes during the three months then ended is presented below:


		Weighted-			Weighted-
	Number	Average		Number	Average
	of RSUs	Fair Value RSUs		of PSUs (3)	Fair Value PSUs
Outstanding as of December 31, 2022	944,695	$	37.48	529,366	$	36.30
Granted	337,567	48.58		168,251	48.58
Vested (1)(2)	(499,896)	31.04		(231,127)	25.73
Forfeited	(4,179)	43.87		(12,377)	41.78
Outstanding as of March 31, 2023	778,187	$	46.40	454,113	$	46.08

_______________________________________________________________________________

(1) Includes 75,157 shares of common stock related to RSU's that were not delivered as of March 31, 2023.

(2) Based upon the Company’s level of achievement of the applicable performance metrics, the recipients of the 231,127 PSUs that vested during the three months ended March 31, 2023, were entitled to receive 460,684 shares of common stock. As of March 31, 2023, there were 229,205 shares of common stock that had not been delivered in connection with the vesting of these PSUs.

(3) Number of PSUs assume that 100% of the target level of performance was 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)		2023		2022
RSUs		$	4,154	$	2,770
PSUs		2,965		2,419

The remaining unrecognized compensation expense related to unvested RSUs and unvested PSUs was $27.7 million and $15.0 million, respectively, as of March 31, 2023, 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 ended		Three months ended
	March 31, 2023		March 31, 2022
	RSUs	PSUs	RSUs	PSUs
Shares of common stock issued	436,491	231,580	492,580	188,527
Shares of common stock withheld by the Company as payment by employees in lieu of cash to satisfy tax withholding obligations	(128,291)	(91,842)	(159,851)	(87,215)
Net shares of common stock issued	308,200	139,738	332,729	101,312

Cumulative undelivered shares of common stock	471,306	420,447	414,866	191,242

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)		2023		2022
Cost of goods sold		$	373	$	300
Selling, general and administrative		6,223		4,698
Research and development		687		355
Total compensation expense before income tax		7,283		5,353
Income tax benefit		1,492		1,176
Total compensation expense, net of income tax		$	5,791	$	4,177

Accumulated Other Comprehensive Loss, Net of Tax

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

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:


			Foreign		Interest				Accumulated
	Foreign		Exchange		Rate Swap		Pension and		Other
	Currency		Derivative		Derivative		Other		Comprehensive
(in thousands)	Translation		Instruments		Instruments		Postretirement		Loss, Net of Tax
Balance as of December 31, 2022	$	(97,855)	$	5,598	$	—	$	(17,411)	$	(109,668)

Other comprehensive (loss) income before reclassifications	565		(477)		(356)		(238)		(506)
Amounts reclassified from accumulated other comprehensive loss, net of tax	—		(5,196)		(15)		(168)		(5,379)
Tax expense	—		1,694		90		90		1,874
Balance as of March 31, 2023	$	(97,290)	$	1,619	$	(281)	$	(17,727)	$	(113,679)

Net Income per Common Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

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)		2023		2022

Net income attributable to Acushnet Holdings Corp.		$	93,275	$	81,045







Weighted average number of common shares:
Basic		68,213,068		73,513,109
RSUs		340,101		325,550
PSUs		93,043		84,069
Diluted		68,646,212		73,922,728

Net income per common share attributable to Acushnet Holdings Corp.:
Basic		$	1.37	$	1.10
Diluted		$	1.36	$	1.10

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, 2023 and 2022 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. During both the first quarter of 2023 and 2022, the minimum performance target was achieved relating to certain PSUs and as a result, these PSUs have been included in diluted shares outstanding for the three months ended March 31, 2023 and 2022.

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,
		2023	2022
RSUs		259,496	66,405

Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

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 (loss). Segment operating income (loss) includes directly attributable expenses and certain shared costs of corporate administration that are allocated to the reportable segments, but excludes interest expense, net, restructuring charges, the non-service cost component of net periodic benefit cost, transaction fees and other non-operating gains and losses as the Company does not allocate these 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, 2023 and 2022 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)		2023		2022
Net sales
Titleist golf balls		$	192,001	$	163,838
Titleist golf clubs		180,781		160,815
Titleist golf gear		67,043		44,146
FootJoy golf wear		205,274		197,553
Other		41,191		39,735
Total net sales		$	686,290	$	606,087

Segment operating income
Titleist golf balls		$	38,621	$	33,373
Titleist golf clubs		40,545		32,228
Titleist golf gear		12,190		2,194
FootJoy golf wear		30,801		31,315
Other		6,564		7,427
Total segment operating income		128,721		106,537
Reconciling items:
Interest expense, net		(9,896)		(1,277)

