PK ! q# xl/worksheets/sheet1.xml
0
123456
7100109.81120.6123.14194.07246.82
8100105.74128.83123.18161.96191.76
910098.17116.41102.49137.74165.56
PK ! aJ| | xl/worksheets/sheet2.xml
10
1112131415
1617181763672
1917171763672
2017171763672
2117181763672
PK ! ҙj, j, xl/worksheets/sheet3.xml
22
23
24252627
28161216916813571633721
29782333809122791370
30829836872235842351
31
32610603627503611883
33489425160151489
341162974786644
35132071717
36145455185653172335
37156301961318402
38167768753629
39113049165165150304
40130384060047232
41100011124565103072
42-4005-3495-3200
439600612107099872
44
439600612107099872
37156301961318402
40130384060047232
45454294300240496
46160161097518563
47155891717
489871-498-258
491760018693319
50400534953200
51233184240126230826
52535455
PK ! -) xl/worksheets/sheet4.xml
56
5758
596060
61252662636263
64507.8551.6-43.865-43.966
67418.4434.4-1668-17.569
70149.4150-0.6711772
73415.3441.9-26.674-2775
PK ! v
xl/worksheets/sheet5.xml
57
5960
6125266263
6471.893.3-21.576
674038.81.277
702017.32.778
7318.324.4-6.179
PK ! > xl/worksheets/sheet6.xml
5758
596060
61252662636263
80839.4884.8-45.481-45.481
82219230.5-11.583-12.684
85151.8182.7-30.986-34.387
88246.2223.422.88926.490
91155.8160-4.292-4.393
941612.21681.4-69.295-70.296
PK ! ,Ħ
xl/worksheets/sheet7.xml
97
98
99252627
100
101264425134283163733
102-24675-61060-49703
103-128587-70328-128883
1046105275-1855
1051172683170-16708
PK ! ,- xl/worksheets/sheet8.xml
106
107
108109110111
9921112113113114
115332500175003500028000018
11627065732413588615317
117276744237015165959198142186
118175261162839103109131199
1196129815402191541275913983
21872868226766129711359023157368
PK ! m xl/worksheets/sheet9.xml
120
121122
3.1123
3.2124
3.3125
4.1126
127128
129130
131132
133134
135136
137138
10.7139
10.8140
10.9141
10.1142
143144
145146
147148
149150
151152
10.16153
21.1154
PK ! 2??
xl/worksheets/sheet10.xml
23.1155
24.1156
31.1157
31.2158
32.1159
32.2160
161162
163164
165166
167168
169170
104171
PK ! h xl/worksheets/sheet11.xml
172173174
175176177
178
179180177
181
182183177
184
182185177
186
182185177
187
182185177
188
182185177
189
182185177
190
182185177
191
PK ! ޘ+ + xl/worksheets/sheet12.xml
192
193194195
196
197
19815145234184
199201518215428
200357682398368
2018915594838
202799807742818
203222811231575
204215186214056
205473533480794
2068006070541
2077515877265
20818665551817049
209
210
211281054123
2121750017500
213112867102335
2144095236032
2158229072465
21610126076663
217357679359118
218313619330701
20638214837
219121929118852
2205212851908
221849176865416
222
223126807
224
2257676
226925385910507
227-96182-112028
228199776151039
229-45106-31154
230983949918440
2313330432386
2321017253950826
23318665551817049
PK ! g$ $ xl/worksheets/sheet13.xml
234
235
193252627
28161216916813571633721
29782333809122791370
30829836872235842351
31
32610603627503611883
33489425160151489
2361162974786644
35132071717
36145455185653172335
237156301961318402
38167768753629
39113049165165150304
40130384060047232
41100011124565103072
238-4005-3495-3200
2399600612107099872
240
2411.291.611.34
2421.281.61.32
243
241744943107541820474766176
242750606107575960575472342
PK ! m xl/worksheets/sheet14.xml
244
235
24252627
41100011124565103072
245
24627281666-11971
247
248-682333056222
249-2220-74761886
2502495909-1668
251-6548-32626440
252
253-6362-265375690
25014756144-1375
254-4887-203934315
25515846-22989-1216
256115857101576101856
257-4243-3577-3114
2581116149799998742
PK ! ?; A A xl/worksheets/sheet15.xml
259
235
24252627
260
41100011124565103072
261
262454294300240496
263-18932153960
264121818841409
46160161097518563
265-3813128
206-3984847415541
266
26722744-27092571
26849006-25168805
269995210851-5789
214270826554311
27023256-16091-19334
271264425134283163733
272
273-24675-32956-32801
27417-28104-16902
275-24675-61060-49703
276
277-5205754115-17742
2781735000017
279-17500-330469-21094
28017-54375-40625
281-6976-2935217
282-1067-2373-381
283-46065-43490-39057
284-4426-3354-7350
285-496-11030-2634
286-128587-70328-128883
1046105275-1855
1051172683170-16708
287341843101447722
2881514523418431014
289
290149851821818344
291297943126927389
292156228202568
29322675953017
29442728917
2951221775882
2966976180217
29717439217
PK ! S?o o xl/worksheets/sheet16.xml
298
299300301302303304305306
24307308
3097447974894727-8169181991882130932664853973
310171717-6132463117-150117-1501
3111717171717171735983598
41171717179987217998723200103072
312171717-12161717-121617-1216
46171718794171717187941718794
3132811-2631171717-263017-2630
31417171717-3975617-3975617-39756
31517171717171717-7350-7350
3167476075910890-89039729461789487232112926984
4117171717121070171210703628124698
