ACUSHNET HOLDINGS CORP., 10-Q filed on 11/7/2024
Quarterly Report
v3.24.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2024
Nov. 01, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 001-37935  
Entity Registrant Name Acushnet Holdings Corp.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 45-2644353  
Entity Address, Address Line One 333 Bridge Street  
Entity Address, City or Town Fairhaven,  
Entity Address, State or Province MA  
Entity Address, Postal Zip Code 02719  
City Area Code 800  
Local Phone Number 225-8500  
Title of 12(b) Security Common Stock - $0.001 par value per share  
Trading Symbol GOLF  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   60,802,949
Entity Central Index Key 0001672013  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Current assets    
Cash, cash equivalents and restricted cash ($13,659 and $12,532 attributable to the variable interest entity ("VIE")) $ 99,062 $ 65,435
Accounts receivable, net 367,519 201,352
Inventories ($3,276 and $9,621 attributable to the VIE) 497,519 615,535
Prepaid and other assets 121,349 114,370
Total current assets 1,085,449 996,692
Property, plant and equipment, net ($8,363 and $9,044 attributable to the VIE) 311,582 295,343
Goodwill ($32,312 and $32,312 attributable to the VIE) 225,130 225,302
Intangible assets, net 526,856 537,407
Deferred income taxes 25,382 31,454
Other assets ($1,916 and $1,972 attributable to the VIE) 106,349 110,479
Total assets 2,280,748 2,196,677
Current liabilities    
Short-term debt 21,165 28,997
Current portion of long-term debt 788 351
Accounts payable ($3,064 and $6,059 attributable to the VIE) 166,335 150,514
Accrued taxes 51,420 46,398
Accrued compensation and benefits ($720 and $1,233 attributable to the VIE) 102,812 111,136
Accrued expenses and other liabilities ($3,282 and $1,687 attributable to the VIE) 173,192 113,739
Total current liabilities 515,712 451,135
Long-term debt 708,043 671,819
Deferred income taxes 7,620 7,080
Accrued pension and other postretirement benefits 66,063 69,634
Other noncurrent liabilities 78,189 84,137
Total liabilities 1,375,627 1,283,805
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests 6,519 9,785
Shareholders' equity    
Common stock, $0.001 par value, 500,000,000 shares authorized; 61,655,989 and 63,429,243 shares issued 62 63
Additional paid-in capital 787,248 808,615
Accumulated other comprehensive loss, net of tax (108,099) (104,349)
Retained earnings 217,211 159,906
Treasury stock, at cost; (493,040 of accrued share repurchases) (Note 10) (32,523) 0
Total equity attributable to Acushnet Holdings Corp. 863,899 864,235
Noncontrolling interests 34,703 38,852
Total shareholders' equity 898,602 903,087
Total liabilities, redeemable noncontrolling interests and shareholders' equity $ 2,280,748 $ 2,196,677
v3.24.3
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Cash, cash equivalents and restricted cash $ 99,062 $ 65,435
Inventories 497,519 615,535
Property, plant and equipment, net 311,582 295,343
Goodwill 225,130 225,302
Other assets 106,349 110,479
Accounts payable 166,335 150,514
Accrued compensation and benefits 102,812 111,136
Accrued expenses and other liabilities $ 173,192 $ 113,739
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 500,000,000 500,000,000
Common stock, shares issued (in shares) 61,655,989 63,429,243
Treasury stock, at cost (in shares) 493,040 493,040
VIE    
Cash, cash equivalents and restricted cash $ 13,659 $ 12,532
Inventories 3,276 9,621
Property, plant and equipment, net 8,363 9,044
Goodwill 32,312 32,312
Other assets 1,916 1,972
Accounts payable 3,064 6,059
Accrued compensation and benefits 720 1,233
Accrued expenses and other liabilities $ 3,282 $ 1,687
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Net sales $ 620,501 $ 593,381 $ 2,011,922 $ 1,969,034
Cost of goods sold 283,126 284,859 924,854 926,317
Gross profit 337,375 308,522 1,087,068 1,042,717
Operating expenses:        
Selling, general and administrative 232,882 210,166 715,558 674,720
Research and development 18,923 16,239 51,516 47,286
Intangible amortization 3,503 3,512 10,523 10,712
Income from operations 82,067 78,605 309,471 309,999
Interest expense, net 13,187 9,389 40,367 30,234
Other expense, net 407 918 1,289 2,010
Income before income taxes 68,473 68,298 267,815 277,755
Income tax expense 13,198 11,252 57,817 52,726
Net income 55,275 57,046 209,998 225,029
Less: Net loss attributable to noncontrolling interests 949 261 5,416 208
Net income attributable to Acushnet Holdings Corp. $ 56,224 $ 57,307 $ 215,414 $ 225,237
Net income per common share attributable to Acushnet Holdings Corp.:        
Basic (in dollars per share) $ 0.89 $ 0.86 $ 3.38 $ 3.32
Diluted (in dollars per share) $ 0.89 $ 0.85 $ 3.36 $ 3.30
Weighted average number of common shares:        
Basic (in shares) 62,894,940 66,898,142 63,813,805 67,812,790
Diluted (in shares) 63,171,736 67,343,260 64,070,500 68,208,022
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 55,275 $ 57,046 $ 209,998 $ 225,029
Other comprehensive income (loss):        
Foreign currency translation adjustments 20,619 (10,991) 1,559 (12,919)
Cash flow derivative instruments:        
Unrealized holding (losses) gains arising during period (3,893) 4,090 2,213 8,320
Reclassification adjustments included in net income (3,296) (923) (9,216) (7,404)
Tax benefit (expense) 2,158 (807) 2,269 (269)
Cash flow derivative instruments, net (5,031) 2,360 (4,734) 647
Pension and other postretirement benefits:        
Pension and other postretirement benefits adjustments (541) 190 (794) (914)
Tax benefit (expense) 114 (32) 175 216
Pension and other postretirement benefits adjustments, net (427) 158 (619) (698)
Total other comprehensive income (loss) 15,161 (8,473) (3,794) (12,970)
Comprehensive income 70,436 48,573 206,204 212,059
Less: Comprehensive loss attributable to noncontrolling interests 727 309 5,460 76
Comprehensive income attributable to Acushnet Holdings Corp. $ 71,163 $ 48,882 $ 211,664 $ 212,135
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income $ 209,998 $ 225,029
Adjustments to reconcile net income to cash flows provided by operating activities    
Depreciation and amortization 41,716 38,181
Unrealized foreign exchange loss (gain) 159 (2,495)
Amortization of debt issuance costs 1,307 501
Share-based compensation 23,998 21,369
Loss (gain) on disposals of property, plant and equipment 760 (19)
Deferred income taxes 8,953 25,015
Changes in operating assets and liabilities    
Accounts receivable (165,730) (125,667)
Inventories 116,687 136,828
Accounts payable 9,453 (30,030)
Accrued taxes 4,582 5,798
Other assets and liabilities (5,655) 2,420
Cash flows provided by operating activities 246,228 296,930
Cash flows from investing activities    
Additions to property, plant and equipment (42,522) (42,432)
Additions to intangible assets (Note 17) 0 (25,235)
Other, net 0 (887)
Cash flows used in investing activities (42,522) (68,554)
Cash flows from financing activities    
Repayments of short-term borrowings, net (Note $5) 0 (3,121)
Proceeds from credit facilities (Note $5) 951,480 1,039,443
Repayments of credit facilities (Note $5) (922,666) (1,010,387)
Purchases of common stock (142,343) (204,656)
Dividends paid on common stock (41,282) (40,099)
Payment of employee restricted stock tax withholdings (16,864) (11,460)
Other, net 0 1,078
Cash flows used in financing activities (171,675) (229,202)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 1,596 (1,312)
Net increase (decrease) in cash, cash equivalents and restricted cash 33,627 (2,138)
Cash, cash equivalents and restricted cash, beginning of year 65,435 58,904
Cash, cash equivalents and restricted cash, end of period 99,062 56,766
Supplemental non-cash information    
Purchases of property, plant and equipment, accrued not paid 6,999 6,007
Additions to right-of-use assets obtained in exchange for operating lease obligations 7,651 50,813
Additions to right-of-use assets obtained in exchange for finance lease obligations 434 711
Dividend equivalents rights ("DERs") declared not paid 1,521 1,411
Share repurchase liability (Note 10) $ 32,523 $ 79,765
v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
Total
Total Shareholders' Equity Attributable to Acushnet Holdings Corp.
Common Stock
Additional Paid-in Capital
Accumulated Other Comprehensive Loss, Net of Tax
Retained Earnings
Treasury Stock
Noncontrolling Interests
Beginning balance (in shares) at Dec. 31, 2022     76,322          
Beginning balance at Dec. 31, 2022 $ 976,703 $ 939,056 $ 76 $ 960,685 $ (109,668) $ 473,130 $ (385,167) $ 37,647
Changes in stockholders' equity                
Sale of equity to redeemable noncontrolling interest 264 264   444   (180)    
Net income (loss) 225,870 225,237       225,237   633
Other comprehensive loss (income) (13,102) (13,102)     (13,102)      
Share-based compensation 20,877 20,877   20,877        
Vesting of restricted common stock, including impact of DERs, net of shares withheld for employee taxes (Note 11) (in shares)     484          
Vesting of restricted common stock, including impact of DERs, net of shares withheld for employee taxes (Note 11) (11,359) (11,359) $ 1 (11,360)        
Purchases of common stock (Note 10) (112,448) (112,448)         (112,448)  
Share repurchase liability (Note 10) (79,765) (79,765)         (79,765)  
Dividends and dividend equivalents declared (40,394) (40,394)       (40,394)    
Ending balance (in shares) at Sep. 30, 2023     76,806          
Ending balance at Sep. 30, 2023 966,646 928,366 $ 77 970,646 (122,770) 657,793 (577,380) 38,280
Beginning balance (in shares) at Dec. 31, 2022     76,322          
Beginning balance at Dec. 31, 2022 976,703 939,056 $ 76 960,685 (109,668) 473,130 (385,167) 37,647
Changes in stockholders' equity                
Dividends and dividend equivalents declared (53,335)              
Ending balance (in shares) at Dec. 31, 2023     63,429          
Ending balance at Dec. 31, 2023 903,087 864,235 $ 63 808,615 (104,349) 159,906 0 38,852
Beginning balance (in shares) at Jun. 30, 2023     76,782          
Beginning balance at Jun. 30, 2023 1,055,217 1,017,219 $ 77 965,446 (114,345) 613,584 (447,543) 37,998
Changes in stockholders' equity                
Net income (loss) 57,589 57,307       57,307   282
Other comprehensive loss (income) (8,425) (8,425)     (8,425)      
Share-based compensation 5,141 5,141   5,141        
Vesting of restricted common stock, including impact of DERs, net of shares withheld for employee taxes (Note 11) (in shares)     24          
Vesting of restricted common stock, including impact of DERs, net of shares withheld for employee taxes (Note 11) 59 59   59        
Purchases of common stock (Note 10) (64,918) (64,918)         (64,918)  
Share repurchase liability (Note 10) (64,919) (64,919)         (64,919)  
Dividends and dividend equivalents declared (13,098) (13,098)       (13,098)    
Ending balance (in shares) at Sep. 30, 2023     76,806          
Ending balance at Sep. 30, 2023 966,646 928,366 $ 77 970,646 (122,770) 657,793 (577,380) 38,280
Changes in stockholders' equity                
Dividends and dividend equivalents declared (12,941)              
Ending balance (in shares) at Dec. 31, 2023     63,429          
Ending balance at Dec. 31, 2023 903,087 864,235 $ 63 808,615 (104,349) 159,906 0 38,852
Changes in stockholders' equity                
Net income (loss) 211,265 215,414       215,414   (4,149)
Other comprehensive loss (income) (3,750) (3,750)     (3,750)      
Share-based compensation 23,522 23,522   23,522        
Vesting of restricted common stock, including impact of DERs, net of shares withheld for employee taxes (Note 11) (in shares)     442          
Vesting of restricted common stock, including impact of DERs, net of shares withheld for employee taxes (Note 11) (16,600) (16,600)   (16,600)        
Purchases of common stock (Note 10) (in shares)     (2,215)          
Purchases of common stock (Note 10) (143,584) (143,584) $ (1) (28,289)   (115,294)    
Share repurchase liability (Note 10) (32,523) (32,523)         (32,523)  
Dividends and dividend equivalents declared (41,815) (41,815)       (41,815)    
Redemption value adjustment (Note 1) (1,000) (1,000)       (1,000)    
Ending balance (in shares) at Sep. 30, 2024     61,656          
Ending balance at Sep. 30, 2024 898,602 863,899 $ 62 787,248 (108,099) 217,211 (32,523) 34,703
Beginning balance (in shares) at Jun. 30, 2024     62,729          
Beginning balance at Jun. 30, 2024 898,709 863,693 $ 63 792,559 (123,038) 231,608 (37,499) 35,016
Changes in stockholders' equity                
Net income (loss) 55,911 56,224       56,224   (313)
Other comprehensive loss (income) 14,939 14,939     14,939      
Share-based compensation 8,883 8,883   8,883        
Vesting of restricted common stock, including impact of DERs, net of shares withheld for employee taxes (Note 11) (in shares)     7          
Vesting of restricted common stock, including impact of DERs, net of shares withheld for employee taxes (Note 11) (246) (246)   (246)        
Purchases of common stock (Note 10) (in shares)     (1,080)          
Purchases of common stock (Note 10) (70,783) (70,783) $ (1) (13,948)   (56,834)    
Share repurchase liability (Note 10) 4,976 4,976         4,976  
Dividends and dividend equivalents declared (13,787) (13,787)       (13,787)    
Ending balance (in shares) at Sep. 30, 2024     61,656          
Ending balance at Sep. 30, 2024 $ 898,602 $ 863,899 $ 62 $ 787,248 $ (108,099) $ 217,211 $ (32,523) $ 34,703
v3.24.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of Acushnet Holdings Corp. (the “Company”), its wholly-owned subsidiaries and less than wholly-owned subsidiaries, including a variable interest entity (“VIE”) in which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.