Non-service cost component of net periodic benefit cost		(985)		(1,265)

Other		(3,496)		(1,229)
Total income before income tax		$	114,344	$	102,766

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)		2023		2022
United States		$	369,931	$	295,126
EMEA (1)		104,760		112,357
Japan		46,375		45,795
Korea		88,984		85,717
Rest of World		76,240		67,092
Total net sales		$	686,290	$	606,087

_______________________________________________________________________________

(1) Europe, the Middle East and Africa ("EMEA")

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 21
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

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, 2023 were as follows:


	Payments Due by Period
	Remainder of
(in thousands)	2023		2024		2025		2026		2027		Thereafter
Purchase obligations (1)	$	245,899	$	27,389	$	7,133	$	2,722	$	2,430	$	9,653

_______________________________________________________________________________

(1) The reported amounts exclude those liabilities included on the unaudited condensed consolidated balance sheet as of March 31, 2023.

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.

Other Business Developments	3 Months Ended
Other Business Developments	Mar. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Other Business Developments	Other Business Developments In January 2023, the Company acquired certain trademarks from Club Glove, an industry leader specializing in 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 included in accrued expenses and other liabilities on the unaudited condensed consolidated balance sheet as of March 31, 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. On November 4, 2022, the Company completed the acquisition of an 80% interest in certain assets and liabilities of TPI EDU, LLC, Onbase University, LP and Racquetfit, LP, (together known as "TPI") for cash consideration of $18.4 million. As part of the acquisition, the Company recorded a redeemable noncontrolling interest of $4.6 million (Note 1). TPI is a leading supplier of online courses, certifications, educational programs, live seminars, and other educational services in the golf, baseball and tennis industries. The results of TPI have been included in the Company's Titleist golf clubs reporting segment since the date of acquisition (Note 14). On April 1, 2022, the Company acquired the outstanding equity interest in PG Golf LLC for $5.0 million, including cash consideration of $3.6 million and contingent consideration of $1.4 million, which was included in other noncurrent liabilities on the unaudited condensed consolidated balance sheet as of March 31, 2023 and December 31, 2022.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
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, 2023 are not necessarily indicative of results to be expected for the full year ending December 31, 2023, nor were those of the comparable 2022 periods representative of those actually experienced for the full year ended December 31, 2022. 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, 2022 included in its Annual Report on Form 10-K filed with the SEC on March 1, 2023.
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, 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, 2023 and December 31, 2022. 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 CashCash 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 $1.3 million and $1.8 million for the three months ended March 31, 2023 and 2022, respectively.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards The Company considers the applicability and impact of all Accounting Standards Updates ("ASUs"). Management determined that recently issued ASUs are not expected to have a material impact on the Company's consolidated financial statements.

Allowance for Doubtful Accounts (Tables)

3 Months Ended

Mar. 31, 2023

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)		2023		2022
Balance at beginning of period		$	8,258	$	5,980
Bad debt expense		254		922
Amount of receivables written off		(52)		(44)
Foreign currency translation		48		(72)
Balance at end of period		$	8,508	$	6,786

Inventories (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

The components of inventories were as follows:


	March 31,		December 31,
(in thousands)	2023		2022
Raw materials and supplies	$	150,635	$	154,881
Work-in-process	28,862		29,689
Finished goods	459,626		490,114
Inventories	$	639,123	$	674,684

Product Warranty (Tables)

3 Months Ended

Mar. 31, 2023

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)		2023		2022
Balance at beginning of period		$	3,951	$	4,177
Provision		1,675		995
Claims paid/costs incurred		(1,229)		(1,045)
Foreign currency translation		(11)		(36)
Balance at end of period		$	4,386	$	4,091

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

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 Location	Hedge Instrument Type	2023		2022
Prepaid and other assets	Foreign exchange forward	$	6,078	$	7,393
	Interest rate swap	344		—
Other assets	Foreign exchange forward	87		1,341

Accrued expenses and other liabilities	Foreign exchange forward	3,817		4,710
	Interest rate swap	17		—
Other noncurrent liabilities	Foreign exchange forward	505		344
	Interest rate swap	699		—

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)		2023		2022
Type of hedge
Foreign exchange forward		$	(477)	$	3,076
Interest rate swap		(356)		—
Total		$	(833)	$	3,076

Schedule of Effect of Hedge Instrument in the Unaudited Condensed Consolidated Statement of Operations

The hedge instrument gain (loss) recognized on the unaudited condensed consolidated statements of operations was as follows:


