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Segment Information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment Information | Segment Information The Company’s operating segments are based on how the Chief Operating Decision Maker ("CODM"), the Company's President and Chief Executive Officer, makes decisions about assessing performance and allocating resources. The Company currently has three reportable segments: (i) Titleist golf equipment, (ii) FootJoy golf wear and (iii) Golf gear. 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 three and nine months ended September 30, 2025 and 2024 are not necessarily those which would be achieved if each segment was an unaffiliated business enterprise. Information by reportable segment and a reconciliation to reported amounts are as follows:
| Three months ended September 30, 2025
(in thousands) | Titleist Golf Equipment |  | FootJoy Golf Wear |  | Golf Gear |  | Total Reportable Segments |  | Other (1) |  | Total Consolidated
Net sales | $ | 427,600 |  |  | $ | 136,491 |  |  | $ | 61,187 |  |  | $ | 625,278 |  |  | $ | 32,380 |  |  | $ | 657,658 |
Segment expenses: |  |  |  |  |  |  |  |  |  |  |
Cost of goods sold | 202,250 |  |  | 83,853 |  |  | 37,579 |  |  | 323,682 |  |  |  |  |
Advertising and promotion | 46,986 |  |  | 11,075 |  |  | 3,377 |  |  | 61,438 |  |  |  |  |
Research and development | 16,364 |  |  | 1,096 |  |  | 685 |  |  | 18,145 |  |  |  |  |
Selling, general and administrative | 76,673 |  |  | 35,515 |  |  | 11,705 |  |  | 123,893 |  |  |  |  |
Other segment items (2) | 1,628 |  |  | 57 |  |  | 649 |  |  | 2,334 |  |  |  |  |
Restructuring costs (3) | — |  |  | — |  |  | — |  |  | — |  |  | 2,823 |  |  |
Other expenses | — |  |  | — |  |  | — |  |  | — |  |  | 32,416 |  |  |
Total operating income | 83,699 |  |  | 4,895 |  |  | 7,192 |  |  | 95,786 |  |  | (2,859) |  |  | 92,927 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  | (14,516) |
Non-service cost component of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  | (2,418) |
Other |  |  |  |  |  |  |  |  |  |  | 660 |
Total income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 76,653 |
_________________________________ (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 primarily include identifiable intangible asset amortization expense. (3) Restructuring costs primarily relate to the voluntary bridge to retirement ("VBR") program (Note 16). Information by reportable segment and a reconciliation to reported amounts are as follows:
| Three months ended September 30, 2024
(in thousands) | Titleist Golf Equipment |  | FootJoy Golf Wear |  | Golf Gear |  | Total Reportable Segments |  | Other (1) |  | Total Consolidated
Net sales | $ | 404,467 |  |  | $ | 131,152 |  |  | $ | 53,559 |  |  | $ | 589,178 |  |  | $ | 31,323 |  |  | $ | 620,501 |
Segment expenses: |  |  |  |  |  |  |  |  |  |  |
Cost of goods sold | 185,926 |  |  | 82,204 |  |  | 33,007 |  |  | 301,137 |  |  |  |  |
Advertising and promotion | 43,085 |  |  | 10,753 |  |  | 3,400 |  |  | 57,238 |  |  |  |  |
Research and development | 16,799 |  |  | 1,172 |  |  | 557 |  |  | 18,528 |  |  |  |  |
Selling, general and administrative | 75,126 |  |  | 36,319 |  |  | 11,847 |  |  | 123,292 |  |  |  |  |
Other segment items (2) | 2,451 |  |  | 55 |  |  | 649 |  |  | 3,155 |  |  |  |  |
Restructuring costs | — |  |  | — |  |  | — |  |  | — |  |  | 432 |  |  |
Other expenses | — |  |  | — |  |  | — |  |  | — |  |  | 34,652 |  |  |
Total operating income | 81,080 |  |  | 649 |  |  | 4,099 |  |  | 85,828 |  |  | (3,761) |  |  | 82,067 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  | (13,187) |
Non-service cost component of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  | (875) |
Other |  |  |  |  |  |  |  |  |  |  | 468 |
Total income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 68,473 |
_________________________________ (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 primarily include identifiable intangible asset amortization expense. Information by reportable segment and a reconciliation to reported amounts are as follows:
| Nine months ended September 30, 2025
(in thousands) | Titleist Golf Equipment |  | FootJoy Golf Wear |  | Golf Gear |  | Total Reportable Segments |  | Other (1) |  | Total Consolidated