Certain information in footnote disclosures normally included in annual financial statements has been condensed or omitted for the interim periods presented in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and U.S. GAAP. The year-end balance sheet data was derived from audited financial statements; however, the accompanying interim notes to the unaudited condensed consolidated financial statements do not include all disclosures required by U.S. GAAP. In the opinion of management, the financial statements contain all normal and recurring adjustments necessary to state fairly the financial position and results of operations of the Company. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of results to be expected for the full year ending December 31, 2024, nor were those of the comparable 2023 periods representative of those actually experienced for the full year ended December 31, 2023. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the fiscal year ended December 31, 2023 included in its Annual Report on Form 10-K filed with the SEC on February 29, 2024.
Use of Estimates
The preparation of the Company’s unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and judgments that affect reported amounts of assets and liabilities and related disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Variable Interest Entities
VIEs are entities that, by design, either (i) lack sufficient equity to permit the entity to finance its activities independently, or (ii) have equity holders that do not have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the entity’s expected losses, or the right to receive the entity’s expected residual returns. The Company consolidates a VIE when it is the primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) through its interests in the VIE, the obligation to absorb expected losses or the right to receive expected benefits from the VIE that could potentially be significant to the VIE.
The Company consolidates the accounts of Acushnet Lionscore Limited (“Lionscore”), a VIE which is 40% owned by the Company. The sole purpose of the VIE is to manufacture the Company’s golf footwear and as such, the Company is deemed to be the primary beneficiary. The Company has presented separately on its unaudited condensed consolidated balance sheets, to the extent material, the assets of its consolidated VIE that can only be used to settle specific obligations of its consolidated VIE and the liabilities of its consolidated VIE for which creditors do not have recourse to its general credit. The general creditors of the VIE do not have recourse to the Company. Certain directors of the VIE have guaranteed the credit lines of the VIE, for which there were no outstanding borrowings as of September 30, 2024 and December 31, 2023. In addition, pursuant to the terms of the agreement governing the VIE, the Company is not required to provide financial support to the VIE.
Noncontrolling Interests and Redeemable Noncontrolling Interests
The ownership interests held by owners other than the Company in less than wholly-owned subsidiaries are classified as noncontrolling interests. The financial results and position of noncontrolling interests are included in the Company’s unaudited condensed consolidated financial statements. The value attributable to the noncontrolling interests is presented on the unaudited condensed consolidated balance sheets, separately from the equity attributable to the Company. Net income (loss) and comprehensive income (loss) attributable to noncontrolling interests are presented separately on the unaudited condensed consolidated statements of operations and unaudited condensed consolidated statements of comprehensive income, respectively.
Redeemable noncontrolling interests are those noncontrolling interests which are or may become redeemable at a fixed or determinable price on a fixed or determinable date, at the option of the holder, or upon occurrence of an event. The Company initially records the redeemable noncontrolling interest at its acquisition date fair value. The carrying amount of the redeemable noncontrolling interest is subsequently adjusted to the greater amount of either the initial carrying amount, increased or decreased for the redeemable noncontrolling interest's share of comprehensive income (loss) or the redemption value, assuming the noncontrolling interest is redeemable at the balance sheet date. This adjustment is recognized through retained earnings and is not reflected in net income (loss) or comprehensive income (loss). During the nine months ended September 30, 2024, the Company recorded a $1.0 million redemption value adjustment to increase the carrying amount of redeemable noncontrolling interests. 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 September 30, 2024 and December 31, 2023.
Cash, Cash Equivalents and Restricted Cash
Cash held in Company checking accounts is included in cash. Cash equivalents consist of short-term highly liquid investments with original maturities of three months or less which are readily convertible into cash. The Company classifies as restricted certain cash that is not available for use in its operations. As of both September 30, 2024 and December 31, 2023, the amount of restricted cash included in cash, cash equivalents and restricted cash on the unaudited condensed consolidated balance sheets was $1.7 million.
Foreign Currency Transactions
Foreign currency transaction losses included in selling, general and administrative expenses were less than $0.1 million and $0.9 million for the three months ended September 30, 2024 and 2023, respectively. Foreign currency transaction losses included in selling, general and administrative expenses were $1.0 million and $3.4 million for the nine months ended September 30, 2024 and 2023, respectively.
Recently Issued Accounting Standards
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures." The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact this standard will have on its consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures." The amendments in this update provide more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact this standard will have on its consolidated financial statements and related disclosures.
v3.24.3
Allowance for Doubtful Accounts
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Allowance for Doubtful Accounts Allowance for Doubtful Accounts
The Company estimates expected credit losses using a number of factors, including customer credit ratings, age of receivables, historical credit loss information and current and forecasted economic conditions, which could affect the collectability of the reported amounts. All 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 September 30,Nine months ended September 30,
(in thousands)2024202320242023
Balance at beginning of period$9,123 $9,008 $8,840 $8,258 
Bad debt (recovery) expense(207)17 444 814 
Amount of receivables written off (247)(239)(492)(341)
Foreign currency translation246 (124)123 (69)
Balance at end of period$8,915 $8,662 $8,915 $8,662 
v3.24.3
Inventories
 9 Months Ended
Sep. 30, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
The components of inventories were as follows: 
September 30,December 31,
(in thousands)20242023
Raw materials and supplies$133,944 $157,455 
Work-in-process28,027 24,949 
Finished goods335,548 433,131 
Inventories$497,519 $615,535 
v3.24.3
Product Warranty
 9 Months Ended
Sep. 30, 2024
Product Warranties Disclosures [Abstract]  
Product Warranty Product Warranty
The Company has defined warranties generally ranging from one to two years. Products covered by the defined warranty policies primarily include all Titleist golf products, FootJoy golf shoes and FootJoy golf outerwear. These product warranties generally obligate the Company to pay for the cost of replacement products, including the cost of shipping replacement products to its customers. The estimated cost of satisfying future warranty claims is accrued at the time the sale is recorded. In estimating future warranty obligations, the Company considers various factors, including its warranty policies and practices, the historical frequency of claims and the cost to replace or repair products under warranty.
The activity related to the Company’s warranty obligation for accrued warranty expense was as follows:
 Three months ended September 30,Nine months ended September 30,
(in thousands)2024202320242023
Balance at beginning of period$5,511 $5,049 $4,997 $3,951 
Provision1,325 1,568 5,123 5,313 
Claims paid/costs incurred(1,511)(1,685)(4,708)(4,337)
Foreign currency translation83 (61)(4)(56)
Balance at end of period$5,408 $4,871 $5,408 $4,871 
v3.24.3
Debt and Financing Arrangements
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt and Financing Arrangements Debt and Financing Arrangements
Credit Facility
The Company's credit agreement, dated as of December 23, 2019 (as subsequently amended on July 3, 2020 and August 2, 2022 (the "Credit Agreement")), provides for a $950.0 million multi-currency revolving credit facility, due to mature on August 2, 2027. On May 2, 2024, the Company entered into a third amendment (the “Third Amendment”) to its Credit Agreement (as so amended, the “Amended Credit Agreement”). On June 28, 2024, the Canadian Dollar Offered Rate (“CDOR”) ceased to be published (the “CORRA Transition Date”). Pursuant to the Third Amendment, for loans denominated in Canadian dollars borrowed or continued after the CORRA Transition Date, the Adjusted CDOR (as defined in the Credit Agreement) is replaced by adjusted term CORRA (the Canadian Overnight Repo Rate Average administered by Bank of Canada) plus a credit spread adjustment of 0.29547% (for a one-month Interest Period) or 0.32138% (for a three-month Interest Period) (“Adjusted Term CORRA”). The applicable margin for Adjusted Term CORRA loans remains 1.00% to 1.75%, depending on the Net Average Total Leverage Ratio (as defined in the Amended Credit Agreement).
The Amended Credit Agreement contains customary affirmative and restrictive covenants, including, among others, financial covenants based on the Company's leverage and interest coverage ratios. The Amended 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 September 30, 2024, the Company was in compliance with all covenants under its Amended Credit Agreement.
As of September 30, 2024 and December 31, 2023, there were $359.4 million and $325.2 million, respectively, in outstanding borrowings under the Company's multi-currency revolving credit facility with a weighted average interest rate of 6.16% and 6.57%, respectively. As of September 30, 2024, the Company had available borrowings under its multi-currency revolving credit facility of $586.7 million after giving effect to $3.9 million of outstanding letters of credit.
Senior Unsecured Notes
On October 3, 2023, Acushnet Company (the "Issuer"), a wholly owned subsidiary of the Company, completed the issuance and sale of $350.0 million in gross proceeds of the Issuer's 7.375% senior unsecured notes due 2028 (the “Notes”). The Notes were issued pursuant to an Indenture, dated October 3, 2023 (the “Indenture”), among the Issuer, U.S. Bank Trust Company, National Association, as trustee of the Notes, and the Company and certain subsidiaries of the Issuer as guarantors. The proceeds from the Notes offering were used to repay $345.6 million of the outstanding borrowings under the Company's multi-currency revolving credit facility, as well as to pay fees and expenses related to the Notes offering. In connection with the Notes offering, the Company incurred fees and expenses of approximately $6.4 million, of which approximately $6.3 million was capitalized as debt issuance costs within long-term debt on the unaudited condensed consolidated balance sheet and is being amortized to interest expense, net over the term of the Notes using the effective interest rate method. The fair value of the Notes, based on third-party quotes (Level 2), as of September 30, 2024 and December 31, 2023 was $366.6 million and $365.1 million, respectively.
The Notes bear interest at a stated interest rate of 7.375% (an effective interest rate of 7.813%) per year, with interest payable semi-annually on April 15 and October 15 of each year, beginning on April 15, 2024. Accrued interest related to the Notes of $12.0 million and $6.5 million was included within accrued expenses and other liabilities on the unaudited condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively.
The Indenture contains covenants that, among other things, limit the ability of the Company and its restricted subsidiaries to incur additional debt or issue certain preferred stock; pay dividends or repurchase or redeem capital stock; prepay, redeem or repurchase certain debt; make loans and investments; sell assets; incur liens; enter into certain types of transactions with the Company’s affiliates; and consolidate or merge with or into other companies. As of September 30, 2024, the Company was in compliance with all covenants under the Indenture.
Other Short-Term Borrowings
The Company has certain unsecured local credit facilities available through its subsidiaries. Amounts outstanding under other short-term borrowings are presented in short-term debt in the unaudited condensed consolidated balance sheets with the proceeds and repayments presented on a gross basis in the unaudited condensed consolidated statements of cash flows. There were $21.2 million and $29.0 million in outstanding borrowings under the Company's local credit facilities as of September 30, 2024 and December 31, 2023, respectively. The weighted average interest rate applicable to the outstanding borrowings was 0.59% and 0.45% as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024, the Company had available borrowings remaining under these local credit facilities of $41.5 million.