	Three months ended
	March 31,
(in thousands)		2023		2022
Location of gain (loss) in statements of operations
Foreign exchange forward:
Cost of goods sold		$	5,196	$	1,355
Selling, general and administrative (1)		210		675
Total		$	5,406	$	2,030

Interest Rate Swap:
Interest expense, net		$	15	$	—
Total		$	15	$	—

_______________________________________________________________________________

(1) Relates to net gains (losses) on foreign exchange forward contracts derived from previously designated cash flow hedges.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 were as follows:


	Fair Value Measurements as of
	March 31, 2023 using:
(in thousands)	Level 1		Level 2		Level 3		Balance Sheet Location
Assets
Rabbi trust	$	4,135	$	—	$	—	Prepaid and other assets
Foreign exchange derivative instruments	—		6,098		—		Prepaid and other assets
Interest rate derivative instruments	—		344		—		Other current assets

Deferred compensation program assets	670		—		—		Other assets
Foreign exchange derivative instruments	—		87		—		Other assets

Total assets	$	4,805	$	6,529	$	—
Liabilities
Foreign exchange derivative instruments	$	—	$	3,817	$	—	Accrued expenses and other liabilities
Interest rate derivative instruments	—		17		—		Accrued expenses and other liabilities
Deferred compensation program liabilities	670		—		—		Other noncurrent liabilities
Foreign exchange derivative instruments	—		505		—		Other noncurrent liabilities
Interest rate derivative instruments	—		699		—		Other noncurrent liabilities
Total liabilities	$	670	$	5,038	$	—

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 were as follows:


	Fair Value Measurements as of
	December 31, 2022 using:
(in thousands)	Level 1		Level 2		Level 3		Balance Sheet Location
Assets
Rabbi trust	$	3,940	$	—	$	—	Prepaid and other assets
Foreign exchange derivative instruments	—		7,393		—		Prepaid and other assets

Deferred compensation program assets	631		—		—		Other assets
Foreign exchange derivative instruments	—		1,341		—		Other assets
Total assets	$	4,571	$	8,734	$	—
Liabilities
Foreign exchange derivative instruments	$	—	$	4,758	$	—	Accrued expenses and other liabilities

Deferred compensation program liabilities	631		—		—		Other noncurrent liabilities
Foreign exchange derivative instruments	—		344		—		Other noncurrent liabilities

Total liabilities	$	631	$	5,102	$	—

Pension and Other Postretirement Benefits (Tables)

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

Schedule of Components of Net Periodic Benefit Cost

Components of net periodic benefit cost were as follows:


	Pension Benefits				Postretirement Benefits
	Three months ended March 31,
(in thousands)	2023		2022		2023		2022
Components of net periodic benefit cost
Service cost	$	1,434	$	2,007	$	119	$	160
Interest cost	2,943		2,234		172		84
Expected return on plan assets	(1,962)		(1,871)		—		—


Amortization of net loss (gain)	21		935		(201)		(152)
Amortization of prior service cost (credit)	46		69		(34)		(34)
Net periodic benefit cost	$	2,482	$	3,374	$	56	$	58

Common Stock (Tables)

3 Months Ended

Mar. 31, 2023

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)
2023:



First Quarter	$	0.195	$	13,629
Total dividends declared in 2023	$	0.195	$	13,629

2022:
Fourth Quarter	$	0.180	$	12,986
Third Quarter	0.180		13,192
Second Quarter	0.180		13,400
First Quarter	0.180		13,473
Total dividends declared in 2022	$	0.720	$	53,051

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)		2023		2022
Shares repurchased in the open market:
Shares repurchased		346,389		463,980
Average price		$	46.54	$	46.57
Aggregate value		$	16,122	$	21,607
Shares repurchased from Magnus:
Shares repurchased		2,168,528		699,819
Average price (1)		$	46.11	$	53.59
Aggregate value		$	100,001	$	37,501
Total shares repurchased:
Shares repurchased		2,514,917		1,163,799
Average price		$	46.17	$	50.79
Aggregate value		$	116,123	$	59,108

___________________________________

(1) 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 the current 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.

Equity Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023 and changes during the three months then ended is presented below:


		Weighted-			Weighted-
	Number	Average		Number	Average
	of RSUs	Fair Value RSUs		of PSUs (3)	Fair Value PSUs
Outstanding as of December 31, 2022	944,695	$	37.48	529,366	$	36.30
Granted	337,567	48.58		168,251	48.58
Vested (1)(2)	(499,896)	31.04		(231,127)	25.73
Forfeited	(4,179)	43.87		(12,377)	41.78
Outstanding as of March 31, 2023	778,187	$	46.40	454,113	$	46.08

_______________________________________________________________________________

(1) Includes 75,157 shares of common stock related to RSU's that were not delivered as of March 31, 2023.

