Acushnet Holdings Corp.GOLF
Acushnet Holdings Corp. Segments Disclosure
Segment Information
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The Company’s operating segments are based on how the CODM, the Company's President and Chief Executive Officer, makes decisions about assessing performance and allocating resources. The Company has three reportable segments: (i) Titleist golf equipment, (ii) FootJoy golf wear and (iii) Golf gear. Titleist golf equipment includes Titleist and Pinnacle branded golf balls; PG Golf recycled golf balls; Titleist branded golf clubs including drivers, fairways, hybrids and irons; Vokey Design wedges; Scotty Cameron putters and Titleist Performance Institute. FootJoy golf wear includes FootJoy branded golf shoes, golf gloves, golf outerwear and golf apparel. Golf gear includes Titleist branded golf bags, headwear, golf gloves, travel gear and other golf accessories, as well as Club Glove travel products and Links & Kings luxury leather golf goods.
The CODM primarily uses segment operating income (loss) to evaluate the effectiveness of business strategies, assess segment operating performance and make decisions regarding costs to incur across the business. Segment operating income (loss) includes directly attributable expenses and certain shared costs of corporate administration that are allocated to the operating 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 other items that are not allocated to the reportable segments. The CODM does not evaluate a measure of assets when assessing performance.
Results shown for the years ended December 31, 2025, 2024 and 2023 are not necessarily those which would be achieved if each segment was an unaffiliated business enterprise. There are no material intersegment transactions.
Information by reportable segment and a reconciliation to reported amounts are as follows:
Year ended December 31, 2025 | |||||||||||||||||||||||||||||||||||
| (in thousands) | Titleist Golf Equipment | FootJoy Golf Wear | Golf Gear | Total Reportable Segments | Other (1) | Total Consolidated | |||||||||||||||||||||||||||||
| Net sales | $ | 1,596,243 | $ | 569,908 | $ | 244,948 | $ | 2,411,099 | $ | 147,631 | $ | 2,558,730 | |||||||||||||||||||||||
| Segment expenses: | |||||||||||||||||||||||||||||||||||
| Cost of goods sold | 789,578 | 343,393 | 142,364 | 1,275,335 | |||||||||||||||||||||||||||||||
| Advertising and promotion | 181,973 | 49,050 | 14,200 | 245,223 | |||||||||||||||||||||||||||||||
| Research and development | 66,914 | 4,926 | 2,789 | 74,629 | |||||||||||||||||||||||||||||||
| Selling, general and administrative | 305,112 | 143,830 | 47,311 | 496,253 | |||||||||||||||||||||||||||||||
Other segment items (2) | 7,742 | 223 | 2,594 | 10,559 | |||||||||||||||||||||||||||||||
Restructuring costs (3) | — | — | — | — | 16,824 | ||||||||||||||||||||||||||||||
| Other expenses | — | — | — | — | 140,479 | ||||||||||||||||||||||||||||||
| Total operating income | 244,924 | 28,486 | 35,690 | 309,100 | (9,672) | 299,428 | |||||||||||||||||||||||||||||
| Reconciling items: | |||||||||||||||||||||||||||||||||||
Interest expense, net (Note 19) | (58,288) | ||||||||||||||||||||||||||||||||||
Loss on debt extinguishment (Note 11 ) | (16,970) | ||||||||||||||||||||||||||||||||||
| Non-service cost component of net periodic benefit cost | (5,342) | ||||||||||||||||||||||||||||||||||
Other (4) | 20,698 | ||||||||||||||||||||||||||||||||||
| Total income before income tax | $ | 239,526 | |||||||||||||||||||||||||||||||||
(1) Amounts represent operating segments that do not meet the quantitative thresholds to be a reportable segment, as well as unallocated corporate expenses. These non-reportable segments include two premium performance apparel businesses.
(2) Other segment items include identifiable intangible asset amortization expense.
(3) Restructuring costs primarily relate to the VBR program (Note 24).
(4) Other includes a non-cash gain on deconsolidation of $20.9 million related to Lionscore (Note 8).
Information by reportable segment and a reconciliation to reported amounts are as follows:
Year ended December 31, 2024 | |||||||||||||||||||||||||||||||||||
| (in thousands) | Titleist Golf Equipment | FootJoy Golf Wear | Golf Gear | Total Reportable Segments | Other (1) | Total Consolidated | |||||||||||||||||||||||||||||
| Net sales | $ | 1,507,817 | $ | 574,560 | $ | 232,141 | $ | 2,314,518 | $ | 142,573 | $ | 2,457,091 | |||||||||||||||||||||||
| Segment expenses: | |||||||||||||||||||||||||||||||||||
| Cost of goods sold | 711,544 | 352,225 | 142,870 | 1,206,639 | |||||||||||||||||||||||||||||||
| Advertising and promotion | 170,604 | 50,016 | 13,259 | 233,879 | |||||||||||||||||||||||||||||||
| Research and development | 59,534 | 4,338 | 2,218 | 66,090 | |||||||||||||||||||||||||||||||
| Selling, general and administrative | 282,408 | 142,741 | 45,399 | 470,548 | |||||||||||||||||||||||||||||||
Other segment items (2) | 9,801 | 221 | 2,594 | 12,616 | |||||||||||||||||||||||||||||||
Restructuring costs (3) | — | — | — | — | 18,549 | ||||||||||||||||||||||||||||||
| Other expenses | — | — | — | — | 144,508 | ||||||||||||||||||||||||||||||
| Total operating income | 273,926 | 25,019 | 25,801 | 324,746 | (20,484) | 304,262 | |||||||||||||||||||||||||||||
| Reconciling items: | |||||||||||||||||||||||||||||||||||
Interest expense, net (Note 19) | (52,637) | ||||||||||||||||||||||||||||||||||
| Non-service cost component of net periodic benefit cost | (2,998) | ||||||||||||||||||||||||||||||||||
| Other | 1,040 | ||||||||||||||||||||||||||||||||||
| Total income before income tax | $ | 249,667 | |||||||||||||||||||||||||||||||||
(1) Amounts represent operating segments that do not meet the quantitative thresholds to be a reportable segment, as well as unallocated corporate expenses. These non-reportable segments include two premium performance apparel businesses.