Letters of Credit
As of September 30, 2024 and December 31, 2023, there were outstanding letters of credit related to agreements, including the Credit Agreement, totaling $7.0 million and $11.3 million, respectively, of which $3.9 million and $8.1 million, respectively, was secured. These agreements provided a maximum commitment for letters of credit of $58.4 million as of September 30, 2024.
v3.24.3
Derivative Financial Instruments
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
The Company principally uses derivative financial instruments to reduce the impact of foreign currency fluctuations and interest rate variability on the Company's results of operations. The principal derivative financial instruments the Company enters into are foreign exchange forward contracts and interest rate swaps. The Company does not enter into derivative financial instrument contracts for trading or speculative purposes.
Foreign Exchange Derivative Instruments
Foreign exchange forward contracts are foreign exchange derivative instruments primarily used to reduce foreign currency risk related to transactions denominated in a currency other than functional currency. These instruments are designated as cash flow hedges. The periods of the foreign exchange forward contracts correspond to the periods of the hedged forecasted transactions, which do not exceed 24 months subsequent to the latest balance sheet date. The primary foreign exchange forward contracts pertain to the U.S. dollar, the Japanese yen, the British pound sterling, the Canadian dollar, the Korean won and the euro. The gross U.S. dollar equivalent notional amount outstanding of all foreign exchange forward contracts designated under hedge accounting as of September 30, 2024 and December 31, 2023 was $234.3 million and $209.6 million, respectively.
Interest Rate Derivative Instruments
From time to time, the Company enters into interest rate swap contracts to reduce interest rate risk related to floating rate debt. Under the contracts, the Company pays fixed and receives variable rate interest, in effect converting a portion of its floating rate debt to fixed rate debt. Interest rate swap contracts are accounted for as cash flow hedges. The notional value of the Company's outstanding interest rate swap contracts was $100.0 million as of September 30, 2024 and December 31, 2023.
Impact on Financial Statements
The fair value of hedge instruments recognized on the unaudited condensed consolidated balance sheets was as follows:
(in thousands)September 30,December 31,
Balance Sheet LocationHedge Instrument Type20242023
Prepaid and other assetsForeign exchange forward$1,912 $4,378 
Interest rate swap79 452 
Accrued expenses and other liabilitiesForeign exchange forward5,246 1,931 
Interest rate swap40 63 
Other noncurrent liabilitiesForeign exchange forward19 — 
Interest rate swap— 88 
The hedge instrument (losses) gains recognized in accumulated other comprehensive loss, net of tax was as follows:
 Three months endedNine months ended
 September 30,September 30,
(in thousands)2024202320242023
Type of hedge    
Foreign exchange forward$(3,635)$3,658 $1,702 $6,719 
Interest rate swap (258)432 511 1,601 
 Total$(3,893)$4,090 $2,213 $8,320 
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 $0.3 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 less than $0.1 million related to interest rate derivative instruments from accumulated other comprehensive loss, net of tax, into interest expense, net. For further information related to amounts recognized in accumulated other comprehensive loss, net of tax, see Note 12.
The hedge instrument gains (losses) recognized on the unaudited condensed consolidated statements of operations were as follows:
 Three months endedNine months ended
 September 30,September 30,
(in thousands)2024202320242023
Location of gains (losses) in statements of operations    
Foreign exchange forward:
Cost of goods sold$3,040 $682 $8,443 $6,975 
Selling, general and administrative (1)
(1,634)1,106 (253)1,463 
Total $1,406 $1,788 $8,190 $8,438 
Interest Rate Swap:
Interest expense, net$256 $241 $773 $429 
Total$256 $241 $773 $429 
_______________________________________________________________________________
(1)    Relates to net (losses) gains on foreign exchange forward contracts derived from previously designated cash flow hedges.
Credit Risk
The Company enters into derivative contracts with major financial institutions with investment grade credit ratings and is exposed to credit losses in the event of non-performance by these financial institutions. This credit risk is generally limited to the unrealized gains in the derivative contracts. However, the Company monitors the credit quality of these financial institutions, as well as its own credit quality, and considers the risk of counterparty default to be minimal.
v3.24.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Certain assets and liabilities are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
Assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 were as follows:
 Fair Value Measurements as of 
 September 30, 2024 using: 
(in thousands)Level 1Level 2Level 3Balance Sheet Location
Assets    
Rabbi trust$3,142 $— $— Prepaid and other assets
Foreign exchange derivative instruments— 1,912 — Prepaid and other assets
Interest rate derivative instruments— 79 — Prepaid and other assets
Deferred compensation program assets622 — — Other assets
Total assets$3,764 $1,991 $—  
Liabilities    
Foreign exchange derivative instruments$— $5,246 $— Accrued expenses and other liabilities
Interest rate derivative instruments— 40 — Accrued expenses and other liabilities
Deferred compensation program liabilities622 — — Other noncurrent liabilities
Foreign exchange derivative instruments— 19 — Other noncurrent liabilities
Total liabilities$622 $5,305 $—  
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 were as follows:
 Fair Value Measurements as of 
 December 31, 2023 using: 
(in thousands)Level 1Level 2Level 3Balance Sheet Location
Assets    
Rabbi trust$4,334 $— $— Prepaid and other assets
Foreign exchange derivative instruments— 4,378 — Prepaid and other assets
Interest rate derivative instruments— 452 — Prepaid and other assets
Deferred compensation program assets725 — — Other assets
Total assets$5,059 $4,830 $—  
Liabilities    
Foreign exchange derivative instruments$— $1,931 $— Accrued expenses and other liabilities
Interest rate derivative instruments— 63 — Accrued expenses and other liabilities
Deferred compensation program liabilities725 — — Other noncurrent liabilities
Interest rate derivative instruments— 88 — Other noncurrent liabilities
Total liabilities$725 $2,082 $—  
Rabbi trust assets are used to fund certain retirement obligations of the Company. The assets underlying the Rabbi trust are equity and fixed income exchange-traded funds.
Deferred compensation program assets and liabilities represent a program where select employees could defer compensation until termination of employment. Effective July 29, 2011, this program was amended to cease all employee compensation deferrals and provided for the distribution of all previously deferred employee compensation. The program remains in effect with respect to the value attributable to the employer match contributed prior to July 29, 2011.
Foreign exchange derivative instruments are foreign exchange forward contracts primarily used to limit currency risk that would otherwise result from changes in foreign exchange rates (Note 6). The Company uses the mid-price of foreign exchange forward rates as of the close of business on the valuation date to value each foreign exchange forward contract at each reporting period.
Interest rate derivative instruments are interest rate swap contracts used to reduce interest rate risk related to the Company's floating rate debt (Note 6). The valuation for the interest rate swap is calculated as the net of the discounted future cash flows of the pay and receive legs of the swap. Mid-market interest rates on the valuation date are used to create the forward curve for floating legs and discount curve.
v3.24.3
Pension and Other Postretirement Benefits
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits Pension and Other Postretirement Benefits
Components of net periodic benefit cost (credit) were as follows:
 Pension BenefitsPostretirement Benefits
 Three months ended September 30,
(in thousands)2024202320242023
Components of net periodic benefit cost (credit)    
Service cost$1,327 $1,411 $84 $107 
Interest cost2,645 2,832 129 166 
Expected return on plan assets(1,838)(1,966)— — 
Settlements142 — — — 
Amortization of net loss (gain)60 25 (252)(223)
Amortization of prior service cost (credit)24 45 (35)(35)
Net periodic benefit cost (credit)$2,360 $2,347 $(74)$15 
 Pension BenefitsPostretirement Benefits
 Nine months ended September 30,
(in thousands)2024202320242023
Components of net periodic benefit cost (credit)    
Service cost$3,958 $4,261 $250 $322 
Interest cost8,033 8,491 389 497 
Expected return on plan assets(5,510)(5,894)— — 
Settlements142 (27)— — 
Amortization of net loss (gain)177 70 (760)(670)
Amortization of prior service cost (credit)70 137 (103)(103)
Net periodic benefit cost (credit)$6,870 $7,038 $(224)$46 
The non-service cost components of net periodic benefit cost (credit) are included in other expense, net in the unaudited condensed consolidated statements of operations.
v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income tax expense increased $1.9 million to $13.2 million for the three months ended September 30, 2024 compared to $11.3 million for the three months ended September 30, 2023. The Company’s effective tax rate ("ETR") was 19.3% for the three months ended September 30, 2024 compared to 16.5% for the three months ended September 30, 2023. Income tax expense increased $5.1 million to $57.8 million for the nine months ended September 30, 2024 compared to $52.7 million for the nine months ended September 30, 2023. The Company’s ETR was 21.6% for the nine months ended September 30, 2024 compared to 19.0% for the nine months ended September 30, 2023.
The ETR for the three and nine months ended September 30, 2024 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, as well as the U.S. taxation of foreign income and the Company's geographic mix of income. The ETR for the three and nine months ended September 30, 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 and the Company's geographic mix of income.
v3.24.3
Common Stock
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Common Stock Common Stock
Dividends
The Company declared dividends per common share, including DERs (Note 11), during the periods presented as follows:
Dividends per Common Share
Amount
(in thousands)
2024:
Third Quarter$0.215 $13,787 
Second Quarter0.215 13,873 
First Quarter0.215 14,155 
Total dividends declared in 2024$0.645 $41,815 
2023:
Fourth Quarter$0.195 $12,941 
Third Quarter0.195 13,098 
Second Quarter0.195 13,667 
First Quarter0.195 13,629 
Total dividends declared in 2023$0.780 $53,335 
During the fourth quarter of 2024, the Company's Board of Directors declared a dividend of $0.215 per share of common stock to shareholders of record as of December 6, 2024 and payable on December 20, 2024.
Share Repurchase Program
As of September 30, 2024, the Board of Directors had authorized the Company to repurchase up to $1.0 billion of its issued and outstanding common stock. Share repurchases may be effected from time to time in open market or privately negotiated transactions, including transactions with affiliates, with the timing of purchases and the amount of stock purchased generally determined at the discretion of the Company consistent with the Company's general working capital needs and within the constraints of the Amended Credit Agreement and the Indenture (Note 5). This program may be extended or otherwise modified by the Board of Directors at any time and will remain in effect until completed or until terminated by the Board of Directors.
On June 16, 2022, the Company entered into an agreement with Magnus Holdings Co., Ltd. ("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 would purchase from Magnus from $75.0 million to $100.0 million, (the "Amended and Restated 2022 Agreement"). In relation to this agreement, the Company recorded a share repurchase liability of $92.6 million for 2,000,839 shares of common stock, which was included in accrued expenses and other liabilities and treasury stock on the consolidated balance sheet as of December 31, 2022. Between January 1, 2023 and January 13, 2023, the Company purchased an additional 167,689 shares of its common stock on the open market for an aggregate of $7.4 million, bringing the cumulative total open market purchases since the inception of the 2022 Agreement to $100.0 million. As a result, on January 23, 2023, the Company purchased 2,168,528 shares of its common stock from Magnus for an aggregate of $100.0 million, in satisfaction of its obligation under the Amended and Restated 2022 Agreement.
On June 9, 2023, the Company entered into an agreement with Magnus to purchase from Magnus an equal amount of its common stock as it purchases on the open market over the period of time from June 12, 2023 through October 27, 2023, up to an aggregate of $100.0 million, at the same weighted average per share price (the "2023 Agreement"). On November 3, 2023, the Company purchased 1,824,994 shares of its common stock from Magnus for an aggregate of $100.0 million in satisfaction of its obligation under the 2023 Agreement.
On March 14, 2024, the Company entered into 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 April 1, 2024 through June 28, 2024, up to an aggregate of $37.5 million, at the same weighted average per share price (the "March 2024 Agreement"). On July 10, 2024, the Company purchased 587,520 shares of its common stock from Magnus for an aggregate of $37.5 million in satisfaction of its obligation under the March 2024 Agreement.
On June 14, 2024, 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, 2024 through December 31, 2024, up to an aggregate of $62.5 million, at the same weighted average per share price (the "June 2024 Agreement"). In relation to this agreement, the Company recorded a share repurchase liability of $32.5 million for 493,040 shares of common stock, which was included in accrued expenses and other liabilities and treasury stock on the unaudited condensed consolidated balance sheet as of September 30, 2024.