312171717-229891717-2298917-22989
46171710647171717106471710647
3178601-11030171717-1102917-11029
3181717171717-29352-2935217-29352
2961717171717-1802-180217-1802
31417171717-4297717-4297717-42977
31517171717171717-3354-3354
3197562076910507-112028151039-3115491844032386950826
41171717179600617960065344101350
320171717158461717158461715846
46171715363171717153631715363
3134617-485171717-48517-485
3181717171717-6976-697617-6976
2961717171717-6976-697617-6976
31417171717-4726917-4726917-47269
31517171717171717-4426-4426
3217566676925385-96182199776-45106983949333041017253
PK ! HY Y xl/worksheets/sheet17.xml
322
24323
3243252526
3262926402361
321205711775
33854773
327
328321088
32937222
33011481011
33114961327
3321832517257
PK ! @ xl/worksheets/sheet18.xml
24333194195
334
327335601281
3263365389144407
3375449244688
338
3273391198
3263391431611336
327218482273
3263404099234137
3415590945754
PK ! Fh xl/worksheets/sheet19.xml
194195
342
3265.95.8
32755.9
343
326344345
327346347
PK ! & xl/worksheets/sheet20.xml
326327
2434834821
3491526313915402
3501127313511408
35176151317746
35266361276763
35358821145996
354139721113983
3556064165761298
356-5333-56-5389
3575530860155909
3391431611914435
21817482482
340409921740992
3415530860155909
PK ! 0 p p xl/worksheets/sheet21.xml
323
242526
358
3591540214804
360222
3611078
PK ! Mz xl/worksheets/sheet22.xml
362
323
24252627
363533872729975
3642556573-583
365-572-2706-1873
366376199-247
367769853387272
PK ! >S xl/worksheets/sheet23.xml
368
24194195
3697430287675
3702291322024
371260467288669
268357682398368
PK ! '
'
xl/worksheets/sheet24.xml
372
24194195
3731462214551
374151453146727
375181955171230
3764507040143
3777779170458
3781984425044
379490735468153
380-267924-236578
335222811231575
PK ! xl/worksheets/sheet25.xml
381
2438238338438538621
387126195571521386636138845209671
3111717171747494749
388-214-104-25-5-16-364
3891259815704813841360813578214056
39017171717-3800-3800
38827661343326604354930
3211287475839114167366810213215186
PK ! %j xl/worksheets/sheet26.xml
194195
24391392393391392393
394
3954290511842905142905118429051
396
3955577-117444035503-4925011
39774743-514552328874715-4637028345
39827892-112421665027127-892318204
39932702-3256114132666-32483183
400569965-96432473533569062-88268480794
PK ! u[ [ xl/worksheets/sheet27.xml
24
401
3497907
3507907
3517907
3527887
3535761
3547113
2144482
PK ! :0 xl/worksheets/sheet28.xml
402
23
24252627
363404833313823
403419968635909
404-4589-6481-6315
366173335-86
367383140483331
PK ! ƻmp@ @ xl/worksheets/sheet29.xml
405
24194195
406332500350000
4071750321
40828103802
409482273
282-1863-2072
21333929402324
4102031071623
411313619330701
PK ! B9 xl/worksheets/sheet30.xml
412
24
401
34917500
35017500
35117500
352280000
21332500
PK ! 4
xl/worksheets/sheet31.xml
413
24194195
333414
20141511664549
336415301109
33941564002561
41615711862
340415985115
41617789
PK ! u xl/worksheets/sheet32.xml
323
24252627
417
415-459154908148
416-2232-2185-1926
-682333056222
PK ! rQ Q xl/worksheets/sheet33.xml
323
24252627
418
419
2950448465-1410
420-22052041665
2128398669255
421
37-3318-989-476
21-3318-989-476
PK ! q xl/worksheets/sheet34.xml
422
24423424425
426
4273125402908916825
428950417600
4298866583432
4303307454362710
431-340051717
4321717499
433-3560-722-1789
388793144017
4343272123582619277
4352930703429919277
436
4372043494295517
43830541413017
43922816171290
4321717499
431-340051717
433-3560-722-1789
388129189217
4402202704825517
441-10694212429-19277
PK ! *:" :" xl/worksheets/sheet35.xml
24423424425
442
4432748212562914412
428883917574
42910208729557
4304707726282288
444-1161717
431-274381717
44514641717
4321717498
433-2605-639-1504
38829074217
4463125402908916825
4472829862741216825
436
4481760444070017
43833799177217
43924540171006
4321717498
431-274381717
433-2605-639-1504
3889112217
4372043494295517
441-10819113866-16825
PK ! 'FѲ xl/worksheets/sheet36.xml
449450
5959
2425262526
33612429138661818
451-3024-5357-1266-807
219-103918-102834-18011-16018
452-94513-94325-19277-16825
PK ! L4! 4! xl/worksheets/sheet37.xml
449450
2323
24252627252627
453-61801-39125-4489284541231512392
454-14835-27123-882-2710-22881600
45517-1464-285171717
4561717-97171717
457715743244982171717
458522115301687-967-1436-1540
459280247175-137-137-137
388-371-190187171717
460-64349-61801-391254640845412315
PK ! A:S/ / xl/worksheets/sheet38.xml
449450
2323
24252627252627
461
428950488399067600574657
42994491093711897432557490
462-10996-12987-13041171717
46317-118-97171717
464715743244982171717
465522115301687-967-1436-1540
459280247175-137-137-137
466206151277214670-72-442-530
PK ! I xl/worksheets/sheet39.xml
449450
25262526
467468469470471
472473474475475
PK ! !