(2) Other segment items include identifiable intangible asset amortization expense.
(3) Restructuring costs primarily relate to Lionscore (Note 24).
Information by reportable segment and a reconciliation to reported amounts are as follows:
Year ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
| (in thousands) | Titleist Golf Equipment | FootJoy Golf Wear | Golf Gear | Total Reportable Segments | Other (1) | Total Consolidated | |||||||||||||||||||||||||||||
| Net sales | $ | 1,420,369 | $ | 590,039 | $ | 222,566 | $ | 2,232,974 | $ | 149,021 | $ | 2,381,995 | |||||||||||||||||||||||
| Segment expenses: | |||||||||||||||||||||||||||||||||||
| Cost of goods sold | 679,226 | 373,326 | 143,849 | 1,196,401 | |||||||||||||||||||||||||||||||
| Advertising and promotion | 160,464 | 50,384 | 12,079 | 222,927 | |||||||||||||||||||||||||||||||
| Research and development | 57,118 | 4,063 | 1,835 | 63,016 | |||||||||||||||||||||||||||||||
| Selling, general and administrative | 262,558 | 144,234 | 42,902 | 449,694 | |||||||||||||||||||||||||||||||
Other segment items (2) | 10,196 | 223 | 2,384 | 12,803 | |||||||||||||||||||||||||||||||
Restructuring costs | 705 | ||||||||||||||||||||||||||||||||||
| Other expenses | 151,144 | ||||||||||||||||||||||||||||||||||
| Total operating income | 250,807 | 17,809 | 19,517 | 288,133 | (2,828) | 285,305 | |||||||||||||||||||||||||||||
| Reconciling items: | |||||||||||||||||||||||||||||||||||
Interest expense, net (Note 19) | (41,288) | ||||||||||||||||||||||||||||||||||
| Non-service cost component of net periodic benefit cost | (3,327) | ||||||||||||||||||||||||||||||||||
| Other | 910 | ||||||||||||||||||||||||||||||||||
| Total income before income tax | $ | 241,600 | |||||||||||||||||||||||||||||||||
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(1) Amounts represent operating segments that do not meet the quantitative thresholds to be a reportable segment, as well as unallocated corporate expenses. These non-reportable segments include two premium performance apparel businesses.
(2) Other segment items include identifiable intangible asset amortization expense.
Other segment disclosures are as follows:
| Year ended December 31, | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Depreciation and amortization | |||||||||||||||||
| Titleist golf equipment | $ | 38,935 | $ | 39,514 | $ | 36,549 | |||||||||||
| FootJoy golf wear | 8,048 | 7,978 | 7,613 | ||||||||||||||
| Golf gear | 5,486 | 5,470 | 4,410 | ||||||||||||||
| Share based compensation | |||||||||||||||||
| Titleist golf equipment | $ | 18,926 | $ | 19,483 | $ | 18,417 | |||||||||||
| FootJoy golf wear | 6,921 | 7,844 | 7,633 | ||||||||||||||
| Golf gear | 2,723 | 2,989 | 3,003 | ||||||||||||||
Information as to the Company’s operations in different geographic regions is presented below. Net sales are categorized based on the location in which the sale originates.
| Year ended December 31, | |||||||||||||||||
| (in thousands) | 2025 | 2024 | 2023 | ||||||||||||||
| Net sales | |||||||||||||||||
| United States | $ | 1,523,290 | $ | 1,446,785 | $ | 1,350,006 | |||||||||||
EMEA (1) | 356,842 | 320,901 | 314,655 | ||||||||||||||
| Japan | 131,079 | 133,979 | 149,425 | ||||||||||||||
| Korea | 275,517 | 290,979 | 301,815 | ||||||||||||||
| Rest of World | 272,002 | 264,447 | 266,094 | ||||||||||||||
| Total net sales | $ | 2,558,730 | $ | 2,457,091 | $ | 2,381,995 | |||||||||||
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(1) Europe, the Middle East and Africa (“EMEA”)
Long-lived assets (property, plant and equipment, net) categorized based on their location of domicile are as follows:
| December 31, | |||||||||||
| (in thousands) | 2025 | 2024 | |||||||||
| Long-lived assets | |||||||||||
| United States | $ | 271,586 | $ | 237,097 | |||||||
| EMEA | 16,227 | 13,964 | |||||||||
| Japan | 4,770 | 4,961 | |||||||||
| Korea | 7,368 | 6,981 | |||||||||
Rest of World (1) | 56,624 | 62,744 | |||||||||
| Total long-lived assets | $ | 356,575 | $ | 325,747 | |||||||
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(1) Includes manufacturing facilities in Thailand with long-lived assets of $52.1 million and $51.1 million as of December 31, 2025 and 2024, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Mar 7, 2018 | |
| 2016 | Mar 30, 2017 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.