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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form
10-Q

    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
or
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  to    
Commission file number: 001-37935
Acushnet Holdings Corp.
(Exact name of registrant as specified in its charter)
Delaware45-2644353
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
333 Bridge StreetFairhaven,Massachusetts02719
(Address of principal executive offices)(Zip Code)
 
(800225-8500
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock - $0.001 par value per shareGOLFNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer

Accelerated filer
Non-accelerated filer

Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes   No 
The registrant had 66,542,551 shares of common stock outstanding as of July 28, 2023.

Table of Contents
ACUSHNET HOLDINGS CORP.
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2023
TABLE OF CONTENTS
 
 
Page No.
 
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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the “safe harbor” created by that section. These forward-looking statements are included throughout this report, including in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and relate to matters such as our industry, business strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. We have used the words “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable” and similar terms and phrases to identify forward-looking statements in this report, although not all forward-looking statements use these identifying words.
The forward-looking statements contained in this report are based on management’s current expectations and are subject to uncertainty and changes in circumstances. We cannot assure you that future developments affecting us will be those that we have anticipated. Actual results may differ materially from these expectations due to changes in global, regional or local economic, business, competitive, market, regulatory and other factors, many of which are beyond our control. We believe that these factors include:
a reduction in the number of rounds of golf played or in the number of golf participants;
unfavorable weather conditions may impact the number of playable days and rounds played in a given year;
consumer spending habits and macroeconomic factors may affect the number of rounds of golf played and related spending on golf products;
demographic factors may affect the number of golf participants and related spending on our products;
changes to the Rules of Golf with respect to equipment;
a significant disruption in the operations of our manufacturing, assembly or distribution facilities;
our ability to procure raw materials or components of our products;
a disruption in the operations of our suppliers;
the cost of raw materials and components;
currency transaction and translation risk;
our ability to successfully manage the frequent introduction of new products or satisfy changing consumer preferences, quality and regulatory standards;
our reliance on technical innovation and high-quality products;
our ability to adequately enforce and protect our intellectual property rights;
involvement in lawsuits to protect, defend or enforce our intellectual property rights;
our ability to prevent infringement of intellectual property rights by others;
changes to patent laws;
intense competition and our ability to maintain a competitive advantage in each of our markets;
limited opportunities for future growth in sales of certain of our products, including golf balls, golf shoes and golf gloves;
our customers’ financial condition, their levels of business activity and their ability to pay trade obligations;
a decrease in corporate spending on our custom logo golf balls;
our ability to maintain and further develop our sales channels;
consolidation of retailers or concentration of retail market share;
our ability to maintain and enhance our brands;
seasonal fluctuations of our business;
fluctuations of our business based on the timing of new product introductions;
risks associated with doing business globally;
compliance with laws, regulations and policies, including the U.S. Foreign Corrupt Practices Act or other applicable anti-corruption legislation;
our ability to secure professional golfers to endorse or use our products;
negative publicity relating to us or the golfers who use our products or the golf industry in general;
our ability to accurately forecast demand for our products;
a disruption in the service, or a significant increase in the cost, of our primary delivery and shipping services or a significant disruption at shipping ports;
our ability to maintain our information systems to adequately perform their functions;
cybersecurity risks;
our ability to comply with data privacy and security laws;
the ability of our eCommerce systems to function effectively;
impairment of goodwill and identifiable intangible assets;
2

Table of Contents
our ability to attract and/or retain management and other key employees and hire qualified management, technical and manufacturing personnel;
our ability to prohibit sales of our products by unauthorized retailers or distributors;
our ability to grow our presence in existing international markets and expand into additional international markets;
tax uncertainties, including potential changes in tax laws, unanticipated tax liabilities and limitations on utilization of tax attributes after any change of control;
adequate levels of coverage of our insurance policies;
product liability, warranty and recall claims;
litigation and other regulatory proceedings;
compliance with environmental, health and safety laws and regulations;
our ability to secure additional capital at all or on terms acceptable to us and potential dilution of holders of our common stock;
lack of assurance of positive returns on capital investments;
risks associated with acquisitions and investments;
our estimates or judgments relating to our critical accounting estimates;
terrorist activities and international political instability;
occurrence of natural disasters or pandemic diseases;
a high degree of leverage, ability to service our indebtedness, ability to incur more indebtedness and restrictions in the agreements governing our indebtedness;
our use of derivative financial instruments;
the ability of our controlling shareholder to control significant corporate activities, and that our controlling shareholder’s interests may conflict with yours;
our status as a controlled company;
the market price of shares of our common stock;
the execution of our share repurchase program and effects thereof;
our ability to maintain effective internal controls over financial reporting;
our ability to pay dividends;
our status as a holding company;
dilution from future issuances or sales of our common stock;
anti-takeover provisions in our organizational documents and Delaware law;
reports from securities analysts; and
other factors discussed under the heading "Risk Factors" in our most recent Annual Report on Form 10-K and in any other reports we file with the Securities and Exchange Commission (“SEC”), including this Quarterly Report on Form 10-Q.
These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, our actual results may vary in material respects from those projected in these forward-looking statements.
Any forward-looking statement made by us in this report speaks only as of the date of this report. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, investments or other strategic transactions we may make. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.
Website Disclosure
We use our website (www.acushnetholdingscorp.com) as a channel of distribution of company information. The information we post through this channel may be material. Accordingly, investors should monitor this channel, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, you may automatically receive e-mail alerts and other information about Acushnet Holdings Corp. when you enroll your e-mail address by visiting the “Resources” section of our website at https://www.acushnetholdingscorp.com/investors/resources. On our website, we post the following filings free of charge as soon as reasonably practicable after they are electronically filed with or furnished to the SEC: our annual reports on Form 10-K, our proxy statements, our quarterly reports on Form 10-Q, our current reports on Form 8-K, and any amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act. The contents of our website are not, however, a part of this report.
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Table of Contents
PART I.       FINANCIAL INFORMATION