(2) Based upon the Company’s level of achievement of the applicable performance metrics, the recipients of the 231,127 PSUs that vested during the three months ended March 31, 2023, were entitled to receive 460,684 shares of common stock. As of March 31, 2023, there were 229,205 shares of common stock that had not been delivered in connection with the vesting of these PSUs.

(3) Number of PSUs assume that 100% of the target level of performance was achieved

Schedule of Compensation Expense Recorded in the Consolidated Statement of Operations

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)		2023		2022
RSUs		$	4,154	$	2,770
PSUs		2,965		2,419

Schedule of Shares of Common Stock Issued

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 ended		Three months ended
	March 31, 2023		March 31, 2022
	RSUs	PSUs	RSUs	PSUs
Shares of common stock issued	436,491	231,580	492,580	188,527
Shares of common stock withheld by the Company as payment by employees in lieu of cash to satisfy tax withholding obligations	(128,291)	(91,842)	(159,851)	(87,215)
Net shares of common stock issued	308,200	139,738	332,729	101,312

Cumulative undelivered shares of common stock	471,306	420,447	414,866	191,242

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)		2023		2022
Cost of goods sold		$	373	$	300
Selling, general and administrative		6,223		4,698
Research and development		687		355
Total compensation expense before income tax		7,283		5,353
Income tax benefit		1,492		1,176
Total compensation expense, net of income tax		$	5,791	$	4,177

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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-Name Accounting Standards Codification
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+ Details

Accumulated Other Comprehensive Loss, Net of Tax (Tables)

3 Months Ended

Mar. 31, 2023

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:


			Foreign		Interest				Accumulated
	Foreign		Exchange		Rate Swap		Pension and		Other
	Currency		Derivative		Derivative		Other		Comprehensive
(in thousands)	Translation		Instruments		Instruments		Postretirement		Loss, Net of Tax
Balance as of December 31, 2022	$	(97,855)	$	5,598	$	—	$	(17,411)	$	(109,668)

Other comprehensive (loss) income before reclassifications	565		(477)		(356)		(238)		(506)
Amounts reclassified from accumulated other comprehensive loss, net of tax	—		(5,196)		(15)		(168)		(5,379)
Tax expense	—		1,694		90		90		1,874
Balance as of March 31, 2023	$	(97,290)	$	1,619	$	(281)	$	(17,727)	$	(113,679)

Net Income per Common Share (Tables)

3 Months Ended

Mar. 31, 2023

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)		2023		2022

Net income attributable to Acushnet Holdings Corp.		$	93,275	$	81,045







Weighted average number of common shares:
Basic		68,213,068		73,513,109
RSUs		340,101		325,550
PSUs		93,043		84,069
Diluted		68,646,212		73,922,728

Net income per common share attributable to Acushnet Holdings Corp.:
Basic		$	1.37	$	1.10
Diluted		$	1.36	$	1.10

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,
		2023	2022
RSUs		259,496	66,405

Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

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)		2023		2022
Net sales
Titleist golf balls		$	192,001	$	163,838
Titleist golf clubs		180,781		160,815
Titleist golf gear		67,043		44,146
FootJoy golf wear		205,274		197,553
Other		41,191		39,735
Total net sales		$	686,290	$	606,087

Segment operating income
Titleist golf balls		$	38,621	$	33,373
Titleist golf clubs		40,545		32,228
Titleist golf gear		12,190		2,194
FootJoy golf wear		30,801		31,315
Other		6,564		7,427
Total segment operating income		128,721		106,537
Reconciling items:
Interest expense, net		(9,896)		(1,277)

Non-service cost component of net periodic benefit cost		(985)		(1,265)

Other		(3,496)		(1,229)
Total income before income tax		$	114,344	$	102,766

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)		2023		2022
United States		$	369,931	$	295,126
EMEA (1)		104,760		112,357
Japan		46,375		45,795
Korea		88,984		85,717
Rest of World		76,240		67,092
Total net sales		$	686,290	$	606,087

_______________________________________________________________________________

(1) Europe, the Middle East and Africa ("EMEA")

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Purchase Obligations

The Company's purchase obligations as of March 31, 2023 were as follows:


	Payments Due by Period
	Remainder of
(in thousands)	2023		2024		2025		2026		2027		Thereafter
Purchase obligations (1)	$	245,899	$	27,389	$	7,133	$	2,722	$	2,430	$	9,653

_______________________________________________________________________________

(1) The reported amounts exclude those liabilities included on the unaudited condensed consolidated balance sheet as of March 31, 2023.