The Company's share repurchase activity for the periods presented was as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands, except share and per share amounts)2024202320242023
Shares repurchased in the open market:
Shares repurchased 493,040 1,153,400 1,627,793 1,982,289 
Average price$65.96 $56.28 $64.70 $52.98 
Aggregate value$32,522 $64,918 $105,323 $105,030 
Shares repurchased from Magnus:
Shares repurchased587,520 — 587,520 2,168,528 
Average price (1)
$63.83 $— $63.83 $46.11 
Aggregate value$37,499 $— $37,499 $100,001 
Total shares repurchased:
Shares repurchased1,080,560 1,153,400 2,215,313 4,150,817 
Average price$64.80 $56.28 $64.47 $49.40 
Aggregate value (2)
$70,021 $64,918 $142,822 $205,031 
___________________________________
(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 any given period will differ from open market repurchases due to the settlement of the previously recorded share repurchase liability, as well as open market purchases made after the completion of the Magnus share repurchase agreements.
(2) Includes $0.5 million and $2.0 million related to shares repurchased not settled as of the nine months ended September 30, 2024 and 2023, respectively.
As of September 30, 2024, the Company had $232.2 million remaining under the current share repurchase authorization, including $62.5 million related to the June 2024 Agreement.
Common Stock Retirement
The Company records retirements of repurchased common stock, upon either formal or constructive retirement, at cost and allocates the excess of the repurchase price over the par value of shares acquired to both retained earnings and additional paid-in capital. The portion allocated to additional paid-in capital is calculated on a pro rata basis of the shares to be retired and the total shares issued and outstanding as of the date of retirement. When shares of common stock are retired, they are deducted from the number of shares issued.
As of September 30, 2024, the Company presented as retired 2,215,313 shares of its repurchased common stock with an aggregate value of $143.6 million, including $0.8 million of excise tax on the shares repurchased, which the company intends to formally retire in 2024.
v3.24.3
Equity Incentive Plans
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Equity Incentive Plans Equity Incentive Plans
Under the Acushnet Holdings Corp. 2015 Omnibus Incentive Plan (the “2015 Plan”), the Company may grant stock options, stock appreciation rights, restricted shares of common stock, restricted stock units ("RSUs"), performance stock units ("PSUs") and other share-based and cash-based awards to members of the Board of Directors, officers, employees, consultants and advisors of the Company. As of September 30, 2024, the only awards granted under the 2015 Plan were RSUs and PSUs.
Restricted Stock and Performance Stock Units
RSUs granted to members of the Board of Directors vest immediately into shares of common stock. RSUs granted to Company officers generally vest over three years, with one-third of each grant vesting annually, subject to the recipient's continued employment with the Company. RSUs granted to other employees, consultants and advisors of the Company vest in accordance with the terms of the grants, generally either over three years or, beginning in 2022, with one-third of each grant vesting annually, subject to the recipient’s continued service to the Company. PSUs granted to Company officers and other
employees vest based upon the Company's performance against specified targets, generally over a three-year performance period, subject to the recipient's continued service to the Company. At the end of the performance period, the number of shares of common stock that could be issued is determined based upon the Company's performance against these targets. The number of shares that could be issued can range from 0% to 200% of the recipient's target award. Recipients of the awards granted under the 2015 Plan may elect to defer receipt of all or any portion of any shares of common stock issuable upon vesting to a future date elected by the recipient.
All RSUs and PSUs granted under the 2015 Plan have DERs, which entitle holders of RSUs and PSUs to the same dividend value per share as holders of common stock and can be paid in either cash or common stock. DERs are subject to the same vesting and other terms and conditions as the corresponding unvested RSUs and PSUs. DERs are paid when the underlying shares of common stock are delivered.
A summary of the Company’s RSUs and PSUs as of September 30, 2024 and changes during the nine months then ended is presented below: 
 Weighted-Weighted-
 NumberAverageNumberAverage
 of RSUsFair Value RSUs
of PSUs (3)
Fair Value PSUs
Outstanding as of December 31, 2023868,063 $46.45 480,254 $46.07 
Granted309,293 66.70 156,087 66.77 
Vested (1)(2)
(492,950)46.51 (133,099)45.36 
Forfeited(20,635)36.42 (2,275)56.40 
Outstanding as of September 30, 2024663,771 $56.16 500,967 $52.66 

_______________________________________________________________________________
(1)    Includes 54,117 shares of common stock related to RSU's that were not delivered as of September 30, 2024.
(2)    Based upon the Company’s level of achievement of the applicable performance metrics, the recipients of the 133,099 PSUs that vested during the nine months ended September 30, 2024, were entitled to receive 266,198 shares of common stock. As of September 30, 2024, there were 86,762 shares of common stock that had not been delivered in connection with the vesting of these PSUs.
(3)    Number of PSUs reflects 100% of the target level grant and may not be indicative of the performance level expected to be achieved.
Compensation expense recorded related to the Company's RSUs and PSUs in the unaudited condensed consolidated statements of operations was as follows:
 Three months endedNine months ended
September 30,September 30,
(in thousands)2024202320242023
RSUs$4,505 $4,012 $14,633 $12,966 
PSUs4,378 1,129 8,889 7,911 
The remaining unrecognized compensation expense related to unvested RSUs and unvested PSUs was $25.3 million and $16.5 million, respectively, as of September 30, 2024, and is expected to be recognized over the related weighted average period of 1.4 years and 1.9 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:
Nine months endedNine months ended
 September 30, 2024September 30, 2023
RSUsPSUsRSUsPSUs
Shares of common stock issued477,642 219,831 472,766 231,580 
Shares of common stock withheld by the Company as payment by employees in lieu of cash to satisfy tax withholding obligations
(159,600)(95,814)(128,291)(91,842)
Net shares of common stock issued318,042 124,017 344,475 139,738 
Cumulative undelivered shares of common stock480,608 471,078 457,703 420,447 
Compensation Expense
The allocation of share-based compensation expense in the unaudited condensed consolidated statements of operations was as follows:
 Three months endedNine months ended
September 30,September 30,
(in thousands)2024202320242023
Cost of goods sold$439 $340 $1,242 $1,095 
Selling, general and administrative8,207 4,629 21,524 18,875 
Research and development385 336 1,232 1,399 
Total compensation expense before income tax9,031 5,305 23,998 21,369 
Income tax benefit2,024 945 5,433 4,304 
Total compensation expense, net of income tax$7,007 $4,360 $18,565 $17,065 
v3.24.3
Accumulated Other Comprehensive Loss, Net of Tax
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Loss, Net of Tax Accumulated Other Comprehensive Loss, Net of Tax
Accumulated other comprehensive loss, net of tax consists of foreign currency translation adjustments, unrealized gains and losses from derivative instruments designated as cash flow hedges (Note 6) and pension and other postretirement adjustments (Note 8).
The components of and adjustments to accumulated other comprehensive loss, net of tax, were as follows:
 ForeignInterestAccumulated
 ForeignExchangeRate SwapPension andOther
CurrencyDerivativeDerivativeOtherComprehensive
(in thousands)TranslationInstrumentsInstrumentsPostretirementLoss, Net of Tax
Balance as of December 31, 2023$(95,425)$3,929 $227 $(13,080)$(104,349)
Other comprehensive income (loss) before reclassifications1,603 1,702 511 (320)3,496 
Amounts reclassified from accumulated other comprehensive loss, net of tax— (8,443)(773)(474)(9,690)
Tax benefit — 2,205 64 175 2,444 
Balance as of September 30, 2024$(93,822)$(607)$29 $(13,699)$(108,099)
v3.24.3
Net Income per Common Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Net Income per Common Share Net Income per Common Share
The following is a computation of basic and diluted net income per common share attributable to Acushnet Holdings Corp.:
 Three months endedNine months ended
 September 30,September 30,
(in thousands, except share and per share amounts)2024202320242023
Net income attributable to Acushnet Holdings Corp.$56,224 $57,307 $215,414 $225,237 
Weighted average number of common shares:
Basic62,894,940 66,898,142 63,813,805 67,812,790 
RSUs200,837 328,411 214,899 290,274 
PSUs75,959 116,707 41,796 104,958 
Diluted63,171,736 67,343,260 64,070,500 68,208,022 
Net income per common share attributable to Acushnet Holdings Corp.:
Basic$0.89 $0.86 $3.38 $3.32 
Diluted$0.89 $0.85 $3.36 $3.30 
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 and nine months ended September 30, 2024 and 2023 include RSUs and PSUs. PSUs vest based upon achievement of performance targets and are excluded from the diluted shares outstanding unless the performance targets have been met as of the end of the applicable reporting period regardless of whether such performance targets are probable of achievement. During 2024 and 2023, 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 and nine months ended September 30, 2024 and September 30, 2023.

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 endedNine months ended
 September 30,September 30,
 2024202320242023
RSUs201,512 — 212,224 86,499 
v3.24.3
Segment Information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company’s operating segments are based on how the Chief Operating Decision Maker (“CODM”) makes decisions about assessing performance and allocating resources. The Company currently has four reportable segments, organized on the basis of product categories: (i) Titleist golf balls, (ii) Titleist golf clubs, (iii) Titleist golf gear and (iv) FootJoy golf wear.
The CODM primarily evaluates performance using segment operating income. Segment operating income includes directly attributable expenses and certain shared costs of corporate administration that are allocated to the reportable segments, but excludes certain other costs, such as interest expense, net; restructuring costs; the non-service cost component of net periodic benefit cost; transaction fees; as well as certain other non-operating gains and losses that the Company does not allocate to the reportable segments. The CODM does not evaluate a measure of assets when assessing performance.
Results shown for the three and nine months ended September 30, 2024 and 2023 are not necessarily those which would be achieved if each segment was an unaffiliated business enterprise. There are no intersegment transactions.
Information by reportable segment and a reconciliation to reported amounts are as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)2024202320242023
Net sales  
Titleist golf balls$190,560 $192,557 $646,017 $622,125 
Titleist golf clubs213,907 181,045 595,311 549,846 
Titleist golf gear51,574 47,657 188,661 184,571 
FootJoy golf wear133,137 136,669 482,753 500,174 
Other31,323 35,453 99,180 112,318 
Total net sales$620,501 $593,381 $2,011,922 $1,969,034 
Segment operating income  
Titleist golf balls$31,150 $43,770 $134,334 $131,591 
Titleist golf clubs49,930 36,509 124,670 118,455 
Titleist golf gear4,246 788 28,270 26,657 
FootJoy golf wear502 (1,469)34,814 32,927 
Other804 1,693 7,348 12,606 
Total segment operating income86,632 81,291 329,436 322,236 
Reconciling items:  
Interest expense, net(13,187)(9,389)(40,367)(30,234)
Non-service cost component of net periodic benefit cost(875)(844)(2,438)(2,501)
Other (1)
(4,097)(2,760)(18,816)(11,746)
Total income before income tax$68,473 $68,298 $267,815 $277,755 
_______________________________________________________________________________
(1) For the nine months ended September 30, 2024, includes $7.0 million related to restructuring costs associated with the closure of certain production lines at the VIE's Fujian Fuh Deh Leh (“FDL”) factory (Note 16).
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 September 30,Nine months ended September 30,
(in thousands)2024202320242023
United States$374,219 $352,463 $1,200,989 $1,123,766 
EMEA (1)
75,496 75,643 263,850 266,502 
Japan41,738 39,035 108,731 118,183 
Korea67,091 65,652 226,167 241,267 
Rest of World61,957 60,588 212,185 219,316 
Total net sales$620,501 $593,381 $2,011,922 $1,969,034 
_______________________________________________________________________________
(1) Europe, the Middle East and Africa ("EMEA")
In the fourth quarter of 2024, the CODM changed how they will evaluate the Company’s performance and allocate resources as a result of ongoing strategic convergence between the golf ball and golf club businesses. Concurrently, the Company updated its internal reporting, including the information provided to the CODM and as such, expects to update its reportable segments in its annual report on Form 10-K for the period ending December 31, 2024. Following these changes, the Company will have three reportable segments: (i) Titleist golf equipment, which will include the previous Titleist golf balls and Titleist golf clubs reportable segments, (ii) Golf gear and (iii) FootJoy golf wear. The Company’s activities that do not meet the criteria to be considered a reportable segment will continue to be reported within Other.
v3.24.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Purchase Obligations
During the normal course of its business, the Company enters into agreements to purchase goods and services, including purchase commitments for advertising (including media placement and production costs), finished goods inventory, capital expenditures and endorsement arrangements with professional golfers.