ITEM 1.      FINANCIAL STATEMENTS
INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 Page(s)
Unaudited Condensed Consolidated Financial Statements 
  
  
  
  
  
  

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ACUSHNET HOLDINGS CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
 
June 30,December 31,
(in thousands, except share and per share amounts)20232022
Assets
Current assets
Cash, cash equivalents and restricted cash ($12,032 and $14,376 attributable to the variable interest entity ("VIE"))
$62,541 $58,904 
Accounts receivable, net394,886 216,695 
Inventories ($10,063 and $17,866 attributable to the VIE)
562,328 674,684 
Prepaid and other assets131,798 108,793 
Total current assets1,151,553 1,059,076 
Property, plant and equipment, net ($9,613 and $10,089 attributable to the VIE)
267,284 254,472 
Goodwill ($32,312 and $32,312 attributable to the VIE)
224,297 224,814 
Intangible assets, net544,334 525,903 
Deferred income taxes23,752 47,551 
Other assets ($2,030 and $2,083 attributable to the VIE)
119,708 81,991 
Total assets$2,330,928 $2,193,807 
Liabilities, Redeemable Noncontrolling Interests and Shareholders' Equity
Current liabilities
Short-term debt$37,228 $40,336 
Current portion of long-term debt1,585  
Accounts payable ($4,128 and $11,914 attributable to the VIE)
131,257 166,998 
Accrued taxes62,153 40,922 
Accrued compensation and benefits ($1,282 and $1,651 attributable to the VIE)
87,298 98,245 
Accrued expenses and other liabilities ($2,103 and $3,380 attributable to the VIE)
136,478 202,124 
Total current liabilities455,999 548,625 
Long-term debt642,717 527,509 
Deferred income taxes5,643 5,896 
Accrued pension and other postretirement benefits74,781 74,234 
Other noncurrent liabilities ($61 and $2,145 attributable to the VIE)
88,883 54,177 
Total liabilities1,268,023 1,210,441 
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests7,688 6,663 
Shareholders' equity
Common stock, $0.001 par value, 500,000,000 shares authorized; 76,781,867 and 76,321,523 shares issued
77 76 
Additional paid-in capital965,446 960,685 
Accumulated other comprehensive loss, net of tax(114,345)(109,668)
Retained earnings613,584 473,130 
Treasury stock, at cost; 10,175,003 and 8,892,425 shares (including 286,000 and 2,000,839 of accrued share repurchases (Note 10))
(447,543)(385,167)
Total equity attributable to Acushnet Holdings Corp.1,017,219 939,056 
Noncontrolling interests37,998 37,647 
Total shareholders' equity1,055,217 976,703 
Total liabilities, redeemable noncontrolling interests and shareholders' equity$2,330,928 $2,193,807 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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ACUSHNET HOLDINGS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
 