xl/worksheets/sheet40.xml
449450
252627252627
467469476477471478479
480481482483475475475
472474484485475475475
PK ! H xl/worksheets/sheet41.xml
252627
486487488489
490491491491
492493493493
PK ! dTuo xl/worksheets/sheet42.xml
494
2421495496497
498
499
500166818166818
501
502266857171717
26852518166818
PK ! pwi
xl/worksheets/sheet43.xml
2421495496497
498
499
500168218168218
501
502245622171717
24730418168218
PK ! ;" xl/worksheets/sheet44.xml
503
24504425
401
349224351266
350238911358
351250621348
352279921402
353283661438
3541352716915
26301713727
PK ! ͣ xl/worksheets/sheet45.xml
505
23
24252627
506167117063254003
507963389453396301
39113049165165150304
PK ! = xl/worksheets/sheet46.xml
23
24252627
508
80-745611211795
509244783100529896
510170223212631691
511
80-3777953916222
509-207-1065-681
512-3984847415541
513130384060047232
PK ! n xl/worksheets/sheet47.xml
23
24252627
514237403468531564
515-667671413316
516171710801
517-8123799771
51826418322349
51940691179962
52019802882-10038
521-2526-607-2800
522310-884307
523130384060047232
524525526527
PK ! 6I xl/worksheets/sheet48.xml
59
242526
528
5291641813208
4655762682
2522323424260
2681902115379
5301894512925
531141139669
532282223
53311591365
53492386907
5359292802
536170117
5378056480360
538191180169780
520-20404-18424
539170776151356
540
541-6068-6687
542-67505-62349
334-13646-9407
543-5812-5774
53617-154
535-1506-1281
544-94537-85652
5457623965704
PK ! ~u u xl/worksheets/sheet49.xml
23
24252627
546184241554225579
54719802882-10037
548204041842415542
PK ! xl/worksheets/sheet50.xml
23
24252627
549123671164611049
550531717
551720787801
5521765917
553-671-248-91
554-4647-461-113
55517-1617
55678221236711646
PK ! } } xl/worksheets/sheet51.xml
557
558559
560
5610.15511983
5620.15511790
5630.15511761
5640.15511735
5650.6247269
566
5610.1410718
5620.1410726
5630.1410751
5640.1410782
5670.560000000000000142977
568
5610.139968
5620.139954
5630.139917
5640.139917
5690.5239756
PK ! 3H xl/worksheets/sheet52.xml
570
323
1932526
571
572243894591983
57328.626.31
574697615577
575
57217535983
5761825.7
5741813775
577
5722438941127966
57328.626.02
574697629352
PK ! z5 xl/worksheets/sheet53.xml
578
579580581582
58388183221.751718
58465552223.5120707723.47
585-56783620.811717
586-2227523.921717
58794724323.4920707723.47
58451951425.9225203125.45
588-14598524.64-78925.45
586-6759924.08-74325.45
589125317324.3345757624.55
PK ! lx+ + xl/worksheets/sheet54.xml
5757
194195
590591590591
59263232789410787900226
593-16972-269-126242-325246
59446260520284545574980
5953038031722058217
PK ! ˣLM xl/worksheets/sheet55.xml
23
24252627
59612055914012353
597330815076210
PK ! q q xl/worksheets/sheet56.xml
598
23
24252627
291342722680
3213710940216507
339648511376
599160161097518563
600358224404398
60112434853514165
PK ! leXN N xl/worksheets/sheet57.xml
602
24603604605606301
316-718535258-1098-21346-89039
6076665490-2185-31065-27094
60817-84659894528-2948
6091761829161447053
319-711872901-2003-41739-112028
60727281-4591-2232-179162542
60817-55383318115549334
250172757-26214753970
610-43906-4471-1179-46626-96182
PK ! i\,) xl/worksheets/sheet58.xml
611
235
24252627
612127961947219171
6133318989476
614-484-848-1245
615156301961318402
PK ! d
xl/worksheets/sheet59.xml
235
24252627
6169871-498-258
6171043929174416
618-3534-1544-529
619167768753629
PK ! xl/worksheets/sheet60.xml
620
23
193252627
2399600612107099872
243
241744943107541820474766176
242750606107575960575472342
240
2411.291.611.34
2421.281.61.32
PK ! xl/worksheets/sheet61.xml
23
252627
59017101313885
PK ! kr
" " xl/worksheets/sheet62.xml
621
235
24252627
28
64507839551596523967
67418417434357445341
70149418149984146067
73415258441871439681
38612123710354978665
94161216916813571633721
622
64718129330578973
67400333881145156
70199681730015430
73183192442917974
38695151504315560
623159647188888173093
624
37-15630-19613-18402
35-132071717
617-10439-2917-4416
62517-2654-599
386-73221461628
626113049165165150304
PK ! 4+ez z xl/worksheets/sheet63.xml
235
24252627
262
64226112269424155
67748474517408
70152316031531
73706464516731
62767474803671
628454294300240496
PK ! A* xl/worksheets/sheet64.xml
235
24252627
28
80839379884791826111
629218971230465219803
85151835182681199107
88246183223365221146
91155801160055167554
94161216916813571633721
PK ! ( ( xl/worksheets/sheet65.xml
23
242526
630
80146712148883
6311196911906
85614663
8866367441
6325688062682
633222811231575
PK ! \
xl/worksheets/sheet66.xml
634
107
24349350351352353354
63516283995527584604531199
PK ! R
xl/worksheets/sheet67.xml
636
637
24638386
6391818
403112491958
640-5353-1237
36634757
6416243778
PK ! "A xl/worksheets/sheet68.xml
642
643
2459644645646
25
28420494482932300002408741
30220403252021156457200955
3627092852041173121428
41232376404637538975
239216006321623138877
240
2410.290.850.030.12
2420.290.840.030.12
PK ! . xl/worksheets/sheet69.xml
643
2459644645646
26
28368271417166462218433702
30186691217344246043222157
3628565437266113552227
4119618300063890236039
23917859297973848834926
240
2410.240.40.510.46
2420.240.390.510.46
PK ! xl/worksheets/sheet70.xml
647
648649
650651
652651
653651
654655
656657
658659
660661
662663
664665
666667
668669
670671
672673
674667
675676
677651
678679
680651
681682
683684
685686
687686
688686
689690
691692
693694
695696
697698
699667
700673
701651
702703
704671
705671
706707
708692
709710
711651
712651
PK ! %cϐ xl/worksheets/sheet71.xml
713
172173174
714176715
178
716180715
181
717183715
718
719185715
186
720185715
187
721185715
188
PK ! w xl/worksheets/sheet72.xml
722
723185715
189
724185715
190
725185715
191
PK ! @O1 1 xl/worksheets/sheet73.xml
726
714
727
728
PK ! 1 1 xl/worksheets/sheet74.xml
726
716
729
730
PK ! {bt t xl/worksheets/sheet75.xml
731
732
733714
734178
735728
PK ! ,-t t xl/worksheets/sheet76.xml
731
732
733716
734181
735730
PK ! 5k xl/workbook.xml
PK ! XG/\ \ xl/sharedStrings.xml