The Company's purchase obligations as of September 30, 2024 were as follows:
 Payments Due by Period
 Remainder of     
(in thousands)20242025202620272028Thereafter
Purchase obligations (1)
$237,533 $62,158 $5,392 $2,483 $2,417 $7,240 
_______________________________________________________________________________
(1)    The reported amounts exclude those liabilities included in accounts payable or accrued liabilities on the unaudited condensed consolidated balance sheet as of September 30, 2024.
Litigation
The Company and its subsidiaries are party to lawsuits associated with the normal conduct of their businesses and operations. It is not possible to predict the outcome of the pending actions, and, as with any litigation, it is possible that some of these actions could be decided unfavorably. Consequently, the Company is unable to estimate the ultimate aggregate amount of monetary loss, amounts covered by insurance or the financial impact that will result from such matters and has not recorded a liability related to potential losses.
v3.24.3
Restructuring Costs
 9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Costs Restructuring Costs
During the first quarter of 2024, Lionscore approved a plan to permanently close certain production lines at the VIE's FDL factory and involuntarily separate certain direct and indirect manufacturing employees during 2024, as footwear and production volume is shifted to a third-party supplier (the "Plan"). The remaining direct and indirect manufacturing employees at FDL continue to service the remaining production lines. In relation to the Plan, during the nine months ended September 30, 2024, the Company recorded involuntary employee termination costs of $7.0 million included in selling, general and administrative expenses on the unaudited condensed consolidated statement of operations. Accrued restructuring costs associated with the Plan are included within accrued expenses and other liabilities on the unaudited condensed consolidated balance sheet as they are expected to be paid out within a year. There are no further material costs expected to be incurred in relation to the Plan. See Note 1 for further information.
The activity related to the Plan was as follows:
(in thousands)Three months ended September 30, 2024Nine months ended September 30, 2024
Balance at beginning of period$2,013 $— 
Provision— 6,967 
Payments(386)(5,340)
Balance at end of period$1,627 $1,627 
During the fourth quarter of 2024, Lionscore approved an additional plan to permanently close the VIE's FDL factory in the first quarter of 2025, including the remaining production lines, as it continues to shift footwear production to a third-party supplier. As a result of this closure, FDL plans to involuntarily separate the remaining employees of the FDL factory (the "FDL Closure Plan"). In relation to the FDL Closure Plan, the Company expects to record additional involuntary employee termination costs of approximately $12 million during the fourth quarter of 2024. The Company continues to evaluate the impact of the FDL Closure Plan, which may further impact the Company’s financial position and results of operation in future periods.
v3.24.3
Other Business Developments
 9 Months Ended
Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Other Business Developments Other Business Developments
In January 2023, the Company acquired certain trademarks from West Coast Trends, Inc., an industry leader specializing in Club Glove premium performance golf travel products, for $25.2 million including cash consideration of $22.2 million and contingent consideration of $3.0 million, which was subsequently paid in 2023. The trademarks acquired were included in the Company's Titleist golf gear reporting segment and will be amortized over a weighted average life of 10 years.
v3.24.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of Acushnet Holdings Corp. (the “Company”), its wholly-owned subsidiaries and less than wholly-owned subsidiaries, including a variable interest entity (“VIE”) in which the Company is the primary beneficiary. All intercompany balances and transactions have been eliminated in consolidation.
Certain information in footnote disclosures normally included in annual financial statements has been condensed or omitted for the interim periods presented in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and U.S. GAAP. The year-end balance sheet data was derived from audited financial statements; however, the accompanying interim notes to the unaudited condensed consolidated financial statements do not include all disclosures required by U.S. GAAP. In the opinion of management, the financial statements contain all normal and recurring adjustments necessary to state fairly the financial position and results of operations of the Company. The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of results to be expected for the full year ending December 31, 2024, nor were those of the comparable 2023 periods representative of those actually experienced for the full year ended December 31, 2023. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the fiscal year ended December 31, 2023 included in its Annual Report on Form 10-K filed with the SEC on February 29, 2024.
Use of Estimates
Use of Estimates
The preparation of the Company’s unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and judgments that affect reported amounts of assets and liabilities and related disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Variable Interest Entities
Variable Interest Entities
VIEs are entities that, by design, either (i) lack sufficient equity to permit the entity to finance its activities independently, or (ii) have equity holders that do not have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the entity’s expected losses, or the right to receive the entity’s expected residual returns. The Company consolidates a VIE when it is the primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) through its interests in the VIE, the obligation to absorb expected losses or the right to receive expected benefits from the VIE that could potentially be significant to the VIE.
The Company consolidates the accounts of Acushnet Lionscore Limited (“Lionscore”), a VIE which is 40% owned by the Company. The sole purpose of the VIE is to manufacture the Company’s golf footwear and as such, the Company is deemed to be the primary beneficiary. The Company has presented separately on its unaudited condensed consolidated balance sheets, to the extent material, the assets of its consolidated VIE that can only be used to settle specific obligations of its consolidated VIE and the liabilities of its consolidated VIE for which creditors do not have recourse to its general credit. The general creditors of the VIE do not have recourse to the Company. Certain directors of the VIE have guaranteed the credit lines of the VIE, for which there were no outstanding borrowings as of September 30, 2024 and December 31, 2023. In addition, pursuant to the terms of the agreement governing the VIE, the Company is not required to provide financial support to the VIE.
Noncontrolling Interests and Redeemable Noncontrolling Interests
Noncontrolling Interests and Redeemable Noncontrolling Interests
The ownership interests held by owners other than the Company in less than wholly-owned subsidiaries are classified as noncontrolling interests. The financial results and position of noncontrolling interests are included in the Company’s unaudited condensed consolidated financial statements. The value attributable to the noncontrolling interests is presented on the unaudited condensed consolidated balance sheets, separately from the equity attributable to the Company. Net income (loss) and comprehensive income (loss) attributable to noncontrolling interests are presented separately on the unaudited condensed consolidated statements of operations and unaudited condensed consolidated statements of comprehensive income, respectively.
Redeemable noncontrolling interests are those noncontrolling interests which are or may become redeemable at a fixed or determinable price on a fixed or determinable date, at the option of the holder, or upon occurrence of an event. The Company initially records the redeemable noncontrolling interest at its acquisition date fair value. The carrying amount of the redeemable noncontrolling interest is subsequently adjusted to the greater amount of either the initial carrying amount, increased or decreased for the redeemable noncontrolling interest's share of comprehensive income (loss) or the redemption value, assuming the noncontrolling interest is redeemable at the balance sheet date. This adjustment is recognized through retained earnings and is not reflected in net income (loss) or comprehensive income (loss). During the nine months ended September 30, 2024, the Company recorded a $1.0 million redemption value adjustment to increase the carrying amount of redeemable noncontrolling interests. The value attributable to redeemable noncontrolling interests and any related loans to minority shareholders, which are recorded as a reduction to redeemable noncontrolling interests, are presented in the unaudited condensed consolidated balance sheets as temporary equity between liabilities and shareholders’ equity.
Cash, Cash Equivalents and Restricted Cash
Cash, Cash Equivalents and Restricted Cash
Cash held in Company checking accounts is included in cash. Cash equivalents consist of short-term highly liquid investments with original maturities of three months or less which are readily convertible into cash. The Company classifies as restricted certain cash that is not available for use in its operations.
Foreign Currency Transactions
Foreign Currency Transactions
Foreign currency transaction losses included in selling, general and administrative expenses were less than $0.1 million and $0.9 million for the three months ended September 30, 2024 and 2023, respectively. Foreign currency transaction losses included in selling, general and administrative expenses were $1.0 million and $3.4 million for the nine months ended September 30, 2024 and 2023, respectively.
Recently Issued Accounting Standards
Recently Issued Accounting Standards
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, "Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures." The amendments in this update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact this standard will have on its consolidated financial statements and related disclosures.
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures." The amendments in this update provide more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact this standard will have on its consolidated financial statements and related disclosures.
v3.24.3
Allowance for Doubtful Accounts (Tables)
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Schedule of Activity Related to the Allowance for Doubtful Accounts
The activity related to the allowance for doubtful accounts was as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)2024202320242023
Balance at beginning of period$9,123 $9,008 $8,840 $8,258 
Bad debt (recovery) expense(207)17 444 814 
Amount of receivables written off (247)(239)(492)(341)
Foreign currency translation246 (124)123 (69)
Balance at end of period$8,915 $8,662 $8,915 $8,662 
v3.24.3
Inventories (Tables)
 9 Months Ended
Sep. 30, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventories
The components of inventories were as follows: 
September 30,December 31,
(in thousands)20242023
Raw materials and supplies$133,944 $157,455 
Work-in-process28,027 24,949 
Finished goods335,548 433,131 
Inventories$497,519 $615,535 
v3.24.3
Product Warranty (Tables)
 9 Months Ended
Sep. 30, 2024
Product Warranties Disclosures [Abstract]  
Schedule of Warranty Obligation for Accrued Warranty Expense
The activity related to the Company’s warranty obligation for accrued warranty expense was as follows:
 Three months ended September 30,Nine months ended September 30,
(in thousands)2024202320242023
Balance at beginning of period$5,511 $5,049 $4,997 $3,951 
Provision1,325 1,568 5,123 5,313 
Claims paid/costs incurred(1,511)(1,685)(4,708)(4,337)
Foreign currency translation83 (61)(4)(56)
Balance at end of period$5,408 $4,871 $5,408 $4,871 
v3.24.3
Derivative Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Fair Values of Hedge Instruments on the Unaudited Condensed Consolidated Balance Sheets
The fair value of hedge instruments recognized on the unaudited condensed consolidated balance sheets was as follows:
(in thousands)September 30,December 31,
Balance Sheet LocationHedge Instrument Type20242023
Prepaid and other assetsForeign exchange forward$1,912 $4,378 
Interest rate swap79 452 
Accrued expenses and other liabilitiesForeign exchange forward5,246 1,931 
Interest rate swap40 63 
Other noncurrent liabilitiesForeign exchange forward19 — 
Interest rate swap— 88 
Schedule of Effect of Hedge Instruments Losses on Accumulated Other Comprehensive Loss, Net of Tax
The hedge instrument (losses) gains recognized in accumulated other comprehensive loss, net of tax was as follows:
 Three months endedNine months ended
 September 30,September 30,
(in thousands)2024202320242023
Type of hedge    
Foreign exchange forward$(3,635)$3,658 $1,702 $6,719 
Interest rate swap (258)432 511 1,601 
 Total$(3,893)$4,090 $2,213 $8,320 
Schedule of Effect of Hedge Instrument in the Unaudited Condensed Consolidated Statement of Operations
The hedge instrument gains (losses) recognized on the unaudited condensed consolidated statements of operations were as follows:
 Three months endedNine months ended
 September 30,September 30,
(in thousands)2024202320242023
Location of gains (losses) in statements of operations    
Foreign exchange forward:
Cost of goods sold$3,040 $682 $8,443 $6,975 
Selling, general and administrative (1)
(1,634)1,106 (253)1,463 
Total $1,406 $1,788 $8,190 $8,438 
Interest Rate Swap:
Interest expense, net$256 $241 $773 $429 
Total$256 $241 $773 $429 
_______________________________________________________________________________
(1)    Relates to net (losses) gains on foreign exchange forward contracts derived from previously designated cash flow hedges.