 Three months ended June 30,Six months ended June 30,
(in thousands, except share and per share amounts)2023202220232022
Net sales$689,363 $658,599 $1,375,653 $1,264,686 
Cost of goods sold320,840 314,993 641,458 604,081 
Gross profit368,523 343,606 734,195 660,605 
Operating expenses:    
Selling, general and administrative242,015 239,167 464,554 434,858 
Research and development16,507 13,938 31,047 27,914 
Intangible amortization3,511 1,954 7,200 3,917 
Income from operations106,490 88,547 231,394 193,916 
Interest expense, net10,949 2,091 20,845 3,368 
Other expense, net428 2,147 1,092 3,473 
Income before income taxes95,113 84,309 209,457 187,075 
Income tax expense20,749 16,070 41,474 36,989 
Net income74,364 68,239 167,983 150,086 
Less: Net loss (income) attributable to noncontrolling interests291 (1,785)(53)(2,587)
Net income attributable to Acushnet Holdings Corp.$74,655 $66,454 $167,930 $147,499 
Net income per common share attributable to Acushnet Holdings Corp.:    
Basic$1.09 $0.91 $2.46 $2.01 
Diluted1.09 0.91 2.45 2.00 
Weighted average number of common shares:    
Basic68,341,608 72,904,858 68,277,693 73,207,303 
Diluted68,649,044 73,391,880 68,647,983 73,655,624 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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ACUSHNET HOLDINGS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
 
 Three months ended June 30,Six months ended June 30,
(in thousands)2023202220232022
Net income$74,364 $68,239 $167,983 $150,086 
Other comprehensive loss:
Foreign currency translation adjustments(2,493)(24,495)(1,928)(32,065)
Cash flow derivative instruments:
Unrealized holding gains arising during period5,063 8,973 4,230 12,049 
Reclassification adjustments included in net income(1,270)(1,586)(6,481)(2,941)
Tax (expense) benefit (1,246)(2,362)538 (2,878)
Cash flow derivative instruments, net2,547 5,025 (1,713)6,230 
Pension and other postretirement benefits:    
Pension and other postretirement benefits adjustments(698)1,673 (1,104)3,536 
Tax benefit (expense)158 (376)248 (819)
Pension and other postretirement benefits adjustments, net(540)1,297 (856)2,717 
Total other comprehensive loss(486)(18,173)(4,497)(23,118)
Comprehensive income73,878 50,066 163,486 126,968 
Less: Comprehensive loss (income) attributable to noncontrolling interests175 (1,669)(233)(2,416)
Comprehensive income attributable to Acushnet Holdings Corp.$74,053 $48,397 $163,253 $124,552 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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ACUSHNET HOLDINGS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 
 Six months ended June 30,
(in thousands)20232022
Cash flows from operating activities  
Net income$167,983 $150,086 
Adjustments to reconcile net income to cash flows provided by (used in) operating activities
Depreciation and amortization25,374 20,665 
Unrealized foreign exchange (gain) loss (3,341)6,769 
Amortization of debt issuance costs337 406 
Share-based compensation16,064 12,322 
(Gain) loss on disposals of property, plant and equipment(15)22 
Deferred income taxes23,302 3,236 
Changes in operating assets and liabilities
Accounts receivable(180,770)(228,837)
Inventories110,388 (70,751)
Accounts payable(34,223)33,705 
Accrued taxes23,572 1,874 
Other assets and liabilities(29,054)(20,142)
Cash flows provided by (used in) operating activities119,617 (90,645)
Cash flows from investing activities  
Additions to property, plant and equipment(27,228)(20,457)
Additions to intangible assets (Note 16)
(25,235) 
Other, net(887) 
Cash flows used in investing activities(53,350)(20,457)
Cash flows from financing activities
(Repayments of) proceeds from short-term borrowings, net (Note 5)
(4,879)91,270 
Proceeds from revolving credit facilities (Note 5)
779,920  
Repayments of revolving credit facilities (Note 5)
(661,605) 
Repayments of term loan facility (Note 5)
 (8,750)
Purchases of common stock(138,021)(96,571)
Dividends paid on common stock(27,413)(26,912)
Dividends paid to noncontrolling interests (1,601)
Payment of employee restricted stock tax withholdings(11,461)(10,661)
Other, net1,078 (3,600)
Cash flows used in financing activities(62,381)(56,825)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash(249)(4,658)
Net increase (decrease) in cash, cash equivalents and restricted cash3,637 (172,585)
Cash, cash equivalents and restricted cash, beginning of year58,904 281,677 
Cash, cash equivalents and restricted cash, end of period$62,541 $109,092 
Supplemental non-cash information  
Purchases of property, plant and equipment, accrued not paid$3,771 $2,505 
Additions to right-of-use assets obtained in exchange for operating lease obligations49,574 15,800 
Additions to right-of-use assets obtained in exchange for finance lease obligations607 335 
Additions to treasury stock2,092 1,605 
Dividend equivalents rights ("DERs") declared not paid1,008 904 
Contingent consideration (Note 16)
 1,400 
Share repurchase liability (Note 10)
14,846  