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Variable Interest Entity [Line Items]
Loan to minority shareholders included in temporary equity	$ 4,400,000		$ 4,400,000
Restricted cash	1,800,000		1,800,000
Transaction losses included in selling, general and administrative expenses	$ 1,300,000	$ 1,800,000
VIE
Variable Interest Entity [Line Items]
Ownership percentage	40.00%
Outstanding borrowings	$ 0		$ 0

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 8,258	$ 5,980
Bad debt expense	254	922
Amount of receivables written off	(52)	(44)
Foreign currency translation	48	(72)
Balance at end of period	$ 8,508	$ 6,786

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 150,635	$ 154,881
Work-in-process	28,862	29,689
Finished goods	459,626	490,114
Inventories	$ 639,123	$ 674,684

Product Warranty (Details) - USD ($) $ in Thousands	3 Months Ended
Product Warranty (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Activity for accrued warranty expense
Balance at beginning of period	$ 3,951	$ 4,177
Provision	1,675	995
Claims paid/costs incurred	(1,229)	(1,045)
Foreign currency translation	(11)	(36)
Balance at end of period	$ 4,386	$ 4,091
Minimum
Product Warranty Liability [Line Items]
Product warranty period	1 year
Maximum
Product Warranty Liability [Line Items]
Product warranty period	2 years

Debt and Financing Arrangements (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Aug. 02, 2022	Aug. 01, 2022
Unsecured Local Credit Facilities
Line of Credit Facility [Line Items]
Weighted average interest rate (as percent)	0.82%	0.85%
Available borrowings	$ 25,300,000
Other short-term borrowings, outstanding borrowings	44,600,000	$ 40,300,000
Secured Debt
Line of Credit Facility [Line Items]
Amount outstanding				$ 306,300,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 950,000,000
Outstanding borrowings	$ 783,000,000			$ 72,600,000
Weighted average interest rate (as percent)	5.87%
Available borrowings	$ 158,800,000
Letters of credit outstanding	8,200,000
Letters of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	58,800,000
Outstanding borrowings	12,000,000	10,000,000
Line of credit secured	$ 8,600,000	$ 7,300,000

Derivative Financial Instruments - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Transaction gain (losses) included in selling, general and administrative expenses	$ (1,300,000)	$ (1,800,000)
Not Designated As Hedging Instrument
Derivatives, Fair Value [Line Items]
Transaction gain (losses) included in selling, general and administrative expenses	100,000	$ 300,000
Foreign exchange forward
Derivatives, Fair Value [Line Items]
Expected reclassification of net gain recorded in accumulated other comprehensive loss, net of tax into cost of goods sold during next twelve months	2,400,000
Foreign exchange forward \| Derivative Designated As Hedging
Derivatives, Fair Value [Line Items]
Notional amount	225,300,000		$ 242,400,000
Foreign exchange forward \| Not Designated As Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional amount	$ 4,000,000		4,000,000
Foreign exchange forward \| Maximum
Derivatives, Fair Value [Line Items]
Term of derivative contract (in months)	24 months
Interest rate swap \| Derivative Designated As Hedging
Derivatives, Fair Value [Line Items]
Notional amount	$ 100,000,000		$ 0

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, 2023	Dec. 31, 2022
Foreign exchange forward \| Prepaid and other assets
Derivatives, Fair Value [Line Items]
Asset derivatives	$ 6,078	$ 7,393
Foreign exchange forward \| Other assets
Derivatives, Fair Value [Line Items]
Asset derivatives	87	1,341
Foreign exchange forward \| Accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Liability derivatives	3,817	4,710
Foreign exchange forward \| Other noncurrent liabilities
Derivatives, Fair Value [Line Items]
Liability derivatives	505	344
Interest rate swap \| Prepaid and other assets
Derivatives, Fair Value [Line Items]
Asset derivatives	344	0
Interest rate swap \| Accrued expenses and other liabilities
Derivatives, Fair Value [Line Items]
Liability derivatives	17	0
Interest rate swap \| Other noncurrent liabilities
Derivatives, Fair Value [Line Items]
Liability derivatives	$ 699	$ 0

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, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in accumulated other comprehensive loss, net of tax	$ (833)	$ 3,076
Cash Flow Hedge \| Derivative Designated As Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in accumulated other comprehensive loss, net of tax	(833)	3,076
Foreign exchange forward \| Cash Flow Hedge \| Derivative Designated As Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in accumulated other comprehensive loss, net of tax	(477)	3,076
Interest rate swap \| Cash Flow Hedge \| Derivative Designated As Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized in accumulated other comprehensive loss, net of tax	$ (356)	$ 0

