v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
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 operating segments. The CODM does not evaluate a measure of assets when assessing performance.
Results shown for the three and six months ended June 30, 2026 and 2025 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:
Three months ended June 30, 2026
(in thousands)Titleist Golf EquipmentFootJoy Golf WearGolf GearTotal Reportable Segments
Other (1)
Total Consolidated
Net sales$545,904 $157,819 $79,606 $783,329 $36,622 $819,951 
Segment expenses:
Cost of goods sold237,466 81,488 41,081 360,035 
Advertising and promotion59,730 15,672 3,925 79,327 
Research and development17,960 1,530 815 20,305 
Selling, general and administrative87,539 39,679 13,109 140,327 
Other segment items (2)
1,214 56 648 1,918 
Other expenses— — — — 41,453 
Total operating income141,995 19,394 20,028 181,417 (4,831)176,586 
Reconciling items:
Interest expense, net(12,305)
Non-service cost component of net periodic benefit cost(1,097)
Other823 
Total income before income taxes$164,007 
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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 primarily include identifiable intangible asset amortization expense.
Information by reportable segment and a reconciliation to reported amounts are as follows:
Three months ended June 30, 2025
(in thousands)Titleist Golf EquipmentFootJoy Golf WearGolf GearTotal Reportable Segments
Other (1)
Total Consolidated
Net sales$453,797 $152,975 $76,652 $683,424 $37,052 $720,476 
Segment expenses:
Cost of goods sold220,921 88,892 41,853 351,666 
Advertising and promotion51,562 14,038 3,901 69,501 
Research and development16,646 1,112 739 18,497 
Selling, general and administrative76,322 37,289 12,333 125,944 
Other segment items (2)
2,451 55 649 3,155 
Restructuring costs (3)
— — — — 6,766 
Other expenses— — — — 35,079 
Total operating income85,895 11,589 17,177 114,661 (4,793)109,868 
Reconciling items:
Interest expense, net(15,198)
Non-service cost component of net periodic benefit cost(745)
Other(243)
Total income before income taxes$93,682 
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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 primarily include identifiable intangible asset amortization expense.
(3) Restructuring costs primarily relate to the voluntary bridge to retirement ("VBR") program (Note 17).

Information by reportable segment and a reconciliation to reported amounts are as follows:
Six months ended June 30, 2026
(in thousands)Titleist Golf EquipmentFootJoy Golf WearGolf GearTotal Reportable Segments
Other (1)
Total Consolidated
Net sales$1,004,407 $339,351 $158,336 $1,502,094 $70,832 $1,572,926 
Segment expenses:
Cost of goods sold463,662 191,646 86,841 742,149 
Advertising and promotion108,219 28,830 7,356 144,405 
Research and development34,675 2,787 1,586 39,048 
Selling, general and administrative169,234 75,602 25,396 270,232 
Other segment items (2)
2,429 112 1,297 3,838 
Other expenses— — — — 76,519 
Total operating income226,188 40,374 35,860 302,422 (5,687)296,735 
Reconciling items:
Interest expense, net(25,377)
Non-service cost component of net periodic benefit cost(2,667)
Other 577 
Total income before income taxes$269,268 
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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 primarily include identifiable intangible asset amortization expense.
Information by reportable segment and a reconciliation to reported amounts are as follows:
Six months ended June 30, 2025
(in thousands)Titleist Golf EquipmentFootJoy Golf WearGolf GearTotal Reportable Segments
Other (1)
Total Consolidated
Net sales$874,889 $331,411 $147,615 $1,353,915 $69,933 $1,423,848 
Segment expenses:
Cost of goods sold427,445 193,124 82,677 703,246 
Advertising and promotion96,221 27,435 7,302 130,958 
Research and development32,990 2,422 1,414 36,826 
Selling, general and administrative151,591 72,216 23,982 247,789 
Other segment items (2)
4,899 110 1,297 6,306 
Restructuring costs (3)
— — — — 6,819 
Other expenses— — — — 67,489 
Total operating income161,743 36,104 30,943 228,790 (4,375)224,415 
Reconciling items:
Interest expense, net(29,013)
Non-service cost component of net periodic benefit cost(1,614)
Other (4)
20,489 
Total income before income taxes$214,277 
_________________________________
(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 17).
(4) Other includes a non-cash gain on deconsolidation of VIE of $20.9 million (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 June 30,Six months ended June 30,
(in thousands)2026202520262025
United States$498,411 $434,504 $943,572 $858,713 
EMEA (1)
114,304 98,634 238,691 202,503 
Japan35,909 30,172 72,315 65,404 
Korea80,009 80,074 141,179 146,292 
Rest of World91,318 77,092 177,169 150,936 
Total net sales$819,951 $720,476 $1,572,926 $1,423,848 
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(1) Europe, the Middle East and Africa ("EMEA")