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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ACUSHNET HOLDINGS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)
 Common StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive
Loss,
Net of Tax
Retained
Earnings
Treasury StockTotal
Shareholders'
Equity
Attributable
to Acushnet
Holdings Corp.
Noncontrolling
Interests
Total
Shareholders'
Equity
(in thousands)SharesAmount
Balances as of March 31, 202276,289 $76 $943,239 $(104,527)$392,538 $(160,933)$1,070,393 $38,303 $1,108,696 
Purchase of equity from noncontrolling interest (Note 16)
— — (838)— — — (838)(3,905)(4,743)
Net income— — — — 66,454 — 66,454 1,756 68,210 
Other comprehensive loss— — — (18,173)— — (18,173)— (18,173)
Share-based compensation — — 6,805 — — — 6,805 — 6,805 
Purchases of common stock (Note 10)
— — — — — (39,068)(39,068)— (39,068)
Dividends and dividend equivalents declared— — — — (13,400)— (13,400)— (13,400)
Dividends declared to noncontrolling interests
— — — — — — — (1,500)(1,500)
Redemption value adjustment (Note 1)
— — — — (1,000)— (1,000)— (1,000)
Balances as of June 30, 202276,289 $76 $949,206 $(122,700)$444,592 $(200,001)$1,071,173 $34,654 $1,105,827 
Balances as of March 31, 202376,769 $77 $956,834 $(113,679)$552,596 $(408,706)$987,122 $38,026 $1,025,148 
Net income (loss)— — — — 74,655 — 74,655 (28)74,627 
Other comprehensive loss— — — (666)— — (666)— (666)
Share-based compensation — — 8,617 — — — 8,617 — 8,617 
Vesting of restricted common stock, including impact of DERs,
net of shares withheld for employee taxes (Note 11)
13 — (5)— — — (5)— (5)
Purchases of common stock (Note 10)— — — — — (23,991)(23,991)— (23,991)
Share repurchase liability (Note 10)— — — — — (14,846)(14,846)— (14,846)
Dividends and dividend equivalents declared— — — — (13,667)— (13,667)— (13,667)
Balances as of June 30, 202376,782 $77 $965,446 $(114,345)$613,584 $(447,543)$1,017,219 $37,998 $1,055,217 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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ACUSHNET HOLDINGS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)
 Common StockAdditional
Paid-in
Capital
Accumulated
Other
Comprehensive
Loss,
Net of Tax
Retained
Earnings
Treasury StockTotal
Shareholders'
Equity
Attributable
to Acushnet
Holdings Corp.
Noncontrolling
Interests
Total
Shareholders'
Equity
(in thousands)SharesAmount
Balances as of December 31, 202175,855 $76 $948,423 $(99,582)$324,966 $(131,039)$1,042,844 $37,423 $1,080,267 
Purchase of equity from noncontrolling interest (Note 16)
— — (838)— — — (838)(3,905)(4,743)
Net income— — — — 147,499 — 147,499 2,737 150,236 
Other comprehensive loss— — — (23,118)— — (23,118)— (23,118)
Share-based compensation — — 11,994 — — — 11,994 — 11,994 
Vesting of restricted common stock, including impact of DERs,
net of shares withheld for employee taxes (Note 11)
434 — (10,373)— — — (10,373)— (10,373)
Purchases of common stock (Note 10)
— — — — — (68,962)(68,962)— (68,962)
Dividends and dividend equivalents declared— — — — (26,873)— (26,873)— (26,873)
Dividends declared to noncontrolling interests
— — — — — — — (1,601)(1,601)
Redemption value adjustment (Note 1)— — — — (1,000)— (1,000)— (1,000)
Balances as of June 30, 202276,289 $76 $949,206 $(122,700)$444,592 $(200,001)$1,071,173 $34,654 $1,105,827 
Balances as of December 31, 202276,322 $76 $960,685 $(109,668)$473,130 $(385,167)$939,056 $37,647 $976,703 
Sale of equity to redeemable noncontrolling interest— — 444 — (180)— 264 — 264 
Net income— — — — 167,930 — 167,930 351 168,281 
Other comprehensive loss— — — (4,677)— — (4,677)— (4,677)
Share-based compensation — — 15,736 — — — 15,736 — 15,736 
Vesting of restricted common stock, including impact of DERs,
net of shares withheld for employee taxes (Note 11)
460 1 (11,419)— — — (11,418)— (11,418)
Purchases of common stock (Note 10)
— — — — — (47,530)(47,530)— (47,530)
Share repurchase liability (Note 10)
— — — — — (14,846)(14,846)— (14,846)
Dividends and dividend equivalents declared— — — — (27,296)— (27,296)— (27,296)
Balances as of June 30, 202376,782 $77 $965,446 $(114,345)$613,584 $(447,543)$1,017,219 $37,998 $1,055,217 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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ACUSHNET HOLDINGS CORP.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
1. 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 six months ended June 30, 2023 are not necessarily indicative of results to be expected for the full year ending December 31, 2023, nor were those of the comparable 2022 periods representative of those actually experienced for the full year ended December 31, 2022. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the fiscal year ended December 31, 2022 included in its Annual Report on Form 10-K filed with the SEC on March 1, 2023.
Use of Estimates
The preparation of the Company’s unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and judgments that affect reported amounts of assets and liabilities and related disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Variable Interest Entities
VIEs are entities that, by design, either (i) lack sufficient equity to permit the entity to finance its activities independently, or (ii) have equity holders that do not have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the entity’s expected losses, or the right to receive the entity’s expected residual returns. The Company consolidates a VIE when it is the primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) through its interests in the VIE, the obligation to absorb expected losses or the right to receive expected benefits from the VIE that could potentially be significant to the VIE.
The Company consolidates the accounts of Acushnet Lionscore Limited, a VIE which is 40% owned by the Company. The sole purpose of the VIE is to manufacture the Company’s golf footwear and as such, the Company is deemed to be the primary beneficiary. The Company has presented separately on its unaudited condensed consolidated balance sheets, to the extent material, the assets of its consolidated VIE that can only be used to settle specific obligations of its consolidated VIE and the liabilities of its consolidated VIE for which creditors do not have recourse to its general credit. The general creditors of the VIE do not have recourse to the Company. Certain directors of the VIE have guaranteed the credit lines of the VIE, for which there were no outstanding borrowings as of June 30, 2023 and December 31, 2022. In addition, pursuant to the terms of the agreement governing the VIE, the Company is not required to provide financial support to the VIE.
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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 three and six months ended June 30, 2022, the Company recorded a $1.0 million redemption value adjustment to increase the carrying value 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 June 30, 2023 and December 31, 2022.
Cash, Cash Equivalents and Restricted Cash
Cash held in Company checking accounts is included in cash. Cash equivalents consist of short-term highly liquid investments with original maturities of three months or less which are readily convertible into cash. The Company classifies as restricted certain cash that is not available for use in its operations. As of June 30, 2023 and December 31, 2022, the amount of restricted cash included in cash, cash equivalents and restricted cash on the unaudited condensed consolidated balance sheets was $1.7 million and $1.8 million, respectively.
Foreign Currency Transactions
Foreign currency transaction losses included in selling, general and administrative expenses were $1.2 million and $7.0 million for the three months ended June 30, 2023 and 2022, respectively. Foreign currency transaction losses included in selling, general and administrative expenses were $2.5 million and $8.8 million for the six months ended June 30, 2023 and 2022, respectively.
Recently Adopted Accounting Standards
The Company considers the applicability and impact of all Accounting Standards Updates ("ASUs"). Management determined that recently issued ASUs are not expected to have a material impact on the Company's consolidated financial statements.