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, 2023	Mar. 31, 2022
Foreign exchange forward
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) recognized on unaudited condensed consolidated statements of operations	$ 5,406	$ 2,030
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 (loss) recognized on unaudited condensed consolidated statements of operations	$ 5,196	$ 1,355
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 (loss) recognized on unaudited condensed consolidated statements of operations	$ 210	$ 675
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 (loss) recognized on unaudited condensed consolidated statements of operations	$ 15	$ 0

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Level 1
Assets
Rabbi trust	$ 4,135	$ 3,940
Deferred compensation program assets	670	631
Total assets	4,805	4,571
Liabilities
Deferred compensation program liabilities	670	631
Total liabilities	670	631
Level 1 \| Foreign exchange derivative instruments
Assets
Foreign exchange derivative instruments	0	0
Foreign exchange derivative instruments	0	0
Liabilities
Derivative instruments, current	0	0
Derivative instruments, noncurrent	0	0
Level 1 \| Interest rate derivative instruments
Assets
Interest rate derivative instruments	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	6,529	8,734
Liabilities
Deferred compensation program liabilities	0	0
Total liabilities	5,038	5,102
Level 2 \| Foreign exchange derivative instruments
Assets
Foreign exchange derivative instruments	6,098	7,393
Foreign exchange derivative instruments	87	1,341
Liabilities
Derivative instruments, current	3,817	4,758
Derivative instruments, noncurrent	505	344
Level 2 \| Interest rate derivative instruments
Assets
Interest rate derivative instruments	344
Liabilities
Derivative instruments, current	17
Derivative instruments, noncurrent	699
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
Foreign exchange derivative instruments	0	0
Liabilities
Derivative instruments, current	0	0
Derivative instruments, noncurrent	0	$ 0
Level 3 \| Interest rate derivative instruments
Assets
Interest rate derivative instruments	0
Liabilities
Derivative instruments, current	0
Derivative instruments, noncurrent	$ 0

Pension and Other Postretirement Benefits (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Pension Benefits
Components of net periodic benefit cost
Service cost	$ 1,434	$ 2,007
Interest cost	2,943	2,234
Expected return on plan assets	(1,962)	(1,871)
Amortization of net loss (gain)	21	935
Amortization of prior service cost (credit)	46	69
Net periodic benefit cost	2,482	3,374
Postretirement Benefits
Components of net periodic benefit cost
Service cost	119	160
Interest cost	172	84
Expected return on plan assets	0	0
Amortization of net loss (gain)	(201)	(152)
Amortization of prior service cost (credit)	(34)	(34)
Net periodic benefit cost	$ 56	$ 58

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Decrease in income tax expense	$ 200
Income tax expense (benefit)	$ 20,725	$ 20,919
Effective tax rate (as percent)	18.10%	20.40%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Common Stock - Schedule of Declared Dividends Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended					12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2022
Equity [Abstract]
Dividends per Common Share (in dollars per share)	$ 0.195	$ 0.180	$ 0.180	$ 0.180	$ 0.180	$ 0.720
Amount	$ 13,629	$ 12,986	$ 13,192	$ 13,400	$ 13,473	$ 53,051

Common Stock - Narrative (Details) - USD ($)				3 Months Ended
Common Stock - Narrative (Details) - USD ($)	Jan. 23, 2023	Jan. 13, 2023	Jan. 24, 2022	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2023	Dec. 31, 2022	Aug. 30, 2022	Jun. 16, 2022	Nov. 08, 2021
Dividends Payable [Line Items]
Issued and outstanding common stock authorized to repurchase				$ 700,000,000
Shares repurchased (in shares)				2,514,917	1,163,799
Aggregate value				$ 116,123,000	$ 59,108,000
Accrued share repurchase (in shares)							2,000,839
Amount remaining under current authorizations				$ 291,300,000
Magnus
Dividends Payable [Line Items]
Issued and outstanding common stock authorized to repurchase								$ 100,000,000	$ 75,000,000
Stock repurchase program, authorized amount										$ 37,500,000
Shares repurchased (in shares)	2,168,528		699,819	2,168,528	699,819
Aggregate value	$ 100,000,000		$ 37,500,000	$ 100,001,000	$ 37,501,000
Share repurchase liability				$ 92,600,000
Accrued share repurchase (in shares)				2,000,839
Open Market
Dividends Payable [Line Items]
Shares repurchased (in shares)		167,689		346,389	463,980
Aggregate value		$ 7,400,000		$ 16,122,000	$ 21,607,000
Aggregate purchases of shares in open market before shares will be purchased from Magnus				$ 100,000,000
Forecast
Dividends Payable [Line Items]
Dividends declared and payable (in dollars per share)						$ 0.195

