ACUSHNET HOLDINGS CORP., DEF 14A filed on 4/19/2024
Proxy Statement (definitive)
v3.24.1.u1
Cover
 12 Months Ended
Dec. 31, 2023
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name Acushnet Holdings Corp.
Entity Central Index Key 0001672013
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
Year
Summary Compensation Table Total
for PEO(1)
($)
Compensation Actually Paid
to PEO(1)(3)
($)
Avg. Summary
Compensation Table Total for
Non-PEO NEOs(2)
($)
Avg.
Compensation Actually Paid to Non-PEO NEOs(2)(3)
($)
Value of Initial Fixed $100 Investment Based on:
Net Income(5)
($)
Adjusted EBITDA(6)
($)
Total Shareholder Return
($)
Peer
Group(4) Total Shareholder Return
($)
20238,838,71717,884,1843,659,1975,189,793207.15123.22198,429376,138
20226,251,4753,428,8811,867,7451,166,106137.18103.89199,278338,408
20218,092,22522,206,7572,288,2305,171,829168.75147.06178,873328,337
20206,793,7498,875,8031,975,0662,399,933127.18120.1996,006233,184
      
Company Selected Measure Name Adjusted EBITDA      
Named Executive Officers, Footnote David Maher was the PEO for all four years in the table.The Non-PEO NEOs for whom the Summary Compensation Table total average compensation is presented are: for 2023, Sean Sullivan, Thomas Pacheco, Mary Louise Bohn, Steven Pelisek and Christopher Lindner; and for 2022, 2021 and 2020, Thomas Pacheco, Mary Louise Bohn, Steven Pelisek and Christopher Lindner.      
Peer Group Issuers, Footnote The selected peer group, the S&P Consumer Apparel & Durables, is the same peer group used for performance comparisons under Item 201(e) of Regulation S-K in our Form 10-K, filed February 29, 2024 with the SEC.      
PEO Total Compensation Amount $ 8,838,717 $ 6,251,475 $ 8,092,225 $ 6,793,749
PEO Actually Paid Compensation Amount $ 17,884,184 3,428,881 22,206,757 8,875,803
Adjustment To PEO Compensation, Footnote Amounts deducted from the Summary Compensation Table (“SCT”) total to calculate Compensation Actually Paid (“CAP”) to the PEO and the Non-PEO NEOs, respectively, for the years 2023, 2022, 2021 and 2020 are set forth in the tables below. The dollar amount of CAP is determined under SEC rules and does not reflect the actual amount of compensation earned by or paid to our PEO, or our Non-PEO NEOs as a group, for the applicable year.
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YearSummary Compensation Table Total
($)		Summary Compensation
Table Value of Equity Awards
($)		Summary Compensation Table Change in Pension Value
($)		Change in Value of Equity Awards
($)		Pension Service Cost
($)		PEO CAP (a-b-c+d+e)
($)
20238,838,717-5,000,048-965,03714,694,656315,89617,884,184
20226,251,475-4,000,052—748,854428,6033,428,881
20218,092,225-3,500,068-1,444,37218,717,572341,39922,206,757
20206,793,749-3,300,025-1,448,8126,534,626296,2658,875,803
Year2020
($)		2021
($)		2022
($)		2023
($)
SCT Total Compensation6,793,7498,092,2256,251,4758,838,717
Less: Stock Award Values Reported in SCT for Covered Year-3,300,025-3,500,068-4,000,052-5,000,048
Plus: Fair Value of Stock Granted in Covered Year5,297,0376,617,0063,909,1447,727,472
Change in Fair Value of Outstanding Unvested Stock Awards from Prior Years1,047,2255,858,498-2,888,5584,970,862
Change in Fair Value of Outstanding Unvested Stock Awards from Prior Years that Vested in Covered Year190,3636,242,069-271,7311,996,322
Less: Change in Value of Pension Benefits in Covered Year-1,448,812-1,444,372—-965,037
Plus: Pension Service Cost for Covered Year296,265341,399428,603315,896
Compensation Actually Paid8,875,80322,206,7573,428,88117,884,184
      
Non-PEO NEO Average Total Compensation Amount $ 3,659,197 1,867,745 2,288,230 1,975,066
Non-PEO NEO Average Compensation Actually Paid Amount $ 5,189,793 1,166,106 5,171,829 2,399,933
Adjustment to Non-PEO NEO Compensation Footnote Amounts deducted from the Summary Compensation Table (“SCT”) total to calculate Compensation Actually Paid (“CAP”) to the PEO and the Non-PEO NEOs, respectively, for the years 2023, 2022, 2021 and 2020 are set forth in the tables below. The dollar amount of CAP is determined under SEC rules and does not reflect the actual amount of compensation earned by or paid to our PEO, or our Non-PEO NEOs as a group, for the applicable year.
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YearSummary Compensation Table Total
($)		Summary Compensation
Table Value of Equity Awards
($)		Summary Compensation Table Change in Pension Value
($)		Change in Value of Equity Awards
($)		Pension Service Cost
($)		Non-PEO NEO CAP (a-b-c+d+e)
($)
20233,659,197-2,186,108-200,8103,873,86943,6445,189,793
20221,867,745-950,053—180,12668,2871,166,106
20212,288,230-787,552-320,0893,914,66276,5785,171,829
20201,975,066-775,016-345,9791,473,63872,2242,399,933
Year2020
($)		2021
($)		2022
($)		2023
($)
SCT Total Compensation1,975,0662,288,2301,867,7453,659,197
Less: Stock Award Values Reported in SCT for Covered Year-775,016-787,552-950,053-2,186,108
Plus: Fair Value of Stock Granted in Covered Year1,246,0021,484,634921,7002,662,937
Change in Fair Value of Outstanding Unvested Stock Awards from Prior Years164,7041,330,225-682,305810,215
Change in Fair Value of Outstanding Unvested Stock Awards from Prior Years that Vested in Covered Year62,9321,099,802-59,269400,718
Less: Change in Value of Pension Benefits in Covered Year-345,979-320,089—-200,810
Plus: Pension Service Cost for Covered Year72,22476,57868,28743,644
Compensation Actually Paid2,399,9335,171,8291,166,1065,189,793
      