2. Allowance for Doubtful Accounts
The Company estimates expected credit losses using a number of factors, including customer credit ratings, age of receivables, historical credit loss information and current and forecasted economic conditions, which could affect the collectability of the reported amounts. All of these factors have been considered in the estimate of expected credit losses for the periods presented.
The activity related to the allowance for doubtful accounts was as follows:
Three months ended June 30,Six months ended June 30,
(in thousands)2023202220232022
Balance at beginning of period$8,508 $6,786 $8,258 $5,980 
Bad debt expense543 1,533 797 2,455 
Amount of receivables written off (50)(225)(102)(269)
Foreign currency translation7 (176)55 (248)
Balance at end of period$9,008 $7,918 $9,008 $7,918 
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3. Inventories
The components of inventories were as follows: 
June 30,December 31,
(in thousands)20232022
Raw materials and supplies$140,328 $154,881 
Work-in-process24,085 29,689 
Finished goods397,915 490,114 
Inventories$562,328 $674,684 
4. 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 June 30,Six months ended June 30,
(in thousands)2023202220232022
Balance at beginning of period$4,386 $4,091 $3,951 $4,177 
Provision2,070 1,216 3,745 2,211 
Claims paid/costs incurred(1,423)(1,111)(2,652)(2,156)
Foreign currency translation16 (119)5 (155)
Balance at end of period$5,049 $4,077 $5,049 $4,077 