Performance Graph28-Oct-1631-Dec-1631-Dec-1731-Dec-1831-Dec-1931-Dec-20Acushnet Holdings Corp.S&P 500S&P 500 Consumer Durables & ApparelIssuer Purchases of Equity SecuritiesPeriodTotal number of shares purchased (1)Average price paid per share (1)Total number of shares purchased as part of publicly announced plans or programs (1)Approximate dollar value of shares that may yet be purchased under the plans or programs (1)(2) (in thousands)October 1, 2020 - October 31, 2020—$—November 1, 2020 - November 30, 2020December 1, 2020 - December 31, 2020TotalResults of OperationsYear ended December 31,(in thousands)202020192018Net salesCost of goods soldGross profitOperating expenses:Selling, general and administrativeResearch and developmentIntangible amortization (1)Restructuring chargesIncome from operationsInterest expense, netOther expense, netIncome before income taxesIncome tax expenseNet incomeLess: Net income attributable to noncontrolling interestsNet income attributable to Acushnet Holdings Corp.Adjusted EBITDA:Depreciation and amortization (1)Share-based compensationRestructuring and transformation costs (2)Beam indemnification expense (income) (3)Other extraordinary, unusual or non-recurring items, net (4)Net income attributable to noncontrolling interestsAdjusted EBITDAAdjusted EBITDA margin14.5%14.3%14.1%Year Ended December 31, 2020 Compared to the Year Ended December 31, 2019Year endedConstant CurrencyDecember 31,Increase/(Decrease)(in millions)$ change% changeTitleist golf balls(7.9)%(8.0)%Titleist golf clubs(3.7)%(4.0)%Titleist golf gear(0.4)%—%FootJoy golf wear(6.0)%(6.1)%(23.0)%3.1%15.6%(25.0)%United States(5.1)%EMEA (1)(5.0)%(5.5)%Japan(16.9)%(18.8)%Korea10.2%11.8%Rest of world(2.6)%(2.7)%Total net sales(4.1)%(4.2)%Cash FlowsYear ended December 31,(in thousands)Cash flows provided by (used in):Operating activitiesInvesting activitiesFinancing activitiesEffect of foreign exchange rate changes on cash, cash equivalents and restricted cashNet increase (decrease) in cash, cash equivalents and restricted cashContractual ObligationsPayments Due by PeriodLess than1-34-5After1 YearYears5 YearsLong-term debt obligations (1)Interest payments related to debt obligations (2)Pension and other postretirement benefit obligationsPurchase obligations (3)Lease obligations (4)ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULESExhibit
NumberDescriptionAmended and Restated Certificate of Incorporation of Acushnet Holdings Corp. (incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8‑K filed on November 2, 2016 (No. 001‑37935)).Certificate of Amendment to the Amended and Restated Certificate of Incorporation of Acushnet Holdings Corp. (incorporated by reference to Exhibit 3.2 to the Registrant's Annual Report on Form 10-K filed on February 28, 2019 (No. 001-37935)).Amended and Restated Bylaws of Acushnet Holdings Corp. (incorporated by reference to Exhibit 3.2 to the Registrant's Current Report on Form 8-K filed on November 2, 2016 (no. 001-37935)).Description of Securities (incorporated by reference to Exhibit 4.1 to the Registrant's Annual Report on Form 10-K filed on February 27, 2020 (No. 001-37935)).10.1†Form of Restricted Stock Unit Grant Notice and Restricted Stock Unit Agreement under the Acushnet Holdings Corp. 2015 Omnibus Incentive Plan ( inco rporated by referen ce to Exhibit 10.1 to the Registrant's Annual Report on Form 10-K filed on February 27, 2020 (No. 001-37935 ) ).10.2†Form of Performance Stock Unit Grant Notice and Performance Stock Unit Agreement under the Acushnet Holdings Corp. 2015 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.2 to the Registrant's Annual Report on Form 10-K filed on February 27, 2020 (No. 001-37935)).10.3†Acushnet Executive Severance Plan (as amended and restated effective January 1, 2019) (incorporated by reference to Exhibit 10.3 to the Registrant's Annual Report on Form 10-K filed on February 28, 2019 (No. 001-37935)).10.4†Acushnet Company Supplemental Retirement Plan (as amended and restated effective December 31, 2015) (incorporated by reference to Exhibit 10.10 to the Registrant’s Registration Statement on Form S‑1 (No. 333‑212116)).10.5†Acushnet Company Amended and Restated Trust Agreement, dated as of August 31, 2016 (incorporated by reference to Exhibit 10.11 to the Registrant’s Registration Statement on Form S‑1 (No. 333‑212116)).10.6†Amended and Restated Acushnet Company Excess Deferral Plan II (effective July 29, 2011) (incorporated by reference to Exhibit 10.16 to the Registrant’s Registration Statement on Form S‑1 (No. 333‑212116)).Amended and Restated Credit Agreement, dated as of December 23, 2019, among Acushnet Holdings Corp, Acushnet Company, Acushnet Canada Inc., Acushnet Europe Ltd., Wells Fargo Bank, National Association, the lenders party thereto and the other agents named therein. (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on December 30, 2019 (No. 001- 37935)).First Amendment to Credit Agreement, dated as of July 3, 2020, among Acushnet Holdings Corp., Acushnet Company, Acushnet Canada Inc., Acushnet Europe Ltd., certain other subsidiaries of Acushnet Company and Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K filed on July 9, 2020 (No. 001-37935)).Joint Venture Agreement between Acushnet Cayman Limited and Myre Overseas Corporation, dated as of June 1, 1995 (incorporated by reference to Exhibit 10.18 to the Registrant’s Registration Statement on Form S‑1 (No. 333‑212116)).Registration Rights Agreement, dated October 26, 2016, among the Company and the Holders (as defined therein) (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8‑K filed on November 1, 2016 (No. 001‑37935)).10.11†Form of Restricted Stock Unit Grant Notice and Restricted Stock Unit Agreement for Directors under the Acushnet Holdings Corp. 2015 Omnibus Incentive Plan (incorporated by reference to Exhibit 10.12 to the Registrant's Annual Report on Form 10-K filed on February 28, 2019 (No. 001-37935)).10.12†Acushnet Holdings Corp. Independent Directors Deferral Plan (incorporated by reference to Exhibit 10.21 to the Registrant’s Registration Statement on Form S‑1 (No. 333‑212116)).10.13†Acushnet Holdings Corp. 2015 Omnibus Incentive Plan (incorporated by reference to Exhibit 4.3 to the Registrant’s Registration Statement on Form S-8 filed on October 27, 2016 (No. 001-37935)).10.14†Employment Agreement between Acushnet Holdings Corp. and David E. Maher, dated as of December 22, 2017 (incorporated by reference to Exhibit 10.17 to the Registrant's Annual Report on Form 10-K filed on March 7, 2018 (No. 001-37935 ).10.15†Acushnet Holdings Corp. Employee Deferral Plan (incorporated by reference to Exhibit 10.18 to the Registrant’s Annual Report on Form 10-K filed on March 7, 