Common Stock - Schedule of Share Repurchase Activity (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended
	Jan. 23, 2023	Jan. 13, 2023	Jan. 24, 2022	Mar. 31, 2023	Mar. 31, 2022
Dividends Payable [Line Items]
Shares repurchased (in shares)				2,514,917	1,163,799
Average price (in dollars per share)				$ 46.17	$ 50.79
Aggregate value				$ 116,123	$ 59,108
Open Market
Dividends Payable [Line Items]
Shares repurchased (in shares)		167,689		346,389	463,980
Average price (in dollars per share)				$ 46.54	$ 46.57
Aggregate value		$ 7,400		$ 16,122	$ 21,607
Magnus
Dividends Payable [Line Items]
Shares repurchased (in shares)	2,168,528		699,819	2,168,528	699,819
Average price (in dollars per share)				$ 46.11	$ 53.59
Aggregate value	$ 100,000		$ 37,500	$ 100,001	$ 37,501

Equity Incentive Plans - Narrative (Details) $ in Millions	3 Months Ended
Equity Incentive Plans - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($)
RSUs \| 2015 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 27.7
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]
Vesting period (in years)	3 years
PSUs \| 2015 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 15.0
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%

Equity Incentive Plans - Schedule of Restricted and Performance Stock Units (Details) - 2015 Omnibus Incentive Plan	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Common Stock
Weighted - Average Fair Value
Undelivered (in shares)	460,684
RSUs
Number of Units
Outstanding at beginning of the period (in shares)	944,695
Granted (in shares)	337,567
Vested (in shares)	(499,896)
Forfeited (in shares)	(4,179)
Outstanding at end of the period (in shares)	778,187
Weighted - Average Fair Value
Outstanding at beginning of the period (in dollars per share) \| $ / shares	$ 37.48
Granted (in dollars per share) \| $ / shares	48.58
Vested (in dollars per share) \| $ / shares	31.04
Forfeited (in dollars per share) \| $ / shares	43.87
Outstanding at end of the period (in dollars per share) \| $ / shares	$ 46.40
Undelivered (in shares)	75,157
PSUs
Number of Units
Outstanding at beginning of the period (in shares)	529,366
Granted (in shares)	168,251
Vested (in shares)	(231,127)
Forfeited (in shares)	(12,377)
Outstanding at end of the period (in shares)	454,113
Weighted - Average Fair Value
Outstanding at beginning of the period (in dollars per share) \| $ / shares	$ 36.30
Granted (in dollars per share) \| $ / shares	48.58
Vested (in dollars per share) \| $ / shares	25.73
Forfeited (in dollars per share) \| $ / shares	41.78
Outstanding at end of the period (in dollars per share) \| $ / shares	$ 46.08
Undelivered (in shares)	229,205

Equity Incentive Plans - Schedule of Compensation Expense Recorded in the Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expense	$ 7,283	$ 5,353
RSUs \| 2015 Omnibus Incentive Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expense	4,154	2,770
PSUs \| 2015 Omnibus Incentive Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expense	$ 2,965	$ 2,419

Equity Incentive Plans - Schedule of Shares of Common Stock Issued (Details) - 2015 Omnibus Incentive Plan - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
RSUs
Class of Stock [Line Items]
Cumulative undelivered shares of common stock (in shares)	75,157
PSUs
Class of Stock [Line Items]
Cumulative undelivered shares of common stock (in shares)	229,205
Common Stock \| RSUs
Class of Stock [Line Items]
Shares of common stock issued (in shares)	436,491	492,580
Shares of common stock withheld by the Company as payment by employees in lieu of cash to satisfy tax withholding obligations (in shares)	(128,291)	(159,851)
Net shares of common stock issued (in shares)	308,200	332,729
Cumulative undelivered shares of common stock (in shares)	471,306	414,866
Common Stock \| PSUs
Class of Stock [Line Items]
Shares of common stock issued (in shares)	231,580	188,527
Shares of common stock withheld by the Company as payment by employees in lieu of cash to satisfy tax withholding obligations (in shares)	(91,842)	(87,215)
Net shares of common stock issued (in shares)	139,738	101,312
Cumulative undelivered shares of common stock (in shares)	420,447	191,242

Equity Incentive Plans - Schedule of Compensation Expense Related to Equity Incentive Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation expense before income tax	$ 7,283	$ 5,353
Income tax benefit	1,492	1,176
Total compensation expense, net of income tax	5,791	4,177
Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation expense before income tax	373	300
Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation expense before income tax	6,223	4,698
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation expense before income tax	$ 687	$ 355