5. Debt and Financing Arrangements
Credit Facility
On August 2, 2022, the Company amended its credit agreement to, among other things, provide a $950.0 million multi-currency revolving credit facility and amend rates per annum at which borrowings in different denominations bear interest (the "Second Amended Credit Facility"). On August 2, 2022, proceeds from borrowings under the multi-currency revolving credit facility were used to, among other things, prepay in full the Company's then-outstanding term loans and refinance its outstanding borrowings under the revolving credit facility. Immediately prior to payment, the aggregate amounts outstanding related to the term loans and revolving credit facility were approximately $306.3 million and $72.6 million, respectively. The Second Amended Credit Facility matures on August 2, 2027, and as a result, the related borrowings have been classified as long-term debt, with the proceeds and repayments under the revolving credit facility presented on a gross basis in the consolidated statements of cash flows.
The credit agreement contains customary affirmative and restrictive covenants, including, among others, financial covenants based on the Company's leverage and interest coverage ratios. The credit agreement also includes customary events of default, the occurrence of which, following any applicable cure period, would permit the lenders to, among other things, declare the principal, accrued interest and other obligations to be immediately due and payable. As of June 30, 2023, the Company was in compliance with all covenants under its credit agreement.
As of June 30, 2023, there were $642.7 million in outstanding borrowings under the Company's multi-currency revolving credit facility with a weighted average interest rate of 6.19%. As of June 30, 2023, the Company had available borrowings under its multi-currency revolving credit facility of $299.8 million after giving effect to $7.5 million of outstanding letters of credit.
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Other Short-Term Borrowings
The Company has certain unsecured local credit facilities available through its subsidiaries. Amounts outstanding under other short-term borrowings are presented in short-term debt in the consolidated balance sheets with the proceeds and repayments presented on a gross basis in the consolidated statements of cash flows when the original maturity exceeds 90 days. There were $37.2 million and $40.3 million in outstanding borrowings under the Company's local credit facilities as of June 30, 2023 and December 31, 2022, respectively. The weighted average interest rate applicable to the outstanding borrowings was 0.81% and 0.85% as of June 30, 2023 and December 31, 2022, respectively. As of June 30, 2023, the Company had available borrowings remaining under these local credit facilities of $28.8 million.
Letters of Credit
As of June 30, 2023 and December 31, 2022, there were outstanding letters of credit related to agreements, including the Company's Second Amended Credit Facility, totaling $11.1 million and $10.0 million, respectively, of which $8.0 million and $7.3 million, respectively, was secured. These agreements provided a maximum commitment for letters of credit of $58.6 million as of June 30, 2023.
6. 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 June 30, 2023 and December 31, 2022 was $216.0 million and $242.4 million, respectively.
The Company also enters into foreign exchange forward contracts, which either do not qualify as hedging instruments or have not been designated as such, to reduce foreign currency transaction risk related to certain intercompany assets and liabilities denominated in a currency other than functional currency. These undesignated instruments are recorded at fair value as a derivative asset or liability with the corresponding change in fair value recognized in selling, general and administrative expenses. There were no outstanding foreign exchange forward contracts not designated under hedge accounting as of June 30, 2023. The gross U.S. dollar equivalent notional amount outstanding of all foreign exchange forward contracts not designated under hedge accounting as of December 31, 2022 was $4.0 million. Selling, general and administrative expenses during the three and six months ended June 30, 2022 included gains of $0.9 million and $1.2 million, respectively, related to undesignated foreign exchange forward derivative instruments.
Interest Rate Derivative Instruments
From time to time, the Company enters into interest rate swap contracts to reduce interest rate risk related to floating rate debt. Under the contracts, the Company pays fixed and receives variable rate interest, in effect converting a portion of its floating rate debt to fixed rate debt. Interest rate swap contracts are accounted for as cash flow hedges. As of June 30, 2023, the notional value of the Company's outstanding interest rate swap contracts was $100.0 million. As of December 31, 2022, there were no interest rate swap contracts outstanding.
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Impact on Financial Statements
The fair value of hedge instruments recognized on the unaudited condensed consolidated balance sheets was as follows:
(in thousands)June 30,December 31,
Balance Sheet LocationHedge Instrument Type20232022
Prepaid and other assetsForeign exchange forward$8,333 $7,393 
Interest rate swap923  
Other assetsForeign exchange forward324 1,341 
Interest rate swap110  
Accrued expenses and other liabilitiesForeign exchange forward3,219 4,710 
Other noncurrent liabilitiesForeign exchange forward 344 
Interest rate swap53  
The hedge instrument gain recognized in accumulated other comprehensive loss, net of tax was as follows:
 Three months endedSix months ended
 June 30,June 30,
(in thousands)2023202220232022
Type of hedge    
Foreign exchange forward$3,538 $8,973 $3,061 $12,049 
Interest rate swap 1,525  1,169  
 Total$5,063 $8,973 $4,230 $12,049 
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 $4.3 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 $0.9 million related to interest rate derivative instruments from accumulated other comprehensive loss, net of tax, into interest expense, net. For further information related to amounts recognized in accumulated other comprehensive loss, net of tax, see Note 12.
The hedge instrument gain recognized on the unaudited condensed consolidated statements of operations was as follows:
 Three months endedSix months ended
 June 30,June 30,
(in thousands)2023202220232022
Location of gain in statements of operations    
Foreign exchange forward:
Cost of goods sold$1,097 $1,586 $6,293 $2,941 
Selling, general and administrative (1)
147 2,283 357 2,958 
Total $1,244 $3,869 $6,650 $5,899 
Interest Rate Swap:
Interest expense, net$173 $ $188 $ 
Total$173 $ $188 $ 
_______________________________________________________________________________
(1)    Relates to net gains (losses) on foreign exchange forward contracts derived from previously designated cash flow hedges.
Credit Risk
The Company enters into derivative contracts with major financial institutions with investment grade credit ratings and is exposed to credit losses in the event of non-performance by these financial institutions. This credit risk is generally limited to the unrealized gains in the derivative contracts. However, the Company monitors the credit quality of these financial institutions, as well as its own credit quality, and considers the risk of counterparty default to be minimal.