2018 (No. 001-37935)).Stock Repurchase Agreement, dated May 10, 2019 between Acushnet Holdings Corp. and Magnus Holdings Co., Ltd. (incorporated by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K filed on May 10, 2019 (No. 001-37935)).List of Subsidiaries (filed herewith).Consent of PricewaterhouseCoopers LLP (filed herewith).Power of Attorney (filed herewith).Certification of Periodic Report by Chief Executive Officer Pursuant to Rule 13a–14(a) or 15d–14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).Certification of Periodic Report by Chief Financial Officer Pursuant to Rule 13a–14(a) or 15d–14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).101.SCHXBRL Taxonomy Extension Schema (filed herewith).101.CALXBRL Taxonomy Extension Calculation Linkbase (filed herewith).101.DEFXBRL Taxonomy Extension Definition Linkbase (filed herewith).101.LABXBRL Taxonomy Extension Label Linkbase (filed herewith).101.PREXBRL Taxonomy Extension Presentation Linkbase (filed herewith).Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.SignatureCapacityDate/s/ David MaherPresident and Chief Executive Officer (Principal Executive Officer)February 25, 2021David Maher/s/ Thomas PachecoExecutive Vice President, Chief Financial Officer and Chief Accounting Officer (Principal Financial Officer and Principal Accounting Officer)Thomas Pacheco*ChairmanYoon Soo YoonDirectorJennifer EstabrookGregory HewettSean SullivanSteven TishmanWalter UihleinKeun Chang YoonCONSOLIDATED BALANCE SHEETS(in thousands, except share and per share amounts)December 31, 2020December 31, 2019AssetsCurrent assetsCash, cash equivalents and restricted cash ($6,843 and $8,514 attributable to the variable interest entity ("VIE"))Accounts receivable, netInventories ($13,830 and $11,958 attributable to the VIE)Prepaid and other assetsTotal current assetsProperty, plant and equipment, net ($10,538 and $11,374 attributable to the VIE)Goodwill ($32,312 and $32,312 attributable to the VIE)Intangible assets, netDeferred income taxesOther assets ($2,239 and $2,517 attributable to the VIE)Total assetsLiabilities, Redeemable Noncontrolling Interest and Shareholders' EquityCurrent liabilitiesShort-term debtCurrent portion of long-term debtAccounts payable ($8,702 and $8,360 attributable to the VIE)Accrued taxesAccrued compensation and benefits ($1,454 and $3,542 attributable to the VIE)Accrued expenses and other liabilities ($3,699 and $4,468 attributable to the VIE)Total current liabilitiesLong-term debtAccrued pension and other postretirement benefitsOther noncurrent liabilities ($2,261 and $5,202 attributable to the VIE)Total liabilitiesCommitments and contingencies (Note 22)Redeemable noncontrolling interestShareholders' equityCommon stock, $0.001 par value, 500,000,000 shares authorized; 75,666,367 and 75,619,587 shares issuedAdditional paid-in capitalAccumulated other comprehensive loss, net of taxRetained earningsTreasury stock, at cost; 1,671,754 and 1,183,966 shares (including 299,894 and 56,000 of accrued share repurchase) (Note 15)Total equity attributable to Acushnet Holdings Corp.Noncontrolling interestsTotal shareholders' equityTotal liabilities, redeemable noncontrolling interest and shareholders' equityCONSOLIDATED STATEMENTS OF OPERATIONSYear ended December 31,Intangible amortizationInterest expense, net (Note 18)Less: Net income attributable to noncontrolling interestsNet income attributable to Acushnet Holdings Corp.Net income per common share attributable to Acushnet Holdings Corp.:BasicDilutedWeighted average number of common shares:CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOMEOther comprehensive income (loss):Foreign currency translation adjustmentsCash flow derivative instrumentsUnrealized holding (losses) gains arising during periodReclassification adjustments included in net incomeTax benefit (expense)Cash flow derivative instruments, netPension and other postretirement benefitsPension and other postretirement benefits adjustmentsPension and other postretirement benefits adjustments, netTotal other comprehensive income (loss)Comprehensive incomeLess: Comprehensive income attributable to noncontrolling interestsComprehensive income attributable to Acushnet Holdings Corp.CONSOLIDATED STATEMENTS OF CASH FLOWSCash flows from operating activitiesAdjustments to reconcile net income to cash flows provided by operating activitiesDepreciation and amortizationUnrealized foreign exchange (gains) lossesAmortization of debt issuance costs(Gain) loss on disposals of property, plant and equipmentChanges in operating assets and liabilitiesAccounts receivableInventoriesAccounts payableOther assets and liabilitiesCash flows provided by operating activitiesCash flows from investing activitiesAdditions to property, plant and equipmentBusiness acquisitions, net of cash acquiredCash flows used in investing activitiesCash flows from financing activities(Repayments of) proceeds from short-term borrowings, netProceeds from term loan facilityRepayments of term loan facilityRepayments of delayed draw term loan A facilityPurchases of common stockDebt issuance costsDividends paid on common stockDividends paid to noncontrolling interestsPayment of employee restricted stock tax withholdingsCash flows used in financing activitiesCash, cash equivalents and restricted cash, beginning of yearCash, cash equivalents and restricted cash, end of yearSupplemental informationCash paid for interest to third partiesCash paid for income taxesNon-cash additions to property, plant and equipmentNon-cash additions to right-of-use assets obtained in exchange for operating lease obligationsNon-cash additions to right-of-use assets obtained in exchange for finance lease obligationsDividend equivalents rights ("DERs") declared not paidShare repurchase liability (Note 15)Non-cash loan to noncontrolling interest (Note 21)CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITYCommon StockAdditional
Paid-in
CapitalAccumulated
Other
Comprehensive
LossRetained
EarningsTreasury StockTotal
Shareholders'
Equity
Attributable
to Acushnet
Holdings Corp.Noncontrolling
InterestsTotal
Shareholders'
