Acushnet Holdings Corp
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
GOLF$85.03+0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| Cash flows from operating activities | |||
| Net income | $198,607 | $205,084 | $184,240 |
| Adjustments to reconcile net income to cash flows provided by (used in) operating activities | |||
| Depreciation and amortization | 51,356 | 41,706 | 41,243 |
| Unrealized foreign exchange loss (gain) | 1,507 | 13,568 | (168) |
| Amortization of debt issuance costs | 927 | 2,000 | 1,540 |
| Share-based compensation | 29,709 | 24,083 | 27,639 |
| Loss (gain) on disposals of property, plant and equipment | 99 | (3,294) | 156 |
| Deferred income taxes | 15,413 | 9,060 | 12,020 |
| Changes in operating assets and liabilities | |||
| Accounts receivable | 13,785 | (58,893) | 16,679 |
| Inventories | 58,897 | (275,973) | (64,238) |
| Accounts payable | (12,105) | 8,840 | 48,784 |
| Accrued taxes | 6,221 | (11,427) | 20,339 |
| Other assets and liabilities | 7,411 | (22,541) | 25,888 |
| Cash flows provided by (used in) operating activities | 371,827 | (67,787) | 314,122 |
| Cash flows from investing activities | |||
| Additions to property, plant and equipment | (75,364) | (61,364) | (37,597) |
| Additions to intangible assets (Note 9) | (25,235) | (65,000) | — |
| Business acquisitions | — | (18,400) | — |
| Other, net | (887) | 4,542 | — |
| Cash flows used in investing activities | (101,486) | (140,222) | (37,597) |
| Cash flows from financing activities | |||
| Proceeds from (repayments of) short-term borrowings, net (Note 11) | — | 3,362 | (2,704) |
| Proceeds from credit facilities (Note 11) | 1,527,896 | 976,953 | — |
| Repayments of credit facilities (Note 11) | (1,739,308) | (414,104) | — |
| Proceeds from senior unsecured notes (Note 11) | 350,000 | — | — |
| Repayments of term loan facility (Note 11) | — | (315,000) | (17,500) |
| Purchases of common stock | (334,088) | (189,111) | (65,497) |
| Payment of debt issuance costs | (6,328) | (2,583) | — |
| Dividends paid on common stock | (52,480) | (52,239) | (49,167) |
| Dividends paid to noncontrolling interests | — | (1,601) | (1,512) |
| Payment of employee restricted stock tax withholdings | (11,495) | (10,661) | (3,946) |
| Other, net | 1,078 | (3,600) | — |
| Cash flows used in financing activities | (264,725) | (8,584) | (140,326) |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 915 | (6,180) | (5,974) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 6,531 | (222,773) | 130,225 |
| Cash, cash equivalents and restricted cash, beginning of year | 58,904 | 281,677 | 151,452 |
| Cash, cash equivalents and restricted cash, end of year | $65,435 | $58,904 | $281,677 |
| Supplemental information | |||
| Cash paid for interest | $36,391 | $11,632 | $6,890 |
| Cash paid for income taxes | 33,619 | 56,413 | 28,919 |
| Supplemental non-cash information | |||
| Purchases of property, plant and equipment, accrued not paid | 2,145 | 4,308 | 6,567 |
| Additions to right-of-use assets obtained in exchange for operating lease obligations | 51,825 | 28,038 | 8,691 |
| Additions to right-of-use assets obtained in exchange for finance lease obligations | 944 | 525 | 950 |
| Additions to treasury stock | 1,092 | 1,648 | — |
| Dividend equivalents rights ("DERs") declared not paid | 1,971 | 1,742 | 2,046 |
| Contingent considerations (Note 8) | — | 1,400 | — |
| Additions to redeemable noncontrolling interests (Note 8) | — | 4,600 | — |
| Share repurchase liability (Note 16) | — | 92,583 | 29,214 |
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