Net sales | $ | 1,302,489 |  |  | $ | 467,902 |  |  | $ | 208,802 |  |  | $ | 1,979,193 |  |  | $ | 102,313 |  |  | $ | 2,081,506 |
Segment expenses: |  |  |  |  |  |  |  |  |  |  |
Cost of goods sold | 629,695 |  |  | 276,977 |  |  | 120,256 |  |  | 1,026,928 |  |  |  |  |
Advertising and promotion | 143,207 |  |  | 38,510 |  |  | 10,679 |  |  | 192,396 |  |  |  |  |
Research and development | 49,354 |  |  | 3,518 |  |  | 2,099 |  |  | 54,971 |  |  |  |  |
Selling, general and administrative | 228,264 |  |  | 107,731 |  |  | 35,687 |  |  | 371,682 |  |  |  |  |
Other segment items (2) | 6,527 |  |  | 167 |  |  | 1,946 |  |  | 8,640 |  |  |  |  |
Restructuring costs (3) | — |  |  | — |  |  | — |  |  | — |  |  | 9,642 |  |  |
Other expenses | — |  |  | — |  |  | — |  |  | — |  |  | 99,905 |  |  |
Total operating income | 245,442 |  |  | 40,999 |  |  | 38,135 |  |  | 324,576 |  |  | (7,234) |  |  | 317,342 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  | (43,529) |
Non-service cost component of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  | (4,032) |
Other (4) |  |  |  |  |  |  |  |  |  |  | 21,149 |
Total income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 290,930 |
_________________________________ (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 primarily include identifiable intangible asset amortization expense. (3) Restructuring costs primarily relate to the VBR program (Note 16). (4) Other includes a non-cash gain on deconsolidation of $20.9 million related to Lionscore (Note 1). Information by reportable segment and a reconciliation to reported amounts are as follows:
| Nine months ended September 30, 2024
(in thousands) | Titleist Golf Equipment |  | FootJoy Golf Wear |  | Golf Gear |  | Total Reportable Segments |  | Other (1) |  | Total Consolidated
Net sales | $ | 1,241,328 |  |  | $ | 477,236 |  |  | $ | 194,178 |  |  | $ | 1,912,742 |  |  | $ | 99,180 |  |  | $ | 2,011,922 |
Segment expenses: |  |  |  |  |  |  |  |  |  |  |
Cost of goods sold | 580,992 |  |  | 289,003 |  |  | 117,936 |  |  | 987,931 |  |  |  |  |
Advertising and promotion | 130,744 |  |  | 40,009 |  |  | 10,032 |  |  | 180,785 |  |  |  |  |
Research and development | 45,349 |  |  | 3,262 |  |  | 1,626 |  |  | 50,237 |  |  |  |  |
Selling, general and administrative | 217,888 |  |  | 109,429 |  |  | 34,921 |  |  | 362,238 |  |  |  |  |
Other segment items (2) | 7,351 |  |  | 166 |  |  | 1,946 |  |  | 9,463 |  |  |  |  |
Restructuring costs (3) | — |  |  | — |  |  | — |  |  | — |  |  | 7,525 |  |  |
Other expenses | — |  |  | — |  |  | — |  |  | — |  |  | 104,272 |  |  |
Total operating income | 259,004 |  |  | 35,367 |  |  | 27,717 |  |  | 322,088 |  |  | (12,617) |  |  | 309,471 |
Reconciling items: |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  |  |  |  |  |  |  |  |  |  | (40,367) |
Non-service cost component of net periodic benefit cost |  |  |  |  |  |  |  |  |  |  | (2,438) |
Other |  |  |  |  |  |  |  |  |  |  | 1,149 |
Total income before income taxes |  |  |  |  |  |  |  |  |  |  | $ | 267,815 |
_________________________________ (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 primarily include identifiable intangible asset amortization expense. (3) Restructuring costs primarily relate to Lionscore (Note 16). 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.
|  | Three months ended September 30, |  | Nine months ended September 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
United States |  | $ | 396,951 |  |  | $ | 374,219 |  |  | $ | 1,255,664 |  |  | $ | 1,200,989 |
EMEA (1) |  | 91,053 |  |  | 75,496 |  |  | 293,556 |  |  | 263,850 |
Japan |  | 36,891 |  |  | 41,738 |  |  | 102,295 |  |  | 108,731 |
Korea |  | 67,659 |  |  | 67,091 |  |  | 213,951 |  |  | 226,167 |
Rest of World |  | 65,104 |  |  | 61,957 |  |  | 216,040 |  |  | 212,185 |
Total net sales |  | $ | 657,658 |  |  | $ | 620,501 |  |  | $ | 2,081,506 |  |  | $ | 2,011,922 |
_______________________________________________________________________________ (1) Europe, the Middle East and Africa ("EMEA")

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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