v3.24.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 were as follows:
 Fair Value Measurements as of 
 September 30, 2024 using: 
(in thousands)Level 1Level 2Level 3Balance Sheet Location
Assets    
Rabbi trust$3,142 $— $— Prepaid and other assets
Foreign exchange derivative instruments— 1,912 — Prepaid and other assets
Interest rate derivative instruments— 79 — Prepaid and other assets
Deferred compensation program assets622 — — Other assets
Total assets$3,764 $1,991 $—  
Liabilities    
Foreign exchange derivative instruments$— $5,246 $— Accrued expenses and other liabilities
Interest rate derivative instruments— 40 — Accrued expenses and other liabilities
Deferred compensation program liabilities622 — — Other noncurrent liabilities
Foreign exchange derivative instruments— 19 — Other noncurrent liabilities
Total liabilities$622 $5,305 $—  
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 were as follows:
 Fair Value Measurements as of 
 December 31, 2023 using: 
(in thousands)Level 1Level 2Level 3Balance Sheet Location
Assets    
Rabbi trust$4,334 $— $— Prepaid and other assets
Foreign exchange derivative instruments— 4,378 — Prepaid and other assets
Interest rate derivative instruments— 452 — Prepaid and other assets
Deferred compensation program assets725 — — Other assets
Total assets$5,059 $4,830 $—  
Liabilities    
Foreign exchange derivative instruments$— $1,931 $— Accrued expenses and other liabilities
Interest rate derivative instruments— 63 — Accrued expenses and other liabilities
Deferred compensation program liabilities725 — — Other noncurrent liabilities
Interest rate derivative instruments— 88 — Other noncurrent liabilities
Total liabilities$725 $2,082 $—  
v3.24.3
Pension and Other Postretirement Benefits (Tables)
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Schedule of Components of Net Periodic Benefit Cost (Credit)
Components of net periodic benefit cost (credit) were as follows:
 Pension BenefitsPostretirement Benefits
 Three months ended September 30,
(in thousands)2024202320242023
Components of net periodic benefit cost (credit)    
Service cost$1,327 $1,411 $84 $107 
Interest cost2,645 2,832 129 166 
Expected return on plan assets(1,838)(1,966)— — 
Settlements142 — — — 
Amortization of net loss (gain)60 25 (252)(223)
Amortization of prior service cost (credit)24 45 (35)(35)
Net periodic benefit cost (credit)$2,360 $2,347 $(74)$15 
 Pension BenefitsPostretirement Benefits
 Nine months ended September 30,
(in thousands)2024202320242023
Components of net periodic benefit cost (credit)    
Service cost$3,958 $4,261 $250 $322 
Interest cost8,033 8,491 389 497 
Expected return on plan assets(5,510)(5,894)— — 
Settlements142 (27)— — 
Amortization of net loss (gain)177 70 (760)(670)
Amortization of prior service cost (credit)70 137 (103)(103)
Net periodic benefit cost (credit)$6,870 $7,038 $(224)$46 
v3.24.3
Common Stock (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Schedule of Declared Dividends Per Share
The Company declared dividends per common share, including DERs (Note 11), during the periods presented as follows:
Dividends per Common Share
Amount
(in thousands)
2024:
Third Quarter$0.215 $13,787 
Second Quarter0.215 13,873 
First Quarter0.215 14,155 
Total dividends declared in 2024$0.645 $41,815 
2023:
Fourth Quarter$0.195 $12,941 
Third Quarter0.195 13,098 
Second Quarter0.195 13,667 
First Quarter0.195 13,629 
Total dividends declared in 2023$0.780 $53,335 
Schedule of Share Repurchase Activity
The Company's share repurchase activity for the periods presented was as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands, except share and per share amounts)2024202320242023
Shares repurchased in the open market:
Shares repurchased 493,040 1,153,400 1,627,793 1,982,289 
Average price$65.96 $56.28 $64.70 $52.98 
Aggregate value$32,522 $64,918 $105,323 $105,030 
Shares repurchased from Magnus:
Shares repurchased587,520 — 587,520 2,168,528 
Average price (1)
$63.83 $— $63.83 $46.11 
Aggregate value$37,499 $— $37,499 $100,001 
Total shares repurchased:
Shares repurchased1,080,560 1,153,400 2,215,313 4,150,817 
Average price$64.80 $56.28 $64.47 $49.40 
Aggregate value (2)
$70,021 $64,918 $142,822 $205,031 
___________________________________
(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 any given period will differ from open market repurchases due to the settlement of the previously recorded share repurchase liability, as well as open market purchases made after the completion of the Magnus share repurchase agreements.
(2) Includes $0.5 million and $2.0 million related to shares repurchased not settled as of the nine months ended September 30, 2024 and 2023, respectively.
v3.24.3
Equity Incentive Plans (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted and Performance Stock Units
A summary of the Company’s RSUs and PSUs as of September 30, 2024 and changes during the nine months then ended is presented below: 
 Weighted-Weighted-
 NumberAverageNumberAverage
 of RSUsFair Value RSUs
of PSUs (3)
Fair Value PSUs
Outstanding as of December 31, 2023868,063 $46.45 480,254 $46.07 
Granted309,293 66.70 156,087 66.77 
Vested (1)(2)
(492,950)46.51 (133,099)45.36 
Forfeited(20,635)36.42 (2,275)56.40 
Outstanding as of September 30, 2024663,771 $56.16 500,967 $52.66 

_______________________________________________________________________________
(1)    Includes 54,117 shares of common stock related to RSU's that were not delivered as of September 30, 2024.
(2)    Based upon the Company’s level of achievement of the applicable performance metrics, the recipients of the 133,099 PSUs that vested during the nine months ended September 30, 2024, were entitled to receive 266,198 shares of common stock. As of September 30, 2024, there were 86,762 shares of common stock that had not been delivered in connection with the vesting of these PSUs.
(3)    Number of PSUs reflects 100% of the target level grant and may not be indicative of the performance level expected to be achieved.
Schedule of Shares of Common Stock Issued
Compensation expense recorded related to the Company's RSUs and PSUs in the unaudited condensed consolidated statements of operations was as follows:
 Three months endedNine months ended
September 30,September 30,
(in thousands)2024202320242023
RSUs$4,505 $4,012 $14,633 $12,966 
PSUs4,378 1,129 8,889 7,911 
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:
Nine months endedNine months ended
 September 30, 2024September 30, 2023
RSUsPSUsRSUsPSUs
Shares of common stock issued477,642 219,831 472,766 231,580 
Shares of common stock withheld by the Company as payment by employees in lieu of cash to satisfy tax withholding obligations
(159,600)(95,814)(128,291)(91,842)
Net shares of common stock issued318,042 124,017 344,475 139,738 
Cumulative undelivered shares of common stock480,608 471,078 457,703 420,447 
Schedule of Compensation Expense Related to Equity Incentive Plans
The allocation of share-based compensation expense in the unaudited condensed consolidated statements of operations was as follows:
 Three months endedNine months ended
September 30,September 30,
(in thousands)2024202320242023
Cost of goods sold$439 $340 $1,242 $1,095 
Selling, general and administrative8,207 4,629 21,524 18,875 
Research and development385 336 1,232 1,399 
Total compensation expense before income tax9,031 5,305 23,998 21,369 
Income tax benefit2,024 945 5,433 4,304 
Total compensation expense, net of income tax$7,007 $4,360 $18,565 $17,065 
v3.24.3
Accumulated Other Comprehensive Loss, Net of Tax (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Schedule of Changes in Each Component of Accumulated Comprehensive Loss, Net of Tax Effects
The components of and adjustments to accumulated other comprehensive loss, net of tax, were as follows:
 ForeignInterestAccumulated
 ForeignExchangeRate SwapPension andOther
CurrencyDerivativeDerivativeOtherComprehensive
(in thousands)TranslationInstrumentsInstrumentsPostretirementLoss, Net of Tax
Balance as of December 31, 2023$(95,425)$3,929 $227 $(13,080)$(104,349)
Other comprehensive income (loss) before reclassifications1,603 1,702 511 (320)3,496 
Amounts reclassified from accumulated other comprehensive loss, net of tax— (8,443)(773)(474)(9,690)
Tax benefit — 2,205 64 175 2,444 
Balance as of September 30, 2024$(93,822)$(607)$29 $(13,699)$(108,099)
v3.24.3
Net Income per Common Share (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Income Per Common Share
The following is a computation of basic and diluted net income per common share attributable to Acushnet Holdings Corp.:
 Three months endedNine months ended
 September 30,September 30,
(in thousands, except share and per share amounts)2024202320242023
Net income attributable to Acushnet Holdings Corp.$56,224 $57,307 $215,414 $225,237 
Weighted average number of common shares:
Basic62,894,940 66,898,142 63,813,805 67,812,790 
RSUs200,837 328,411 214,899 290,274 
PSUs75,959 116,707 41,796 104,958 
Diluted63,171,736 67,343,260 64,070,500 68,208,022 
Net income per common share attributable to Acushnet Holdings Corp.:
Basic$0.89 $0.86 $3.38 $3.32 
Diluted$0.89 $0.85 $3.36 $3.30 
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 endedNine months ended
 September 30,September 30,
 2024202320242023
RSUs201,512 — 212,224 86,499 
v3.24.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Information by Reportable Segment and a Reconciliation to Reported Amounts
Information by reportable segment and a reconciliation to reported amounts are as follows:
Three months ended September 30,Nine months ended September 30,
(in thousands)2024202320242023
Net sales  
Titleist golf balls$190,560 $192,557 $646,017 $622,125 
Titleist golf clubs213,907 181,045 595,311 549,846 
Titleist golf gear51,574 47,657 188,661 184,571 
FootJoy golf wear133,137 136,669 482,753 500,174 
Other31,323 35,453 99,180 112,318 
Total net sales$620,501 $593,381 $2,011,922 $1,969,034 
Segment operating income  
Titleist golf balls$31,150 $43,770 $134,334 $131,591 
Titleist golf clubs49,930 36,509 124,670 118,455 
Titleist golf gear4,246 788 28,270 26,657 
FootJoy golf wear502 (1,469)34,814 32,927 
Other804 1,693 7,348 12,606 
Total segment operating income86,632 81,291 329,436 322,236 
Reconciling items:  
Interest expense, net(13,187)(9,389)(40,367)(30,234)
Non-service cost component of net periodic benefit cost(875)(844)(2,438)(2,501)
Other (1)
(4,097)(2,760)(18,816)(11,746)
Total income before income tax$68,473 $68,298 $267,815 $277,755 
_______________________________________________________________________________
(1) For the nine months ended September 30, 2024, includes $7.0 million related to restructuring costs associated with the closure of certain production lines at the VIE's Fujian Fuh Deh Leh (“FDL”) factory (Note 16).
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 September 30,Nine months ended September 30,
(in thousands)2024202320242023
United States$374,219 $352,463 $1,200,989 $1,123,766 
EMEA (1)
75,496 75,643 263,850 266,502 
Japan41,738 39,035 108,731 118,183 
Korea67,091 65,652 226,167 241,267 
Rest of World61,957 60,588 212,185 219,316 
Total net sales$620,501 $593,381 $2,011,922 $1,969,034 
_______________________________________________________________________________
(1) Europe, the Middle East and Africa ("EMEA")
v3.24.3
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Purchase Obligations
The Company's purchase obligations as of September 30, 2024 were as follows:
 Payments Due by Period
 Remainder of     
(in thousands)20242025202620272028Thereafter
Purchase obligations (1)
$237,533 $62,158 $5,392 $2,483 $2,417 $7,240 
_______________________________________________________________________________
(1)    The reported amounts exclude those liabilities included in accounts payable or accrued liabilities on the unaudited condensed consolidated balance sheet as of September 30, 2024.
v3.24.3
Restructuring Costs (Tables)
 9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Company's Restructuring Programs
The activity related to the Plan was as follows:
(in thousands)Three months ended September 30, 2024Nine months ended September 30, 2024
Balance at beginning of period$2,013 $— 
Provision— 6,967 
Payments(386)(5,340)
Balance at end of period$1,627 $1,627 
v3.24.3
Summary of Significant Accounting Policies (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Variable Interest Entity [Line Items]          
Redemption value adjustment     $ 1,000,000    
Loan to minority shareholders included in temporary equity $ 4,400,000   4,400,000   $ 4,400,000
Restricted cash 1,700,000   1,700,000   1,700,000
Retained Earnings          
Variable Interest Entity [Line Items]          
Redemption value adjustment     1,000,000    
Selling, general and administrative          
Variable Interest Entity [Line Items]          
Transaction losses included in selling, general and administrative expense 100,000 $ 900,000 $ 1,000,000.0 $ 3,400,000  
VIE          
Variable Interest Entity [Line Items]          
Ownership percentage     40.00%    
Outstanding borrowings $ 0   $ 0   $ 0
v3.24.3
Allowance for Doubtful Accounts (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Balance at beginning of period $ 9,123 $ 9,008 $ 8,840 $ 8,258
Bad debt (recovery) expense (207) 17 444 814
Amount of receivables written off (247) (239) (492) (341)
Foreign currency translation 246 (124) 123 (69)
Balance at end of period $ 8,915 $ 8,662 $ 8,915 $ 8,662
v3.24.3
Inventories (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials and supplies $ 133,944 $ 157,455
Work-in-process 28,027 24,949
Finished goods 335,548 433,131
Inventories $ 497,519 $ 615,535
v3.24.3
Product Warranty (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Activity for accrued warranty expense        
Balance at beginning of period $ 5,511 $ 5,049 $ 4,997 $ 3,951
Provision 1,325 1,568 5,123 5,313
Claims paid/costs incurred (1,511) (1,685) (4,708) (4,337)
Foreign currency translation 83 (61) (4) (56)
Balance at end of period $ 5,408 $ 4,871 $ 5,408 $ 4,871
Minimum        
Product Warranty Liability [Line Items]        
Product warranty period     1 year  
Maximum        
Product Warranty Liability [Line Items]        
Product warranty period     2 years  
v3.24.3
Debt and Financing Arrangements (Details) - USD ($)
 9 Months Ended 12 Months Ended
Jun. 28, 2024
Oct. 03, 2023
Sep. 30, 2024
Dec. 31, 2023
Aug. 02, 2022
Unsecured Local Credit Facilities          
Line of Credit Facility [Line Items]          
Weighted average interest rate (as percent)     0.59% 0.45%  
Available borrowings     $ 41,500,000    
Other short-term borrowings, outstanding borrowings     21,200,000 $ 29,000,000.0  
Senior Unsecured Notes due 2028 | Unsecured Local Credit Facilities          
Line of Credit Facility [Line Items]          
Amount outstanding   $ 350,000,000.0      
Debt instrument interest rate stated percentage   7.375%      
Incurred fees and expenses   $ 6,400,000      
Debt issuance costs   $ 6,300,000      
Effective interest rate   7.813%      
Accrued interest     12,000,000.0 6,500,000  
Senior Unsecured Notes due 2028 | Unsecured Local Credit Facilities | Level 2          
Line of Credit Facility [Line Items]          
Fair value of notes     366,600,000 365,100,000  
Revolving Credit Facility          
Line of Credit Facility [Line Items]          
Maximum borrowing capacity         $ 950,000,000
Outstanding borrowings     $ 359,400,000 $ 325,200,000  
Weighted average interest rate (as percent)     6.16% 6.57%  
Available borrowings     $ 586,700,000    
Letters of credit outstanding     3,900,000    
Revolving Credit Facility | Unsecured Local Credit Facilities          
Line of Credit Facility [Line Items]          
Outstanding borrowings   $ 345,600,000      
Line of Credit | Minimum | Canadian Overnight Repo Rate Average          
Line of Credit Facility [Line Items]          
Variable rate of interest 0.29547%        
Line of Credit | Minimum | Adjusted Term Canadian Overnight Repo Rate Average          
Line of Credit Facility [Line Items]          
Variable rate of interest 1.00%        
Line of Credit | Maximum | Canadian Overnight Repo Rate Average          
Line of Credit Facility [Line Items]          
Variable rate of interest 0.32138%        
Line of Credit | Maximum | Adjusted Term Canadian Overnight Repo Rate Average          
Line of Credit Facility [Line Items]          
Variable rate of interest 1.75%        
Letters of Credit          
Line of Credit Facility [Line Items]          
Maximum borrowing capacity     58,400,000    
Outstanding borrowings     7,000,000.0 $ 11,300,000  
Line of credit secured     $ 3,900,000 $ 8,100,000  
v3.24.3
Derivative Financial Instruments - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Foreign exchange forward    
Derivatives, Fair Value [Line Items]    
Expected reclassification of net gain (loss) recorded in accumulated other comprehensive gain (loss), net of tax into cost of goods sold during next twelve months $ 0.3  
Foreign exchange forward | Derivative Designated As Hedging    
Derivatives, Fair Value [Line Items]    
Notional amount $ 234.3 $ 209.6
Foreign exchange forward | Maximum    
Derivatives, Fair Value [Line Items]    
Term of derivative contract (in months) 24 months  
Interest rate swap    
Derivatives, Fair Value [Line Items]    
Expected reclassification of net gain (loss) recorded in accumulated other comprehensive gain (loss), net of tax into cost of goods sold during next twelve months $ 0.1  
Interest rate swap | Derivative Designated As Hedging    
Derivatives, Fair Value [Line Items]    
Notional amount $ 100.0 $ 100.0
v3.24.3
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
Sep. 30, 2024
Dec. 31, 2023
Foreign exchange forward | Prepaid and other assets    
Derivatives, Fair Value [Line Items]    
Asset derivatives $ 1,912 $ 4,378
Foreign exchange forward | Accrued expenses and other liabilities    
Derivatives, Fair Value [Line Items]    
Liability derivatives 5,246 1,931
Foreign exchange forward | Other noncurrent liabilities    
Derivatives, Fair Value [Line Items]    
Liability derivatives 19 0
Interest rate swap | Prepaid and other assets    
Derivatives, Fair Value [Line Items]    
Asset derivatives 79 452
Interest rate swap | Accrued expenses and other liabilities    
Derivatives, Fair Value [Line Items]    
Liability derivatives 40 63
Interest rate swap | Other noncurrent liabilities    
Derivatives, Fair Value [Line Items]    
Liability derivatives $ 0 $ 88
v3.24.3
Derivative Financial Instruments - Schedule of Effect of Hedge Instruments on Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
 Total $ (3,893) $ 4,090 $ 2,213 $ 8,320
Cash Flow Hedge | Derivative Designated As Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
 Total (3,893) 4,090 2,213 8,320
Foreign exchange forward | Cash Flow Hedge | Derivative Designated As Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
 Total (3,635) 3,658 1,702 6,719
Interest rate swap | Cash Flow Hedge | Derivative Designated As Hedging        
Derivative Instruments, Gain (Loss) [Line Items]        
 Total $ (258) $ 432 $ 511 $ 1,601
v3.24.3
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 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Foreign exchange forward        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain recognized on unaudited condensed consolidated statements of operations $ 1,406 $ 1,788 $ 8,190 $ 8,438
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 Cost of goods sold Cost of goods sold
Gain recognized on unaudited condensed consolidated statements of operations $ 3,040 $ 682 $ 8,443 $ 6,975
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 Selling, general and administrative Selling, general and administrative
Gain recognized on unaudited condensed consolidated statements of operations $ (1,634) $ 1,106 $ (253) $ 1,463
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 Interest expense, net Interest expense, net
Gain recognized on unaudited condensed consolidated statements of operations $ 256 $ 241 $ 773 $ 429
v3.24.3
Fair Value Measurements (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Level 1    
Assets    
Rabbi trust $ 3,142 $ 4,334
Deferred compensation program assets 622 725
Total assets 3,764 5,059
Liabilities    
Deferred compensation program liabilities 622 725
Total liabilities 622 725
Level 1 | Foreign exchange derivative instruments    
Assets    
Foreign exchange derivative instruments 0 0
Liabilities    
Derivative instruments, current 0 0
Derivative instruments, noncurrent 0  
Level 1 | Interest rate derivative instruments    
Assets    
Interest rate derivative instruments 0 0
Liabilities    
Derivative instruments, current 0 0
Derivative instruments, noncurrent   0
Level 2    
Assets    
Rabbi trust 0 0
Deferred compensation program assets 0 0
Total assets 1,991 4,830
Liabilities    
Deferred compensation program liabilities 0 0
Total liabilities 5,305 2,082
Level 2 | Foreign exchange derivative instruments    
Assets    
Foreign exchange derivative instruments 1,912 4,378
Liabilities    
Derivative instruments, current 5,246 1,931
Derivative instruments, noncurrent 19  
Level 2 | Interest rate derivative instruments    
Assets    
Interest rate derivative instruments 79 452
Liabilities    
Derivative instruments, current 40 63
Derivative instruments, noncurrent   88
Level 3    
Assets    
Rabbi trust 0 0
Deferred compensation program assets 0 0
Total assets 0 0
Liabilities    
Deferred compensation program liabilities 0 0
Total liabilities 0 0
Level 3 | Foreign exchange derivative instruments    
Assets    
Foreign exchange derivative instruments 0 0
Liabilities    
Derivative instruments, current 0 0
Derivative instruments, noncurrent 0  
Level 3 | Interest rate derivative instruments    
Assets    
Interest rate derivative instruments 0 0
Liabilities    
Derivative instruments, current $ 0 0
Derivative instruments, noncurrent   $ 0
v3.24.3
Pension and Other Postretirement Benefits (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Pension Benefits        
Components of net periodic benefit cost (credit)        
Service cost $ 1,327 $ 1,411 $ 3,958 $ 4,261
Interest cost 2,645 2,832 8,033 8,491
Expected return on plan assets (1,838) (1,966) (5,510) (5,894)
Settlements 142 0 142 (27)
Amortization of net loss (gain) 60 25 177 70
Amortization of prior service cost (credit) 24 45 70 137
Net periodic benefit cost (credit) 2,360 2,347 6,870 7,038
Postretirement Benefits        
Components of net periodic benefit cost (credit)        
Service cost 84 107 250 322
Interest cost 129 166 389 497
Expected return on plan assets 0 0 0 0
Settlements 0 0 0 0
Amortization of net loss (gain) (252) (223) (760) (670)
Amortization of prior service cost (credit) (35) (35) (103) (103)
Net periodic benefit cost (credit) $ (74) $ 15 $ (224) $ 46
v3.24.3
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]        
Increase in income tax expense $ 1,900   $ 5,100  
Income tax expense $ 13,198 $ 11,252 $ 57,817 $ 52,726
Effective tax rate (as percent) 19.30% 16.50% 21.60% 19.00%
v3.24.3
Common Stock - Schedule of Declared Dividends Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Equity [Abstract]                    
Dividends per Common Share (in dollars per share) $ 0.215 $ 0.215 $ 0.215 $ 0.195 $ 0.195 $ 0.195 $ 0.195 $ 0.645   $ 0.780
Amount $ 13,787 $ 13,873 $ 14,155 $ 12,941 $ 13,098 $ 13,667 $ 13,629 $ 41,815 $ 40,394 $ 53,335
v3.24.3
Common Stock - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Jul. 10, 2024
Nov. 03, 2023
Jan. 23, 2023
Jan. 13, 2023
Nov. 07, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Jun. 14, 2024
Mar. 14, 2024
Jun. 09, 2023
Dec. 31, 2022
Aug. 30, 2022
Jun. 16, 2022
Dividends Payable [Line Items]                                          
Dividends per Common Share (in dollars per share)           $ 0.215 $ 0.215 $ 0.215 $ 0.195 $ 0.195 $ 0.195 $ 0.195 $ 0.645   $ 0.780            
Issued and outstanding common stock authorized to repurchase           $ 1,000,000,000.0             $ 1,000,000,000.0                
Shares repurchased (in shares)           1,080,560       1,153,400     2,215,313 4,150,817              
Aggregate value           $ 70,021,000       $ 64,918,000     $ 142,822,000 $ 205,031,000              
Satisfaction of obligation under agreement           232,200,000             232,200,000                
Subsequent Event                                          
Dividends Payable [Line Items]                                          
Dividends per Common Share (in dollars per share)         $ 0.215                                
Magnus                                          
Dividends Payable [Line Items]                                          
Issued and outstanding common stock authorized to repurchase                                       $ 100,000,000 $ 75,000,000
Share repurchase liability           $ 32,500,000             $ 32,500,000           $ 92,600,000    
Accrued share repurchase (in shares) 587,520         493,040             493,040           2,000,839    
Shares repurchased (in shares)   1,824,994 2,168,528     587,520       0     587,520 2,168,528              
Aggregate value $ 37,500,000 $ 100,000,000.0 $ 100,000,000.0     $ 37,499,000       $ 0     $ 37,499,000 $ 100,001,000              
Stock repurchase program, authorized amount           $ 62,500,000             $ 62,500,000     $ 62,500,000 $ 37,500,000 $ 100,000,000.0      
Open Market                                          
Dividends Payable [Line Items]                                          
Shares repurchased (in shares)       167,689   493,040       1,153,400     1,627,793 1,982,289              
Aggregate value       $ 7,400,000   $ 32,522,000       $ 64,918,000     $ 105,323,000 $ 105,030,000              