Compensation Actually Paid vs. Total Shareholder Return
The Company’s TSR has exceeded the peer group TSR over the prior four-year period. The CAP of the Company's PEO and Non-PEO NEOs, as a group, was directionally aligned with the Company's TSR over the four-year period. The 2021 and 2023 CAP figures reflect significant stock price appreciation during such years together with above-target achievement of the Company's short and long-term incentive program targets.
3516
      
Compensation Actually Paid vs. Net Income
Pay vs. Performance: Net Income and Adjusted EBITDA
3570
      
Compensation Actually Paid vs. Company Selected Measure
Pay vs. Performance: Net Income and Adjusted EBITDA
3570
      
Total Shareholder Return Vs Peer Group
The Company’s TSR has exceeded the peer group TSR over the prior four-year period. The CAP of the Company's PEO and Non-PEO NEOs, as a group, was directionally aligned with the Company's TSR over the four-year period. The 2021 and 2023 CAP figures reflect significant stock price appreciation during such years together with above-target achievement of the Company's short and long-term incentive program targets.
3516
      
Tabular List, Table
Financial MetricRationale
Adjusted EBITDAMeasures Company's profitability
Operating IncomeMeasures how profitably management operated the Company over longer time period and is distinct from the profitability metric used in cash incentive plan
ROICMeasures the efficiency of the Company's deployment of capital
      
Total Shareholder Return Amount $ 207.15 137.18 168.75 127.18
Peer Group Total Shareholder Return Amount 123.22 103.89 147.06 120.19
Net Income (Loss) $ 198,429,000 $ 199,278,000 $ 178,873,000 $ 96,006,000
Company Selected Measure Amount 376,138,000 338,408,000 328,337,000 233,184,000
PEO Name David Maher      
Additional 402(v) Disclosure
As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between executive compensation actually paid and certain financial performance of the Company. For further information concerning the Company’s variable pay-for-performance philosophy and how the Company aligns executive compensation with the Company’s performance, refer to “Executive Compensation – Compensation Discussion and Analysis.” The Compensation Committee did not consider the Compensation Actually Paid measure below in making its compensation decisions for any of the years shown below.
Reflects net income of the Company (in thousands) reported in our Annual Report on Form 10-K for the applicable fiscal year. 		     
Measure:: 1        
Pay vs Performance Disclosure        
Name Adjusted EBITDA      
Non-GAAP Measure Description Reflects the Company’s Adjusted EBITDA (in thousands), which is our company selected measure (“CSM”) as we believe it represents the most important financial performance measure used to link CAP to our NEOs to Company performance. Please see “Compensation Discussion and Analysis-Components of our Executive Compensation Program-Annual Cash Incentives” for information on how the Company determines Adjusted EBITDA.      
Measure:: 2        
Pay vs Performance Disclosure        
Name Operating Income      
Measure:: 3        
Pay vs Performance Disclosure        
Name ROIC      
PEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (965,037) $ 0 $ (1,444,372) $ (1,448,812)
PEO | Aggregate Pension Adjustments Service Cost        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 315,896 428,603 341,399 296,265
PEO | Equity Awards Adjustments        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 14,694,656 748,854 18,717,572 6,534,626
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (5,000,048) (4,000,052) (3,500,068) (3,300,025)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 7,727,472 3,909,144 6,617,006 5,297,037
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 4,970,862 (2,888,558) 5,858,498 1,047,225
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,996,322 (271,731) 6,242,069 190,363
Non-PEO NEO | Aggregate Change in Present Value of Accumulated Benefit for All Pension Plans Reported in Summary Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (200,810) 0 (320,089) (345,979)
Non-PEO NEO | Aggregate Pension Adjustments Service Cost        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 43,644 68,287 76,578 72,224
Non-PEO NEO | Equity Awards Adjustments        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 3,873,869 180,126 3,914,662 1,473,638
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (2,186,108) (950,053) (787,552) (775,016)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 2,662,937 921,700 1,484,634 1,246,002
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 810,215 (682,305) 1,330,225 164,704
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 400,718 $ (59,269) $ 1,099,802 $ 62,932