EquitySharesAmountBalances as of December 31, 2017Adoption of new accounting standards (Note 2)Acquisitions (Note 21)Other comprehensive lossVesting of restricted common stock, including impact of DERs, net of shares withheld for employee taxes (Note 16)Dividends and dividend equivalents declaredDividends declared to noncontrolling interestsBalances as of December 31, 2018Vesting of restricted common stock, including impact of DERs, net of shares withheld for employee taxes (Note16)Purchases of common stock (Note 15)Balances as of December 31, 2019Other comprehensive incomeBalances at December 31, 20204. LeasesYear ended December 31,Lease costsLocation in Statement of OperationsOperatingFinanceAmortization of lease assetsInterest on lease liabilitiesShort-term and low value lease costVariable lease costTotal lease costBalance Sheet LocationRight-of-use assetsProperty, plant and equipment, netOther assetsTotal lease assetsLease liabilitiesAccrued expenses and other liabilitiesOther noncurrent liabilitiesTotal lease liabilitiesWeighted average remaining lease term (years):Weighted average discount rate:2.94%3.42%3.66%4.18%Leases20212022202320242025ThereafterTotal future lease paymentsLess: InterestPresent value of lease liabilitiesCash paid for amounts included in the measurement of lease liabilities:Operating cash flows for operating leasesOperating cash flows for finance leasesFinancing cash flows for finance leases5. Allowance for Doubtful AccountsBalance at beginning of yearBad debt expenseAmount of receivables written offForeign currency translation and otherBalance at end of year6. InventoriesRaw materials and suppliesWork-in-processFinished goods7. Property, Plant and Equipment, NetLandBuildings and improvementsMachinery and equipmentFurniture, computers and equipmentComputer softwareConstruction in progressProperty, plant and equipment, grossAccumulated depreciation and amortization8. Goodwill and Identifiable Intangible Assets, NetTitleist
Golf BallsTitleist
Golf ClubsTitleist
Golf GearFootJoy
Golf WearOtherBalances at December 31, 2018Foreign currency translationBalances at December 31, 2019ImpairmentGrossAccumulated
AmortizationNet Book
ValueIndefinite-lived:TrademarksAmortizing:Completed technologyCustomer relationshipsLicensing fees and otherTotal intangible assetsYear ending December 31,9. Product WarrantyProvisionClaims paid/costs incurred10. Debt and Financing ArrangementsTerm loan facilityRevolving credit facilityOther short-term borrowingsFinance lease obligationsLess: short-term debt and current portion of long-term debtTotal long-term debt and finance lease obligationsPayments of Debt Obligations due by PeriodImpact on Financial StatementsHedge Instrument TypeForeign exchange forwardInterest rate swapType of hedgeLocation of gain (loss) in statement of operationsForeign exchange forward:Selling, general and administrative (1)(2)Interest Rate Swap:13. Pension and Other Postretirement BenefitsPension
Benefits
(Underfunded)Pension
Benefits
(Overfunded)Postretirement
BenefitsChange in projected benefit obligation ("PBO")Benefit obligation at December 31, 2019Service costInterest costActuarial lossSettlementsParticipants’ contributionsBenefit paymentsProjected benefit obligation at December 31, 2020Accumulated benefit obligation at December 31, 2020Change in plan assetsFair value of plan assets at December 31, 2019Return on plan assetsEmployer contributionsFair value of plan assets at December 31, 2020Funded status (fair value of plan assets less PBO)Change in projected benefit obligationBenefit obligation at December 31, 2018CurtailmentsPlan amendmentsProjected benefit obligation at December 31, 2019Accumulated benefit obligation at December 31, 2019Fair value of plan assets at December 31, 2018Pension BenefitsPostretirement BenefitsAccrued compensation and benefitsNet liability recognizedNet actuarial (loss) gain at beginning of yearActuarial (loss) gainPrior service costCurtailment impactSettlement impactAmortization of actuarial loss (gain)Amortization of prior service cost (credit)Net actuarial (loss) gain at end of yearComponents of net periodic benefit costExpected return on plan assetsCurtailment incomeSettlement expenseAmortization of net loss (gain)Net periodic benefit cost (credit)Discount rate2.66%3.24%2.34%3.12%Rate of compensation increase3.56%3.97%N/A4.25%3.62%4.27%3.61%Expected long-term rate of return on plan assets5.01%5.84%5.77%4.00%4.01%Healthcare cost trend rate assumed for next year5.81%/7.88%6.03%/8.44%6.25%/9.00%Rate that the cost trend rate is assumed to decline
(the ultimate trend rate)4.50%Year that the rate reaches the ultimate trend rate2027Plan AssetsQuoted Prices in
Active Markets for
Identical Assets
(Level 1)Significant
Observable
Inputs
(Level 2)Significant
Unobservable
Inputs
(Level 3)Asset categoryIndividual securitiesFixed incomeCommingled fundsMeasured at net asset valueEstimated Future Retirement Benefit PaymentsPension
Benefits14. Income TaxesDomestic operationsForeign operationsCurrent expense (benefit)ForeignCurrent income tax expenseDeferred expense (benefit)Deferred income tax expense (benefit)Total income tax expenseIncome tax expense computed at federal statutory income tax rateForeign taxes, net of creditsImpact of the 2017 Tax ActNet adjustments for uncertain tax positionsState and local taxesNondeductible expensesValuation allowanceTax creditsMiscellaneous other, netIncome tax expense as reportedEffective income tax rate11.5%24.6%31.4%Deferred tax assetsCompensation and benefitsR&D capitalizationLease liabilityPartnership investmentTransaction costsNondeductible accruals and reservesMiscellaneousForeign exchange derivative instrumentsNet operating loss and other tax carryforwardsGross deferred tax assetsTotal deferred tax assetsDeferred tax liabilitiesProperty, plant and equipmentIdentifiable intangible assetsTax on unremitted earningsTotal deferred tax liabilitiesNet deferred tax assetValuation allowance at beginning of yearIncreases (decreases) recorded to income tax provisionValuation allowance at end of yearUnrecognized tax benefits at beginning of yearGross additions - prior year tax positionsGross additions - current year tax positionsGross additions - acquired tax positionsGross reductions - prior year tax positionsGross reductions - acquired tax positions settled with tax authoritiesImpact of change in foreign exchange ratesUnrecognized tax benefits at end of yearDividendsDividends
per Common ShareAmount (in thousands)2020:Fourth QuarterThird QuarterSecond QuarterFirst QuarterTotal dividends declared in 20202019:Total dividends declared in 20192018:Total dividends declared in 2018Share Repurchase ProgramShares repurchased in the open market:Shares repurchasedAverage priceAggregate valueShares repurchased from Magnus:Average price (1)Total shares repurchased:Restricted Stock and Performance Stock UnitsNumber
of
RSUsWeighted-
Average
Fair
Value RSUsNumber
of
PSUsWeighted-
Average
Fair
Value PSUsOutstanding as of December 31, 2018GrantedVested (1)ForfeitedOutstanding as of December 31, 2019Vested (2)Outstanding as of December 31, 2020RSUsPSUsShares of common stock issued (1)Shares of common stock withheld by the Company as payment by employees in lieu of cash to satisfy tax withholding obligationsNet shares of common stock issuedCumulative undelivered shares of common stockRSUPSUCompensation ExpenseTotal compensation expense before income taxIncome tax benefitTotal compensation expense, net of income tax17. Accumulated Other Comprehensive Loss, Net of TaxForeign
Currency
Translation
AdjustmentsGains (Losses) on
Foreign Exchange Derivative
InstrumentsGains (Losses) on
Interest Rate
Derivative
InstrumentsPension and
Other
Postretirement
AdjustmentsOther comprehensive income (loss) before reclassificationsAmounts reclassified from accumulated other comprehensive loss, net of taxTax benefitBalances as of December 31, 202018. Interest Expense, Net and Other Expense, NetThird party interest expenseLoss on interest rate swapThird party interest incomeTotal interest expense, netIndemnification losses (gains)Non-service cost component of net periodic benefit costOther incomeTotal other expense, net19. Net Income per Common Share20. Segment InformationSegment operating incomeTotal segment operating incomeReconciling items:Transaction feesTotal income before income taxOther (1)Total depreciation and amortizationEMEA (1)Long-lived assetsEMEARest of world (2)Total long-lived assetsPurchase ObligationsPurchase obligations23. Restructuring ChargesYear ended December 31, 2020VBRBalance at beginning of periodPaymentsBalance at end of period24. Unaudited Quarterly Financial DataQuarter ended (unaudited)September 30,June 30,March 31,SUBSIDIARIES OF THE REGISTRANTNameState or Other Jurisdiction
of Incorporation or
OrganizationAcushnet CompanyDelawareAASI, Inc.ACTM LLCAcushnet Australia Pty. Ltd.AustraliaAcushnet Canada Inc.CanadaAcushnet Cayman LimitedCayman IslandsAcushnet Danmark ApSDenmarkAcushnet Espana, S.L.U.SpainAcushnet Europe Ltd.United KingdomAcushnet FootJoy (Thailand) LimitedThailandAcushnet France S.A.S.FranceAcushnet GmbHGermanyAcushnet Golf Products Trading (Shenzhen) Co. Ltd.ChinaAcushnet Golf (Thailand) LimitedAcushnet Hong Kong LimitedHong KongAcushnet International Inc.Acushnet Ireland LimitedIrelandAcushnet Japan, Inc.Acushnet Korea Co., Ltd.South KoreaAcushnet Malaysia Sdn. Bhd.MalaysiaAcushnet Nederland B.V.NetherlandsAcushnet Netherlands Manufacturing B.V.Acushnet Netherlands Services B.V.Acushnet New Zealand LimitedNew ZealandAcushnet Osterreich GmbHAustriaAcushnet Singapore Pte Ltd.SingaporeAcushnet South Africa (Pty.) Ltd.South AfricaAcushnet Sverige AktiebolagSwedenAcushnet Titleist (Thailand) LimitedChangsha Acushnet Sports Products Co. Ltd.KJUS Holdings Inc.KJUS North America, Inc.ColoradoKJUS Retail Deutschland GmbHLK Deutschland GmbHLK International AGSwitzerlandLK Oesterreich GmbHPanthera Holdings LimitedEnglandPG Golf LLCWebb Acquisition Co.POWER OF ATTORNEY/s/ DAVID MAHERFebruary 25, 2021/s/ THOMAS PACHECO/s/ YOON SOO YOONYoon Soo (Gene) Yoon/s/ JENNIFER ESTABROOK/s/ GREGORY HEWETT/s/ SEAN SULLIVANSignatures continued on next page/s/ STEVEN TISHMAN/s/ WALTER UIHLEIN/s/ KEUN CHANG YOONCERTIFICATIONSName: David MaherPresident and Chief Executive OfficerName: Thomas PachecoExecutive Vice President, Chief Financial Officer and Chief Accounting OfficerCERTIFICATION OF PERIODIC FINANCIAL REPORTSDate: February 25, 2021By:Name:Title:PK ! `| docProps/app.xml
Microsoft Excel0falseWorksheets76performance graphissuer purchases of equityresults of operationsyear ended december 31 202year ended december 31 202-1year ended december 31 202-2cash flowscontractual obligationsitem 15 exhibits and finanitem 15 exhibits and finan-1item 15 exhibits and finan-2consolidated balance sheetsoperationscomprehensive incomecash flows-1shareholders equity4 leases4 leases-14 leases-24 leases-34 leases-45 allowance for doubtful a6 inventories7 property plant and equip8 goodwill and identifiabl8 goodwill and identifiabl-18 goodwill and identifiabl-29 product warranty10 debt and financing arrapayments of debt obligatioimpact on financial statemimpact on financial statem-1impact on financial statem-213 pension and other postr13 pension and other postr-113 pension and other postr-213 pension and other postr-313 pension and other postr-413 pension and other postr-513 pension and other postr-613 pension and other postr-7plan assetsplan assets-1estimated future retiremen14 income taxes14 income taxes-114 income taxes-214 income taxes-314 income taxes-414 income taxes-5dividendsshare repurchase programrestricted stock and perforestricted stock and perfo-1restricted stock and perfo-2compensation expense17 accumulated other compr18 interest expense net an18 interest expense net an-119 net income per common s19 net income per common s-120 segment information20 segment information-120 segment information-220 segment information-3purchase obligations23 restructuring charges24 unaudited quarterly fin24 unaudited quarterly fin-1subsidiaries of the registpower of attorneysignatures continued on necertificationscertifications-1certification of periodiccertification of periodic -1falsefalsefalse12.0000PK ! qz
P P docProps/core.xml
2021-02-25T21:36:25Z2021-02-25T21:36:25ZPK ! "֖, , [Content_Types].xml
PK ! I~
~
xl/styles.xml
PK ! FTR R xl/theme/theme1.xml
PK ! IK K _rels/.rels
PK ! M, , xl/_rels/workbook.xml.rels
PK ! q# xl/worksheets/sheet1.xmlPK ! aJ| | xl/worksheets/sheet2.xmlPK ! ҙj, j, xl/worksheets/sheet3.xmlPK ! -) ]G xl/worksheets/sheet4.xmlPK ! v
\ xl/worksheets/sheet5.xmlPK ! > 4j xl/worksheets/sheet6.xmlPK ! ,Ħ
G xl/worksheets/sheet7.xmlPK ! ,- # xl/worksheets/sheet8.xmlPK ! m xl/worksheets/sheet9.xmlPK ! 2??
* xl/worksheets/sheet10.xmlPK ! h xl/worksheets/sheet11.xmlPK ! ޘ+ + xl/worksheets/sheet12.xmlPK ! g$ $ xl/worksheets/sheet13.xmlPK ! m &. xl/worksheets/sheet14.xmlPK ! ?; A A nI xl/worksheets/sheet15.xmlPK ! S?o o , xl/worksheets/sheet16.xmlPK ! HY Y G xl/worksheets/sheet17.xmlPK ! @ xl/worksheets/sheet18.xmlPK ! Fh $! xl/worksheets/sheet19.xmlPK ! & * xl/worksheets/sheet20.xmlPK ! 0 p p C xl/worksheets/sheet21.xmlPK ! Mz L xl/worksheets/sheet22.xmlPK ! >S Y xl/worksheets/sheet23.xmlPK ! '
'
a xl/worksheets/sheet24.xmlPK ! 0o xl/worksheets/sheet25.xmlPK ! %j g xl/worksheets/sheet26.xmlPK ! u[ [ & xl/worksheets/sheet27.xmlPK ! :0 xl/worksheets/sheet28.xmlPK ! ƻmp@ @ xl/worksheets/sheet29.xmlPK ! B9 e xl/worksheets/sheet30.xmlPK ! 4
u xl/worksheets/sheet31.xmlPK ! u F xl/worksheets/sheet32.xmlPK ! rQ Q z xl/worksheets/sheet33.xmlPK ! q xl/worksheets/sheet34.xmlPK ! *:" :" xl/worksheets/sheet35.xmlPK ! 'FѲ +7 xl/worksheets/sheet36.xmlPK ! L4! 4! F xl/worksheets/sheet37.xmlPK ! A:S/ / g xl/worksheets/sheet38.xmlPK ! I xl/worksheets/sheet39.xmlPK ! !
xl/worksheets/sheet40.xmlPK ! H xl/worksheets/sheet41.xmlPK ! dTuo xl/worksheets/sheet42.xmlPK ! pwi
xl/worksheets/sheet43.xmlPK ! ;" xl/worksheets/sheet44.xmlPK ! ͣ xl/worksheets/sheet45.xmlPK ! = xl/worksheets/sheet46.xmlPK ! n 4 xl/worksheets/sheet47.xmlPK ! 6I xl/worksheets/sheet48.xmlPK ! ~u u xl/worksheets/sheet49.xmlPK ! 0# xl/worksheets/sheet50.xmlPK ! } } i3 xl/worksheets/sheet51.xmlPK ! 3H J xl/worksheets/sheet52.xmlPK ! z5 \ xl/worksheets/sheet53.xmlPK ! lx+ + Gr xl/worksheets/sheet54.xmlPK ! ˣLM xl/worksheets/sheet55.xmlPK ! q q xl/worksheets/sheet56.xmlPK ! leXN N K xl/worksheets/sheet57.xmlPK ! i\,) в xl/worksheets/sheet58.xmlPK ! d
xl/worksheets/sheet59.xmlPK ! h xl/worksheets/sheet60.xmlPK ! p xl/worksheets/sheet61.xmlPK ! kr
" " xl/worksheets/sheet62.xmlPK ! 4+ez z xl/worksheets/sheet63.xmlPK ! A* e xl/worksheets/sheet64.xmlPK ! ( ( 6 xl/worksheets/sheet65.xmlPK ! \
+ xl/worksheets/sheet66.xmlPK ! R
6 xl/worksheets/sheet67.xmlPK ! "A A xl/worksheets/sheet68.xmlPK ! . lW xl/worksheets/sheet69.xmlPK ! Fl xl/worksheets/sheet70.xmlPK ! %cϐ h xl/worksheets/sheet71.xmlPK ! w / xl/worksheets/sheet72.xmlPK ! @O1 1 xl/worksheets/sheet73.xmlPK ! 1 1 W xl/worksheets/sheet74.xmlPK ! {bt t xl/worksheets/sheet75.xmlPK ! ,-t t j xl/worksheets/sheet76.xmlPK ! 5k xl/workbook.xmlPK ! XG/\ \ 1 xl/sharedStrings.xmlPK ! `| ] docProps/app.xmlPK ! qz
P P m docProps/core.xmlPK ! "֖, , 0p [Content_Types].xmlPK ! I~
~
xl/styles.xmlPK ! FTR R xl/theme/theme1.xmlPK ! IK K 7 _rels/.relsPK ! M, , xl/_rels/workbook.xml.relsPK U U E t