Accumulated Other Comprehensive Loss, Net of Tax (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 976,703
Other comprehensive (loss) income before reclassifications	(506)
Amounts reclassified from accumulated other comprehensive loss, net of tax	(5,379)
Tax expense	1,874
Ending balance	1,025,148
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(97,855)
Other comprehensive (loss) income before reclassifications	565
Amounts reclassified from accumulated other comprehensive loss, net of tax	0
Tax expense	0
Ending balance	(97,290)
Gains (Losses) on Derivative Instruments \| Foreign Exchange Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	5,598
Other comprehensive (loss) income before reclassifications	(477)
Amounts reclassified from accumulated other comprehensive loss, net of tax	(5,196)
Tax expense	1,694
Ending balance	1,619
Gains (Losses) on Derivative Instruments \| Interest rate swap
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0
Other comprehensive (loss) income before reclassifications	(356)
Amounts reclassified from accumulated other comprehensive loss, net of tax	(15)
Tax expense	90
Ending balance	(281)
Pension and Other Postretirement
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(17,411)
Other comprehensive (loss) income before reclassifications	(238)
Amounts reclassified from accumulated other comprehensive loss, net of tax	(168)
Tax expense	90
Ending balance	(17,727)
Accumulated Other Comprehensive Loss, Net of Tax
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(109,668)
Ending balance	$ (113,679)

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, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income attributable to Acushnet Holdings Corp.	$ 93,275	$ 81,045
Weighted average number of common shares:
Basic (in shares)	68,213,068	73,513,109
Diluted (in shares)	68,646,212	73,922,728
Net income per common share attributable to Acushnet Holdings Corp.:
Basic (in dollars per share)	$ 1.37	$ 1.10
Diluted (in dollars per share)	$ 1.36	$ 1.10
RSUs
Weighted average number of common shares:
Basic (in shares)	340,101	325,550
PSUs
Weighted average number of common shares:
Basic (in shares)	93,043	84,069

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, 2023	Mar. 31, 2022
RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Securities excluded from calculation of diluted weighted-average common shares outstanding as their impact was anti-dilutive (in shares)	259,496	66,405

Segment Information - Schedule of Information by Reportable Segment and a Reconciliation to Reported Amounts (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment	4
Segment Reporting Information [Line Items]
Net sales	$ 686,290	$ 606,087
Segment operating income	124,904	105,369
Reconciling items:
Interest expense, net	(9,896)	(1,277)
Income before income taxes	114,344	102,766
Operating Segments
Segment Reporting Information [Line Items]
Net sales	686,290	606,087
Segment operating income	128,721	106,537
Reconciling Items
Reconciling items:
Interest expense, net	(9,896)	(1,277)
Non-service cost component of net periodic benefit cost	(985)	(1,265)
Other	(3,496)	(1,229)
Titleist golf balls \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	192,001	163,838
Segment operating income	38,621	33,373
Titleist golf clubs \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	180,781	160,815
Segment operating income	40,545	32,228
Titleist golf gear \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	67,043	44,146
Segment operating income	12,190	2,194
FootJoy golf wear \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	205,274	197,553
Segment operating income	30,801	31,315
Other \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	41,191	39,735
Segment operating income	$ 6,564	$ 7,427

Segment Information - Schedule of Net Sales By Geographical Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	$ 686,290	$ 606,087
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	369,931	295,126
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	104,760	112,357
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	46,375	45,795
Korea
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	88,984	85,717
Rest of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Total net sales	$ 76,240	$ 67,092

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Commitments and Contingencies (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Payments Due by Period
Remainder of 2023	$ 245,899
2024	27,389
2025	7,133
2026	2,722
2027	2,430
Thereafter	$ 9,653

Other Business Developments (Details) - USD ($) $ in Thousands				1 Months Ended	3 Months Ended
	Jan. 03, 2023	Nov. 04, 2022	Apr. 01, 2022	Jan. 31, 2023	Mar. 31, 2023	Mar. 31, 2022
Business Acquisition [Line Items]
Payments to acquire intangible assets					$ 22,235	$ 0
Contingent consideration (Note 16)					$ 3,000	$ 0
TPI
Business Acquisition [Line Items]
Cash consideration		$ 18,400
Percent of certain assets and liabilities acquired		80.00%
Redeemable noncontrolling interest		$ 4,600
PG Golf LLC
Business Acquisition [Line Items]
Cash consideration			$ 3,600
Consideration transferred			5,000
Contingent consideration (Note 16)			$ 1,400
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