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7. 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 June 30, 2023 were as follows:
 Fair Value Measurements as of 
 June 30, 2023 using: 
(in thousands)Level 1Level 2Level 3Balance Sheet Location
Assets    
Rabbi trust$4,120 $ $ Prepaid and other assets
Foreign exchange derivative instruments 8,333  Prepaid and other assets
Interest rate derivative instruments 923  Prepaid and other assets
Deferred compensation program assets676   Other assets
Foreign exchange derivative instruments 324  Other assets
Interest rate derivative instruments 110  Other assets
Total assets$4,796 $9,690 $  
Liabilities    
Foreign exchange derivative instruments$ $3,219 $ Accrued expenses and other liabilities
Deferred compensation program liabilities676   Other noncurrent liabilities
Interest rate derivative instruments 53  Other noncurrent liabilities
Total liabilities$676 $3,272 $  
Assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 were as follows:
 Fair Value Measurements as of 
 December 31, 2022 using: 
(in thousands)Level 1Level 2Level 3Balance Sheet Location
Assets    
Rabbi trust$3,940 $ $ Prepaid and other assets
Foreign exchange derivative instruments 7,393  Prepaid and other assets
Deferred compensation program assets631   Other assets
Foreign exchange derivative instruments 1,341  Other assets
Total assets$4,571 $8,734 $  
Liabilities    
Foreign exchange derivative instruments$ $4,758 $ Accrued expenses and other liabilities
Deferred compensation program liabilities631   Other noncurrent liabilities
Foreign exchange derivative instruments 344  Other noncurrent liabilities
Total liabilities$631 $5,102 $  
Rabbi trust assets are used to fund certain retirement obligations of the Company. The assets underlying the Rabbi trust are equity and fixed income exchange-traded funds.
Deferred compensation program assets and liabilities represent a program where select employees could defer compensation until termination of employment. Effective July 29, 2011, this program was amended to cease all employee compensation deferrals and provided for the distribution of all previously deferred employee compensation. The program remains in effect with respect to the value attributable to the employer match contributed prior to July 29, 2011.
Foreign exchange derivative instruments are foreign exchange forward contracts primarily used to limit currency risk that would otherwise result from changes in foreign exchange rates (Note 6). The Company uses the mid-price of foreign exchange forward rates as of the close of business on the valuation date to value each foreign exchange forward contract at each reporting period.
Interest rate derivative instruments are interest rate swap contracts used to reduce interest rate risk related to the Company's floating rate debt (Note 6). The valuation for the interest rate swap is calculated as the net of the discounted future cash flows of the pay and receive legs of the swap. Mid-market interest rates on the valuation date are used to create the forward curve for floating legs and discount curve.
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8. Pension and Other Postretirement Benefits
Components of net periodic benefit cost (credit) were as follows: 
 Pension BenefitsPostretirement Benefits
 Three months ended June 30,
(in thousands)2023202220232022
Components of net periodic benefit cost (credit)    
Service cost$1,416 $1,992 $96 $121 
Interest cost2,716 2,217 159 92 
Expected return on plan assets(1,966)(1,891)  
Settlements(27)   
Amortization of net loss (gain)24 1,042 (246)(79)
Amortization of prior service cost (credit)46 68 (34)(34)
Net periodic benefit cost (credit)$2,209 $3,428 $(25)$100 
Components of net periodic benefit cost were as follows: 
 Pension BenefitsPostretirement Benefits
 Six months ended June 30,
(in thousands)2023202220232022
Components of net periodic benefit cost    
Service cost$2,850 $3,999 $215 $281 
Interest cost5,659 4,451 331 176 
Expected return on plan assets(3,928)(3,762)  
Settlements(27)   
Amortization of net loss (gain)45 1,977 (447)(231)
Amortization of prior service cost (credit)92 137 (68)(68)
Net periodic benefit cost$4,691 $6,802 $31 $158 
The non-service cost components of net periodic benefit cost are included in other expense, net in the unaudited condensed consolidated statements of operations.
9. Income Taxes
Income tax expense increased $4.6 million to $20.7 million for the three months ended June 30, 2023 compared to $16.1 million for the three months ended June 30, 2022. The Company’s effective tax rate ("ETR") was 21.8% for the three months ended June 30, 2023 compared to 19.1% for the three months ended June 30, 2022. Income tax expense increased $4.5 million to $41.5 million for the six months ended June 30, 2023 compared to $37.0 million for the six months ended June 30, 2022. The Company’s ETR was 19.8% for both the six months ended June 30, 2023 and 2022.