Aggregate purchases of shares in open market before shares will be purchased from Magnus           $ 100,000,000             100,000,000                
Open Market | Common Stock                                          
Dividends Payable [Line Items]                                          
Aggregate value                         $ 143,600,000                
Common stock presented and retired (in shares)                         2,215,313                
v3.24.3
Common Stock - Schedule of Share Repurchase Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Jul. 10, 2024
Nov. 03, 2023
Jan. 23, 2023
Jan. 13, 2023
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dividends Payable [Line Items]                
Shares repurchased (in shares)         1,080,560 1,153,400 2,215,313 4,150,817
Average price (in dollars per share)         $ 64.80 $ 56.28 $ 64.47 $ 49.40
Aggregate value         $ 70,021 $ 64,918 $ 142,822 $ 205,031
Open Market                
Dividends Payable [Line Items]                
Shares repurchased (in shares)       167,689 493,040 1,153,400 1,627,793 1,982,289
Average price (in dollars per share)         $ 65.96 $ 56.28 $ 64.70 $ 52.98
Aggregate value       $ 7,400 $ 32,522 $ 64,918 $ 105,323 $ 105,030
Excise tax accrued         800   800  
Treasury stock, value repurchased not settled         $ 500 $ 2,000 $ 500 $ 2,000
Magnus                
Dividends Payable [Line Items]                
Shares repurchased (in shares)   1,824,994 2,168,528   587,520 0 587,520 2,168,528
Average price (in dollars per share)         $ 63.83 $ 0 $ 63.83 $ 46.11
Aggregate value $ 37,500 $ 100,000 $ 100,000   $ 37,499 $ 0 $ 37,499 $ 100,001
v3.24.3
Equity Incentive Plans - Narrative (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
RSUs | 2015 Omnibus Incentive Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation expense $ 25.3
Weighted average period (in years) 1 year 4 months 24 days
RSUs | Company Officers  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period (in years) 3 years
Vesting percentage 33.33%
RSUs | Officers, Employees, Consultants and Advisors  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period (in years) 3 years
RSUs | Other Employees  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting percentage 33.33%
PSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Performance period (in years) 3 years
PSUs | 2015 Omnibus Incentive Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation expense $ 16.5
Weighted average period (in years) 1 year 10 months 24 days
PSUs | Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting percentage 0.00%
PSUs | Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting percentage 200.00%
v3.24.3
Equity Incentive Plans - Schedule of Restricted and Performance Stock Units (Details) - 2015 Omnibus Incentive Plan
 9 Months Ended
Sep. 30, 2024
$ / shares
shares
Common Stock  
Weighted - Average Fair Value  
Undelivered (in shares) 266,198
RSUs  
Number of Units  
Outstanding at beginning of the period (in shares) 868,063
Granted (in shares) 309,293
Vested (in shares) (492,950)
Forfeited (in shares) (20,635)
Outstanding at end of the period (in shares) 663,771
Weighted - Average Fair Value  
Outstanding at beginning of the period (in dollars per share) | $ / shares $ 46.45
Granted (in dollars per share) | $ / shares 66.70
Vested (in dollars per share) | $ / shares 46.51
Forfeited (in dollars per share) | $ / shares 36.42
Outstanding at end of the period (in dollars per share) | $ / shares $ 56.16
Undelivered (in shares) 54,117
PSUs  
Number of Units  
Outstanding at beginning of the period (in shares) 480,254
Granted (in shares) 156,087
Vested (in shares) (133,099)
Forfeited (in shares) (2,275)
Outstanding at end of the period (in shares) 500,967
Weighted - Average Fair Value  
Outstanding at beginning of the period (in dollars per share) | $ / shares $ 46.07
Granted (in dollars per share) | $ / shares 66.77
Vested (in dollars per share) | $ / shares 45.36
Forfeited (in dollars per share) | $ / shares 56.40
Outstanding at end of the period (in dollars per share) | $ / shares $ 52.66
Undelivered (in shares) 86,762
Achieved target level of performance (in percent) 100.00%
v3.24.3
Equity Incentive Plans - Schedule of Compensation Expense Recorded in the Consolidated Statement of Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Compensation expense $ 9,031 $ 5,305 $ 23,998 $ 21,369
RSUs | 2015 Omnibus Incentive Plan        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Compensation expense 4,505 4,012 14,633 12,966
PSUs | 2015 Omnibus Incentive Plan        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Compensation expense $ 4,378 $ 1,129 $ 8,889 $ 7,911
v3.24.3
Equity Incentive Plans - Schedule of Shares of Common Stock Issued (Details) - 2015 Omnibus Incentive Plan - shares
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
RSUs    
Class of Stock [Line Items]    
Cumulative undelivered shares of common stock (in shares) 54,117  
PSUs    
Class of Stock [Line Items]    
Cumulative undelivered shares of common stock (in shares) 86,762  
Common Stock | RSUs    
Class of Stock [Line Items]    
Shares of common stock issued (in shares) 477,642 472,766
Shares of common stock withheld by the Company as payment by employees in lieu of cash to satisfy tax withholding obligations (in shares) (159,600) (128,291)
Net shares of common stock issued (in shares) 318,042 344,475
Cumulative undelivered shares of common stock (in shares) 480,608 457,703
Common Stock | PSUs    
Class of Stock [Line Items]    
Shares of common stock issued (in shares) 219,831 231,580
Shares of common stock withheld by the Company as payment by employees in lieu of cash to satisfy tax withholding obligations (in shares) (95,814) (91,842)
Net shares of common stock issued (in shares) 124,017 139,738
Cumulative undelivered shares of common stock (in shares) 471,078 420,447
v3.24.3
Equity Incentive Plans - Schedule of Compensation Expense Related to Equity Incentive Plans (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total compensation expense before income tax $ 9,031 $ 5,305 $ 23,998 $ 21,369
Income tax benefit 2,024 945 5,433 4,304
Total compensation expense, net of income tax 7,007 4,360 18,565 17,065
Cost of goods sold        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total compensation expense before income tax 439 340 1,242 1,095
Selling, general and administrative        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total compensation expense before income tax 8,207 4,629 21,524 18,875
Research and development        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Total compensation expense before income tax $ 385 $ 336 $ 1,232 $ 1,399
v3.24.3
Accumulated Other Comprehensive Loss, Net of Tax (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Beginning balance $ 903,087
Other comprehensive income (loss) before reclassifications 3,496
Amounts reclassified from accumulated other comprehensive loss, net of tax (9,690)
Tax benefit 2,444
Ending balance 898,602
Foreign Currency Translation  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Beginning balance (95,425)
Other comprehensive income (loss) before reclassifications 1,603
Amounts reclassified from accumulated other comprehensive loss, net of tax 0
Tax benefit 0
Ending balance (93,822)
Gains (Losses) on Derivative Instruments | Foreign Exchange Derivative Instruments  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Beginning balance 3,929
Other comprehensive income (loss) before reclassifications 1,702
Amounts reclassified from accumulated other comprehensive loss, net of tax (8,443)
Tax benefit 2,205
Ending balance (607)
Gains (Losses) on Derivative Instruments | Interest rate swap  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Beginning balance 227
Other comprehensive income (loss) before reclassifications 511
Amounts reclassified from accumulated other comprehensive loss, net of tax (773)
Tax benefit 64
Ending balance 29
Pension and Other Postretirement  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Beginning balance (13,080)
Other comprehensive income (loss) before reclassifications (320)
Amounts reclassified from accumulated other comprehensive loss, net of tax (474)
Tax benefit 175
Ending balance (13,699)
Accumulated Other Comprehensive Loss, Net of Tax  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Beginning balance (104,349)
Ending balance $ (108,099)
v3.24.3
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 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Net income attributable to Acushnet Holdings Corp. $ 56,224 $ 57,307 $ 215,414 $ 225,237
Weighted average number of common shares:        
Basic (in shares) 62,894,940 66,898,142 63,813,805 67,812,790
Diluted (in shares) 63,171,736 67,343,260 64,070,500 68,208,022
Net income per common share attributable to Acushnet Holdings Corp.:        
Basic (in dollars per share) $ 0.89 $ 0.86 $ 3.38 $ 3.32
Diluted (in dollars per share) $ 0.89 $ 0.85 $ 3.36 $ 3.30
RSUs        
Weighted average number of common shares:        
Basic (in shares) 200,837 328,411 214,899 290,274
PSUs        
Weighted average number of common shares:        
Basic (in shares) 75,959 116,707 41,796 104,958
v3.24.3
Net Income per Common Share - Schedule of Securities Excluded From the Calculation of Diluted Weighted Average Common Shares (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
RSUs        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Anti-dilutive securities excluded from computation of earnings per share (in shares) 201,512 0 212,224 86,499
v3.24.3
Segment Information - Schedule of Information by Reportable Segment and a Reconciliation to Reported Amounts (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Dec. 31, 2024
segment
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
segment
Sep. 30, 2023
USD ($)
Segment Reporting Information [Line Items]          
Number of reportable segments | segment       4  
Net sales   $ 620,501 $ 593,381 $ 2,011,922 $ 1,969,034
Segment operating income   82,067 78,605 309,471 309,999
Reconciling items:          
Interest expense, net   (13,187) (9,389) (40,367) (30,234)
Income before income taxes   68,473 68,298 267,815 277,755
Forecast          
Segment Reporting Information [Line Items]          
Number of reportable segments | segment 3        
Operating Segments          
Segment Reporting Information [Line Items]          
Net sales   620,501 593,381 2,011,922 1,969,034
Segment operating income   86,632 81,291 329,436 322,236
Reconciling Items          
Reconciling items:          
Interest expense, net   (13,187) (9,389) (40,367) (30,234)
Non-service cost component of net periodic benefit cost   (875) (844) (2,438) (2,501)
Other   (4,097) (2,760) (18,816) (11,746)
Titleist golf balls | Operating Segments          
Segment Reporting Information [Line Items]          
Net sales   190,560 192,557 646,017 622,125
Segment operating income   31,150 43,770 134,334 131,591
Titleist golf clubs | Operating Segments          
Segment Reporting Information [Line Items]          
Net sales   213,907 181,045 595,311 549,846
Segment operating income   49,930 36,509 124,670 118,455
Titleist golf gear | Operating Segments          
Segment Reporting Information [Line Items]          
Net sales   51,574 47,657 188,661 184,571
Segment operating income   4,246 788 28,270 26,657
FootJoy golf wear | Operating Segments          
Segment Reporting Information [Line Items]          
Net sales   133,137 136,669 482,753 500,174
Segment operating income   502 (1,469) 34,814 32,927
Other | Operating Segments          
Segment Reporting Information [Line Items]          
Net sales   31,323 35,453 99,180 112,318
Segment operating income   $ 804 $ 1,693 $ 7,348 $ 12,606
v3.24.3
Segment Information - Schedule of Net Sales By Geographical Area (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total net sales $ 620,501 $ 593,381 $ 2,011,922 $ 1,969,034
United States        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total net sales 374,219 352,463 1,200,989 1,123,766
EMEA        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total net sales 75,496 75,643 263,850 266,502
Japan        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total net sales 41,738 39,035 108,731 118,183
Korea        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total net sales 67,091 65,652 226,167 241,267
Rest of World        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total net sales $ 61,957 $ 60,588 $ 212,185 $ 219,316
v3.24.3
Commitments and Contingencies (Details)
$ in Thousands
Sep. 30, 2024
USD ($)
Payments Due by Period  
Remainder of 2024 $ 237,533
2025 62,158
2026 5,392
2027 2,483
2028 2,417
Thereafter $ 7,240
v3.24.3
Restructuring Costs - Additional Information (Details) - VBR
$ in Millions
Sep. 30, 2024
USD ($)
Restructuring Cost and Reserve [Line Items]  
Restructuring costs incurred to date $ 7.0
Expected remaining cost $ 12.0
v3.24.3
Restructuring Costs - Schedule of Company's Restructuring Program Rollforward (Details) - VBR - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2024
Restructuring Reserve [Roll Forward]    
Balance at beginning of period $ 2,013 $ 0
Provision 0 6,967
Payments (386) (5,340)
Balance at end of period $ 1,627 $ 1,627
v3.24.3
Other Business Developments (Details) - USD ($)
$ in Thousands
 1 Months Ended 9 Months Ended
Jan. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Business Acquisition [Line Items]      
Payments to acquire intangible assets   $ 0 $ 25,235
Trademarks, Domains and Products | Club Glove      
Business Acquisition [Line Items]      
Payments to acquire intangible assets $ 25,200    
Cash consideration 22,200    
Asset acquisition, contingent consideration $ 3,000    
Weighted average useful life 10 years