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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)September 30,December 31,(in thousands, except share and per share amounts)20212020AssetsCurrent assetsCash, cash equivalents and restricted cash ($12,085 and $6,843 attributable to the variable interest entity ("VIE"))Accounts receivable, netInventories ($12,503 and $13,830 attributable to the VIE)Prepaid and other assetsTotal current assetsProperty, plant and equipment, net ($10,402 and $10,538 attributable to the VIE)Goodwill ($32,312 and $32,312 attributable to the VIE)Intangible assets, netDeferred income taxesOther assets ($2,198 and $2,239 attributable to the VIE)Total assetsLiabilities, Redeemable Noncontrolling Interest and Shareholders' EquityCurrent liabilitiesShort-term debtCurrent portion of long-term debtAccounts payable ($11,416 and $8,702 attributable to the VIE)Accrued taxesAccrued compensation and benefits ($1,624 and $1,454 attributable to the VIE)Accrued expenses and other liabilities ($4,146 and $3,699 attributable to the VIE)Total current liabilitiesLong-term debtAccrued pension and other postretirement benefitsOther noncurrent liabilities ($2,209 and $2,261 attributable to the VIE)Total liabilitiesCommitments and contingencies (Note 15)Redeemable noncontrolling interestShareholders' equityCommon stock, $0.001 par value, 500,000,000 shares authorized; 75,855,036 and 75,666,367 shares issuedAdditional paid-in capitalAccumulated other comprehensive loss, net of taxRetained earningsTreasury stock, at cost; 2,114,277 and 1,671,754 shares (including 299,894 of accrued share repurchases as of December 31, 2020) (Note 10)Total equity attributable to Acushnet Holdings Corp.Noncontrolling interestsTotal shareholders' equityTotal liabilities, redeemable noncontrolling interest and shareholders' equityConsolidated Income StatementThree months ended September 30,Nine months ended September 30,Net salesCost of goods soldGross profitOperating expenses:Selling, general and administrativeResearch and developmentIntangible amortizationRestructuring charges—Income from operationsInterest expense, netOther expense, netIncome before income taxesIncome tax expenseNet incomeLess: 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:CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)(in thousands)Other comprehensive (loss) income:Foreign currency translation adjustmentsCash flow derivative instruments:Unrealized holding (losses) gains arising during periodReclassification adjustments included in net incomeTax (expense) benefitCash flow derivative instruments, netPension and other postretirement benefits:Pension and other postretirement benefits adjustmentsTax expensePension and other postretirement benefits adjustments, netTotal other comprehensive (loss) incomeComprehensive incomeLess: Comprehensive income attributable to noncontrolling interestsComprehensive income attributable to Acushnet Holdings Corp.Consolidated Cash FlowsCash flows from operating activitiesAdjustments to reconcile net income to cash flows provided by operating activitiesDepreciation and amortizationUnrealized foreign exchange gainsAmortization of debt issuance costsShare-based compensationLoss 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 equipmentCash flows used in investing activitiesCash flows from financing activitiesRepayments of short-term borrowings, netRepayments of term loan facilityPurchases of common stockDebt issuance costsDividends paid on common stockDividends paid to noncontrolling interestsPayment of employee restricted stock tax withholdingsCash flows used in financing activitiesEffect of foreign exchange rate changes on cash, cash equivalents and restricted cashNet increase in cash, cash equivalents and restricted cashCash, cash equivalents and restricted cash, beginning of yearCash, cash equivalents and restricted cash, end of periodSupplemental informationNon-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 10)CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY (UNAUDITED)Common StockAdditional
Paid-in
CapitalAccumulated
Other
Comprehensive
Loss,
Net of TaxRetained
EarningsTreasury StockTotal
Shareholders'
Equity
Attributable
to Acushnet
Holdings Corp.Noncontrolling
InterestsTotal
Shareholders'
EquitySharesAmountBalances as of June 30, 2020Other comprehensive incomeVesting of restricted common stock, including impact of DERs, net of shares withheld for employee taxes (Note 11)Dividends and dividend equivalents declaredDividends declared to noncontrolling interestsBalances as of September 30, 2020Balances as of June 30, 2021Other comprehensive lossPurchases of common stock (Note 10)Balances as of September 30, 2021Balances as of December 31, 2019Balances as of December 31, 2020Redemption value adjustment (Note 1)2. Accounts ReceivableBalance at beginning of periodBad debt expenseAmount of receivables written offForeign currency translation and otherBalance at end of period3. InventoriesRaw materials and suppliesWork-in-processFinished goods4. Product WarrantyProvisionClaims paid/costs incurredImpact on Financial StatementsBalance Sheet LocationHedge Instrument TypeForeign exchange forwardOther assetsAccrued expenses and other liabilitiesInterest rate swapOther noncurrent liabilitiesThree months endedNine months endedType of hedgeTotalLocation of gain (loss) in statement of operationsForeign exchange forward:Selling, general and administrative (1)(2)Interest Rate Swap:$—8. Pension and Other Postretirement BenefitsPension BenefitsPostretirement BenefitsComponents of net periodic benefit cost (income)Service costInterest costExpected return on plan assetsSettlement expenseAmortization of net loss (gain)Amortization of prior service cost (credit)Net periodic benefit cost (income)DividendsDividends per Common ShareAmount
(in thousands)2021:Third QuarterSecond QuarterFirst QuarterTotal dividends declared in 20212020:Fourth QuarterTotal dividends declared in 2020Shares repurchased in the open market:Shares repurchasedAverage priceAggregate valueShares repurchased from Magnus:Total shares repurchased:Weighted-NumberAverageof RSUsFair Value RSUsof PSUsFair Value PSUsOutstanding as of December 31, 2020GrantedVested (1)ForfeitedOutstanding as of September 30, 2021September 30, 2021September 30, 2020RSUsPSUsShares of common stock issuedShares 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 stockCompensation ExpenseTotal compensation expense before income taxIncome tax benefitTotal compensation expense, net of income tax12. Accumulated Other Comprehensive Loss, Net of TaxForeignInterestAccumulatedExchangeRate SwapPension andOtherCurrencyDerivativeComprehensiveTranslationInstrumentsPostretirementLoss, Net of TaxBalance as of December 31, 2020Other comprehensive (loss) income before reclassificationsAmounts reclassified from accumulated other comprehensive loss, net of taxBalance as of September 30, 202113. Net Income per Common ShareTitleist golf ballsTitleist golf clubsTitleist golf gearFootJoy golf wearTotal net salesSegment operating incomeTotal segment operating incomeReconciling items:Non-service cost component of net periodic benefit costTotal income before income taxUnited StatesEMEA (1)JapanKoreaRest of worldPurchase ObligationsPayments Due by PeriodRemainder of2022202320242025ThereafterPurchase obligations (1)16. Restructuring ChargesNine months ended September 30, 2021VBRPaymentsRestructuring ProgramAccrued compensation and benefitsResults of OperationsLess: Net income attributable to noncontrolling interestsNet income attributable to Acushnet Holdings Corp.Adjusted EBITDA:Restructuring & transformation costs (1)Other extraordinary, unusual or non-recurring items, net (2)(3)Net income attributable to noncontrolling interestsAdjusted EBITDAAdjusted EBITDA margin13.5%20.5%19.3%15.5%Three Months Ended September 30, 2021 Compared to the Three Months Ended September 30, 2020Constant CurrencyIncrease/(Decrease)(in millions)$ change% change(1.7)%(2.7)%12.3%11.5%5.2%4.1%18.9%17.6%4.2%5.4%1.1%13.2%17.5%23.3%20.0%9.4%4.5%8.0%7.0%(32.9)%(29.7)%(91.7)%(32.3)%Nine Months Ended September 30, 2021 Compared to the Nine Months Ended September 30, 202039.8%36.6%55.1%51.5%37.0%32.9%46.8%42.0%44.5%EMEA41.7%30.3%47.0%48.0%41.6%33.1%56.3%43.5%45.0%40.9%75.1%*9.7%183.6%Cash FlowsCash flows provided by (used in):Operating activitiesInvesting activitiesFinancing activitiesITEM 2.PeriodTotal number of shares purchased (2)Average price paid per shareTotal number of shares purchased as part of publicly announced plans or programsApproximate dollar value of shares that may yet be purchased under the plans or programs (1)(2) (in thousands)July 1, 2021 - July 31, 2021August 1, 2021 - August 31, 2021September 1, 2021 - September 30, 2021CERTIFICATIONSDate: November 4, 2021/s/ DAVID MAHERName: David MaherPresident and Chief Executive Officer/s/ THOMAS PACHECOName: Thomas PachecoExecutive Vice President, Chief Financial Officer and Chief Accounting OfficerCERTIFICATION OF PERIODIC FINANCIAL REPORTSPK ! G docProps/app.xml
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