The ETR for the three and six months ended June 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, as well as the U.S. taxation of foreign income and the Company's geographic mix of income. The ETR for the three and six months ended June 30, 2022 differed from the U.S. statutory tax rate primarily due to the impact of the U.S. deduction for foreign derived intangible income and federal and state tax credits, partially offset by the U.S. taxation of foreign income and the geographic mix of income earned by the Company's international subsidiaries.
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10. Common Stock
Dividends
The Company declared dividends per common share, including DERs (Note 11), during the periods presented as follows:
Dividends per Common Share
Amount
(in thousands)
2023:
Second Quarter$0.195 $13,667 
First Quarter0.195 13,629 
Total dividends declared in 2023$0.390 $27,296 
2022:
Fourth Quarter$0.180 $12,986 
Third Quarter0.180 13,192 
Second Quarter0.180 13,400 
First Quarter0.180 13,473 
Total dividends declared in 2022$0.720 $53,051 
During the third quarter of 2023, the Company's Board of Directors declared a dividend of $0.195 per share of common stock to shareholders of record as of September 1, 2023 and payable on September 15, 2023.
Share Repurchase Program
As of June 30, 2023, the Board of Directors had authorized the Company to repurchase up to $700.0 million of its issued and outstanding common stock. Share repurchases may be effected from time to time in open market or privately negotiated transactions, including transactions with affiliates, with the timing of purchases and the amount of stock purchased generally determined at the discretion of the Company consistent with the Company's general working capital needs and within the constraints of the Company’s credit agreement.
On November 8, 2021, the Company entered into an agreement with Magnus Holdings Co., Ltd. (“Magnus”), a wholly-owned subsidiary of Fila Holdings Corp., to purchase from Magnus an equal amount of its common stock as it purchases on the open market, up to an aggregate of $37.5 million, at the same weighted average per share price (the "2021 Agreement"). In relation to the 2021 Agreement, on January 24, 2022, the Company purchased 699,819 shares of its common stock for an aggregate of $37.5 million from Magnus, in satisfaction of its obligations under the 2021 Agreement.
On June 16, 2022, the Company entered into an agreement with Magnus to purchase from Magnus an equal amount of its common stock as it purchases on the open market over the period of time from July 1, 2022 through January 13, 2023, up to an aggregate of $75.0 million, at the same weighted average per share price (the "2022 Agreement"). On August 30, 2022, the Company amended and restated the 2022 Agreement to increase the aggregate dollar amount of shares of its common stock that it will purchase from Magnus from $75.0 million to $100.0 million, (the "Amended and Restated 2022 Agreement"). In relation to this agreement, the Company recorded a share repurchase liability of $92.6 million for 2,000,839 shares of common stock, which was included in accrued expenses and other liabilities and treasury stock on the consolidated balance sheet as of December 31, 2022. Between January 1, 2023 and January 13, 2023, the Company purchased an additional 167,689 shares of its common stock on the open market for an aggregate of $7.4 million, bringing the cumulative total open market purchases since the inception of the 2022 Agreement to $100.0 million. As a result, on January 23, 2023, the Company purchased 2,168,528 shares of its common stock from Magnus for an aggregate of $100.0 million, in satisfaction of its obligation under the Amended and Restated 2022 Agreement.
On June 9, 2023, the Company entered into a new agreement with Magnus to purchase from Magnus an equal amount of its common stock as it purchases on the open market over the period of time from June 12, 2023 through October 27, 2023, up to an aggregate of $100.0 million, at the same weighted average per share price (the "2023 Agreement"). In relation to this agreement, the Company recorded a share repurchase liability of $14.8 million for 286,000 shares of common stock, which was included in accrued expenses and other liabilities and treasury stock on the consolidated balance sheet as of June 30, 2023.

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The Company's share repurchase activity for the periods presented was as follows: